ARCHITECT SUCCESSES

SEE ALL
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 Quarterly Snapshots

Q2 2023 Crypto M&A and Financing Report

Dan Wang
July 7, 2023
DOWNLOAD FULL REPORT

Download the full report above.

Crypto Mergers & Acquisitions

 

Q2 2023 Crypto M&A activity declined from the trend established over the past three years, dipping to Q1 2021 levels.

 

Comparable sectors such as technology and financial technology faced even sharper declines in volume.

 

 

BitGo’s proposed acquisition of Prime Trust (for 15 days before being abandoned) demonstrates that the lack of basic prudent management continues to plague our industry. 

 

Regulatory uncertainty, particularly in the U.S., continues to adversely impact M&A with Coinbase and Binance now embroiled in a protracted regulatory action by the SEC.

 

Prospects for improvement?  Pricing for Bitcoin, Ethereum and the public crypto equity markets suggest optimism.  We’re leaning toward pragmatic optimism.

 

Crypto Private Financings

 

Crypto private financing declined 75% in the first half of 2023 versus first half 2022. The number of financings remained fairly flat the past three quarters, but the amount raised has declined, especially for later stage rounds, consistent with broader tech.

 

The most active lead investors in 1H 2023 were a16z, CoinFund, Blockchain Capital, Outlier Ventures, Shima Capital and Animoca.  All were top prior year investors – but none invested at even half their 2022 pace.

 

The first half saw only six financing rounds over $100M.  The largest was a $250M round for eToro after canceling their SPAC plans – note that this was negotiated in 2021. The second largest was a $125M Series B for Blockstream. The third largest was a $120M Series B for LayerZero. This transaction felt like a return to early 2022 – a real Series B round size, at a solid valuation uptick, with a roster of quality investors. 

 

Crypto Public Companies

 

The public crypto markets offer a bright spot for the quarter.  Stock prices across our index rose by an average of 35% in Q2 2023 and 191% for the full first half of the year. Network Operators (mining companies) gained the most, growing 54% in Q2 2023 and 277% for the year so far. 

 

Investment platforms however were more muted, with with the sub-sector largely flat at 0.4% as Investors likely priced in the active scrutiny and high-profile enforcement actions into effected shares.  Interestingly, Coinbase showed a modest gain of 6% for the quarter, after losing ground but then reclaiming 39% in the weeks following the SEC suit initiated June 6. 

 

Also notable is the continued decoupling of the public crypto sector from the price of Bitcoin.  BTC ended the quarter at $30,405, for a modest 6.51%, suggesting that public crypto sector is breaking from historical correlation with the coin that started it all.

Architect Insights: Q2 2023 Crypto M&A and Financing Report Q2 2023 Crypto M&A and Financing Report