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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 February 03 – February 09

Eric F. Risley
February 9, 2025
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February 3rd – February 9th

PERSPECTIVES by Eric F. Risley 

Let’s talk security.

Simple principles like protecting the sanctity of users privacy and ensuring that their crypto holdings are not stolen. Last year, according to Cyvers, over $6.3B was lost in Web3 hacks, fraud, and scams.

Security is table stakes and crypto has not delivered satisfactorily … yet.

A clear trend has emerged over the past six months that these first principle problems are being acknowledged and are starting to be addressed. This week another block in that trend was laid. Smart contract audit and blockchain vulnerability assessment specialist Cyberscope was acquired by TAC. This follows four other recent, significant Web3 security M&A transactions:

 

Target Acquirer Date Acquisition Price ($M) Target Description
Wallet Guard Consensys 07/03/2024 $40 Open-source browser extension tool featuring a multi-layered defense from phishing detection to transaction simulation
Blowfish Phantom 11/20/2024 55 Real-time fraud detection, transaction simulation, and user alerts
Hexagate Chainalysis 12/18/2024 60 Web3 browser security designed for analyzing transactions before users sign them, flagging cybersecurity and financial risks
Alterya Chainalysis 

(M&A Alert)

01/13/2025 150 AI-powered Web3 Fraud prevention

 

Smart contract audits are critical, but also according to Cyvers, 4x more assets were actually lost last year due to access control violations versus code vulnerabilities. Better real time threat detection and response solutions are needed to protect against this attack vector.