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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 M&A Snapshot

Week of August 28 – September 3

Peter B. Stoneberg
September 3, 2023
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Crypto M&A activity in Q3 2023: A slowdown, but with some notable deals

Summary

The crypto M&A market has slowed down in the first two months of Q3 2023, with only 17 acquisitions announced, compared to 68 in Q3 2022 and 33 in Q2 2023. However, there were still some notable deals, including:

 

  • OANDA acquired CoinPass, an FCA-registered cryptocurrency exchange.

 

  • Securitize acquired OnRamp Invest, a digital asset management platform focused on RIAs.

 

  • Deutsche Börse acquired FundsDLT, a blockchain-based platform for fund distribution.

 

  • WonderFi acquired both Coinsquare and CoinSmart, two Canadian crypto exchanges with 1.6M users.

 

  • Laser Digital acquired Elysium Technologies, a post-trade solutions provider for FX and digital assets.

 

Reasons for the slowdown

The slowdown in the crypto M&A market can be attributed to a number of factors, including:

 

  • The ongoing war in Ukraine, the fear of inflation and the Federal Reserve’s interest rate hikes have created a risk-off environment, which has made investors less willing to invest in risky assets, including crypto companies

 

  • The high-profile failures of crypto companies like FTX, Celsius, and 3 Arrows Capital have shaken investor confidence in the industry.

 

  • The regulatory status of cryptocurrencies in the USA is unclear, which is creating uncertainty for businesses and investors.  The industry needs clear regulations so that businesses can operate and investors can make informed decisions.

 

Positive developments

Despite the slowdown, there are a number of positive developments that could drive the crypto M&A market in the coming months. These include:

 

  • Grayscale’s Supreme Court win against the SEC, which could pave the way for more spot Bitcoin ETFs to be approved.

 

  • The launch of PayPal’s stablecoin for payments, which is a major milestone to enable the adoption of crypto by mainstream consumers.

 

  • X, formerly Twitter, has obtained money transmitter licenses in seven U.S. states, signaling Elon Musk’s grand plan to enable blockchain-based payments to their 400 million global users.

 

Overall outlook

Overall, the crypto M&A market is likely to remain active in the coming months, albeit at a slower pace than in previous years. The key drivers of the market will be the continued growth of the crypto industry and the establishment of additional real-world use cases for crypto and blockchain.