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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 Quarterly Snapshots

Q3 2023 Crypto M&A and Financing Report

Dan Wang
October 5, 2023
DOWNLOAD FULL REPORT

Download the full report above.

Crypto Mergers & Acquisitions

 

Crypto dealmakers must have taken the summer off as M&A deals declined again

 

M&A deals involving crypto companies were down 48% from 50 deals in Q3 ‘22 to 26 in Q3 ‘23, with only 112 total so far for the year.

 

Announced deal value was also down to $110M, although only 4 deals disclosed their value, meaning they were quite small.

 

The value would have been much higher, except for the cancellations of two custody deals: Bitgo/Prime Trust and Ripple/Fortress.

 

Q4 will have to be huge to equal the record pace of 2022 (204 deals).

 

To see an increase in crypto M&A activity we need to see increased real-world adoption, more regulatory certainty (particularly in the USA), greater institutional investment leading to higher prices/greater M&A currency, and new digital asset developments.  

Crypto Private Financings

 

Q3 was a tough time for crypto financings

 

Deal count was down 6% (288) from Q3 (306) and capital raised was down 28% ($1.7B) in the same period ($2.36B) for a low point for the year.

 

Biggest impact this quarter was on large raises, which were few & far between.  Late stage financing amounts were down 59%, lower than any other series. We do know of several firms that tried but did not find the amounts or valuations desired.

 

In a larger context, crypto financings lagged both the overall tech and fintech sectors by several digits.

 

We are often asked if Q4 will improve. The sentiment from our network is that it will, but  muted vs. previous euphoric days.  In other words, a slow but not frozen market, where the muck is getting easier to slog through.

Crypto Public Companies

 

Public crypto is down with broader markets, but sector revenue growth remains solid  

 

Our public crypto market index is down 7% for the quarter, compared to approx. -3.6% Q3 moves by both S&P and NASDAQ.  


Network Operators again posted the largest move,  down 23% during a quarter that saw BTC drop 12% and energy pricing spike with Oil climbing 28.5% to 90.79/barrel (WTC).

Crypto-influenced lost 13%, while investment platforms gained a modest 5% for the quarter.

 

Revenue growth remained solid however, up an average of 93% for the year so far (largely led by the crypto mining group) which suggests that the public crypto sector is beginning to move in line with broader markets rather than sector fundamentals.  

 

Such amplified correlation may reflect an emerging theme – collaborative inroads with traditional institutions – which will eventually blur the lines between crypto and traditional finance.