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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

Q2 2024 Crypto M&A and Financing Report

Eric F. Risley
July 2, 2024
DOWNLOAD FULL REPORT

Download the full report above.

Elliot Chun spoke with Talia Kaplan at CNBC Crypto World to discuss key takeaways from Architect Partners’ Q2 Report (Interview linked here at the 04:00 mark).

Prepared by Architect Insights

 

State of the Crypto Markets

Since our founding fifteen years ago, we have published strategy and market research that we call Architect Insights to separate the signal from the noise. We do our best to speak in plain language, simplify without losing the nuance, present the facts clearly and in context, and share a bit of perspective. Each of our team members has earned perspective from direct experience closely collaborating with senior management, Boards of Directors, and investors for multiple decades.

 

Major Positive Inflection Point Happening Now

We are now beginning a major growth phase for the crypto and digital asset industry, which will make our past look quaint. This Architect Partners Q2 2024 M&A and Financing Report highlights why we have confidence in that statement. Highlights include:

 

1. Confidence and Momentum are Back

As the second quarter of 2024 ends, our self-induced crypto winter is past. Professionalism, risk management, ethical behavior, and “doing it right” are finally becoming the foundational principles of crypto. When challenging situations arise, I’m often reminded that the eventual resolution is worth the journey. Crypto, as an industry, is now in a far better place than two years ago.

 

2. Crypto Has Surpassed the Internet for the First Time

Architect Partners published “Family Ties: The Internet & Crypto” earlier this year. Our thesis, born from personal experience with both disruptions, is that the internet and crypto have strikingly similar distinguishing characteristics.

A refresh of our data-led analyses validates the claim that crypto is in a “far better place” today. For the first time in history, the total value created by the crypto industry has now exceeded the pace of the internet. (see page 4)

 

3.  Green Lights are Flashing for Crypto Mergers & Acquisitions 

The announced transaction value in Q2 2024 exceeds the combined value from the past eight quarters, at $2.7B, a crypto sector record high. (see page 5)

 

4.  Private Financings are Recovering

Seed and early-stage financings remain active and comprise the majority of transaction count and capital committed. Growth stage financings remain muted. (see page 6)

 

5.  Public Companies Increasingly Active

The Architect Partners Crypto Index of public market value was up 24% year-to-date. Bitcoin outperformed with a 35% gain, but crypto beat the overall equities market, as represented by the S&P 500’s gain of +15% over the same period. (see page 7)

 

Other Highlights

We’ve also conducted a deep dive into subsector dynamics and much more in the following report. We always appreciate feedback and comments, and as always, our team stands ready if you are considering strategic financing or M&A. Our full team contacts can be found on page 43.

 

Eric F Risley

Founder & Managing Partner

June 29, 2024