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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

Insights

Private Financing Snapshot (Week of November 24 – November 30)

Steve Payne
December 03, 2025
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November 24 – November 30 (Published December 3rd)

PERSPECTIVES by Steve Payne

 

16 Crypto Private Financings Raised: $43.2M

Rolling 3-Month-Average: $609.4M 

Rolling 52-Week Average: $400.8M

 

It’s crickets out there. Just because BTC plummeted and the country immediately south of Canada paused for turkey does not mean that investment and building stop. But last week sure was slow.

 

The largest announced investment last week was SpaceComputer, which raised $10M in seed funding, led by Lattice Capital, Maven 11, and Primitive Ventures, with participation from Arbitrum Foundation, HashKey Group, Nascent, Offchain Labs, Sandeep Nailwal, and others. It is building trustless Web3 infrastructure using orbital computing plus ZK proofs, MPC, and FHE for enhanced security and resilience. In their own words: “The First Blockchain in Space | Confidentiality, Consensus, & Secure Compute in Orbit.”

 

A lot to unpack here. Basically, SpaceCompute is building the capability to run workloads on satellites. One can ask: how? Or, more importantly, why? It’s not hard to imagine snarky comments. But we are not here to criticize builders; the SpaceCompute team clearly has a big vision but sounds realistic about where they are. And the above roster of lead investors is a smart group that has clearly thought about the value props more than we have.

 

The core value prop seems to be security; the company talks about a tamperproof, leakproof, and unjammable platform. To the team’s credit, they are also open about potential vulnerabilities: a nascent supply chain, dependency on LEO ground stations, host software and software upgrades, etc. And they acknowledge that today their celestial platform is less trusted than terrestrial platforms. After all, a16z claims that 2025 stablecoin payment volume will reach $9 trillion in transactions; that requires some pretty large trust.

 

Someone will figure out the technology. Our questions are more about use cases. We like the idea of running a validator in space. And we can geek out on a true random number generator. SpaceCompute has more ideas but is openly asking for additional use cases: what can tolerate latency, intermittent satellite reachability, centralized ground stations, and limited bandwidth? What workloads are worth paying multiple orders of magnitude higher cost? This is a real moonshot, and we’re interested to see how it evolves.

 

Check this out for an interesting, open presentation on SpaceCompute from last August (Youtube).