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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 December 30 – January 5

Eric F. Risley
January 5, 2025
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December 30th – January 5th

PERSPECTIVES by Eric F. Risley 

 

The return of the leaders to the M&A market.

 

It has been a satisfying week, especially when considering the overall sentiment in the market. From an M&A perspective, announcements from Coinbase, Binance, and FalconX signal the return of a critically important acquirer group: the crypto leaders. While the Coinbase and Binance transactions were modest-sized, tactical license and product acquisitions—and quite predictable—they align with a growing consensus we’re hearing in conversations with leading crypto firms: M&A is back on the table. In some cases, these firms are even aspiring to more strategic, “move the needle,” high-profile objectives.

 

 

FalconX’s acquisition of Arbelos Markets is unquestionably the most strategic deal this week. FalconX is arguably the leading institutional-only crypto prime broker, boasting impressive institutional trading volumes and a strong financial position. Arbelos Markets, co-founded fairly recently by Joshua Lim and Shiliang Tang, raised $56 million in seed funding in May 2024, led by Dragonfly, with FalconX also participating.

 

 

This acquisition bolsters FalconX’s position in derivatives by bringing a block-trading and OTC derivatives market liquidity provider in-house. This move not only enables FalconX to capture a larger share of trade revenues but also ensures client needs are consistently met. Derivative volumes significantly outpace spot trading volumes and are, arguably, more profitable. As aptly noted by our partner, Mike Klena, in our M&A Alert on this transaction, a similar trend occurred in U.S. equity trading once it became commoditized in the early 2000s. Firms responded by expanding their higher-margin derivatives offerings, often through acquisitions.

 

 

There are already notable M&A precedents in this space. Coinbase acquired FairX in 2022 (an Architect Partners client and now Coinbase Derivatives), and CBOE purchased ErisX in 2021—though, in hindsight, that deal may have been premature given the market’s development at the time. Several new players, including OneTrading and D2X, have also emerged recently.

 

 

Finally, for a complete assessment of the M&A and financing markets, keep an eye out for our Year-End 2024 Crypto M&A and Financing Report, which will be published this coming week. Preview summary statement: “Cautious optimism.”