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Swyftx is acquiring Caleb & Brown
Swyftx is acquiring Caleb & Brown
 

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.

 

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 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.

 

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 December 2 – December 8

Eric F. Risley
December 8, 2024
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December 2nd – December 8th

PERSPECTIVES by Eric F. Risley 

 

Let’s celebrate even the small wins.

 

This week was the most active week for announced crypto M&A transactions in history, and we’ve built what we believe is the most complete database covering every transaction since the inception of the crypto industry over the past 10 years.

 

Now, let’s be honest—numbers aren’t really what matters. We focus on “premium-value” transactions, which represent important strategic initiatives in action. None of this week’s activity falls into that category. However, anything involving headline names like SBI Holdings and Yuga Labs deserves some level of attention. Both executed small transactions this week: SBI acquired customer accounts from a Japanese exchange, and Yuga Labs completed a team and technology acquisition. Neither falls into the “important” category.

 

From a broader strategic trend perspective, our team is focusing current attention on a number of important themes. You will see more from us on these topics in the coming weeks, but a “sneak” preview includes:

 

Mergers & Acquisitions

  • It’s Time For Urgency
  • Brokers & Exchanges M&A Is Stuck in a Valuation Tug of War

 

Value Creation

  • Crypto Has Delivered Exceptional Investor Returns Overall
  • Crypto Continues to Outpace Internet Value Creation Pace

 

Capital Markets

  • Early Stage Crypto Venture Funding Is Thriving
  • Growth Stage Crypto Funding Continues to Struggle
  • Crypto IPOs Are Coming
  • Leverage Is Quickly Returning

 

Beyond Speculation

  • Stablecoins Have Proven Real-World Use