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Swyftx Acquires Caleb & Brown
Swyftx Acquires Caleb & Brown

Transaction Overview

On July 1st, 2025, Swyftx, one of the largest Australian cryptocurrency exchanges, announced a definitive agreement to acquire Caleb & Brown, a high-net-worth-focused crypto brokerage, for an undisclosed amount.

 

Target: Caleb & Brown

Caleb and Brown is a Melbourne-based, high net worth focused crypto brokerage that specializes in personalized trading services across the digital asset landscape. Caleb & Brown focuses on the relationship model used successfully across traditional  financial services – every client that comes onto their platform gets assigned a broker to assist them in executing trades  and handling all customer service needs. Caleb and Brown’s core services include 1) Brokerage Services, which provide personalized 24/7 trading support for 250+ digital assets, 2) an OTC Desk, which provides high volume trading solutions with deep liquidity and competitive pricing, 3) the Caleb and Brown Asset Management, an actively managed crypto asset fund for accredited investor, 4) crypto custody. 

 

The business has more than AUD $2 billion of digital assets under custody and was founded by Rupert Hackett and Dr. Prash Puspanathan in 2016. C&B is led by CEO Jackson Zeng and has 64 team members across both Australia and the US. Caleb & Brown has not raised any outside capital. 

 

Architect Partners’ Observations

Architect Partners acted as the exclusive financial advisor to Caleb & Brown. 

 

Swyftx’s acquisition of Caleb & Brown marks the largest acquisition targeting high net worth crypto investors. It also reflects two important shifts in the evolution of crypto exchanges, particularly within the ANZ region.

 

First, high-net-worth client service is becoming a strategic differentiator. Exchanges are beginning to recognize that personalized brokerage and deep client relationships offer a competitive advantage while greatly reducing attrition. This is a model that high-net-worth clients are accustomed to in their financial lives. Caleb & Brown’s approach, which assigns a dedicated broker to every client, stands apart from the high-volume, low-touch models that dominate the market. Swyftx gains access not only to clients but also to an established business model that emphasizes trust, service, and retention in a way few crypto exchanges have pursued.

 

Second, this is a milestone moment for ANZ crypto M&A. While there have been many plays for global expansion by exchanges, this is the first of its kind in Australia moving into the US, signaling that the region is entering a more active phase of market maturity. 

 

We believe this transaction will serve as a catalyst for further strategic activity to expand globally and to augment services as companies seek differentiation in both product and customer segments.

 

Strategic Rationale

Swyftx is acquiring Caleb & Brown to expand into the United States via C&B’s regulatory framework, and to acquire the relationship model inherently required with a higher-tier customer base. This acquisition will grant Swyftx entry into the U.S. 12 to 24 months faster than otherwise possible organically. Furthermore, the acquisition diversifies Swyftx’s primarily retail client base to include 25k+ high net worth individuals in numerous countries. 

 

“Caleb & Brown has quietly established one of the most impressive brokerage offerings in the world, with a heavily differentiated private client service. We see enormous growth potential.” – Jason Titman

Crypto Public Companies Snapshot

Crypto Public Companies Snapshot

Ryan McCulloch
March 21, 2025
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Let’s talk about Bakkt (NYSE: BKKT), which just released earnings this week.

 

 

For those unfamiliar with Bakkt, the company went public in a SPAC merger back in 2021 (M&A Alert here) at a $4.5B valuation and raised $448M to become a consumer crypto exchange paired with a loyalty rewards business. The company has struggled since launching and has transitioned to a B2B crypto custody, trading, and onramp provider following its acquisition of Apex Crypto (M&A Alert here). Since the transition to this B2B model in November 2022, the company’s stock has fallen by 78%, now sitting at a market capitalization of $161M.

 

 

This week, the company reported a modest increase in net revenue from 2023 to 2024 by $5M or 9% and an increase in Q3 to Q4 2024 net revenue by 33%. They also announced a leadership change, bringing on a new Co-CEO, Akshay Naheta, which comes after several recent management changes. Additionally, one of the company’s key assets—their NYDFS trust license, which they were using to offer custody services in NY—has been sold to ICE in a strategic divestiture.

 

 

It’s clear that Bakkt is doubling down on its core B2B crypto technology offering as it moves away from its regulated custody offering by divesting its NYDFS license and looking to divest its loyalty business. That being said, the customer that represented 74% of its crypto revenue, Webull, is dropping Bakkt, which will result in a material decline in revenue for 2025.

 

 

As a result of all this news, the company initially fell 34% this week, but ended the week essentially flat. We’ll be eager to see what other developments arise around Bakkt over the course of 2025.