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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 12 – February 18

Steve Payne
February 18, 2024
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A few smaller deals were announced this week plus one more strategic.

 

Stockpile, the financial app for kids and parents, has acquired the asset of Investables, a fractional alternative investing platform focused on collectibles.  Stockpile has raised $45M to date, most recently from Mayfield Fund and 8 Roads, and allows kids to invest in equities and crypto (powered by Baakt) with parental approval.

 

FTX will sell Digital Custody Inc. (DCI) to CoinList for $500k, 95% less than FTX paid in 2022.  In a twist, DCI’s original CEO will provide financing to CoinList for the purchase. DCI holds a custody license from South Dakota.

 

Teknia, a manufacturer of components for mobility solutions (car parts) headquartered in Spain, acquired XPander, a Spanish digital consultancy with blockchain technology.

 

Ripple continues to build out their custody capabilities with the acquisition of Polysign’s subsidiary Standard Custody & Trust. Standard Custody holds a New York Limited Purpose Trust Charter, one of just nine New York licensed crypto trust charters.  Ripple knows Standard Custody well – the architects of Standard Custody’s technology are Arthur Britto and David Schwartz, co-creators of the XRP Ledger. Schwartz is Ripple’s current Chief Technology Officer, and Britto was the founder of PolySign.  In 2022 Polysign acquired MG Stover, a well-regarded institutional fund administrator, servicing hedge funds, money managers, VCs, and private equity funds.  The strategy was to build a trusted, regulatory-compliant crypto asset custody business by combining the existing relationships of MG Stover with Polysign’s regulated “through the front door” custody services—however, timing matters.  Crypto winter hampered client wins and Coinbase dominated during this period with its well-regarded custody services and aggressive pricing.  This is also a cautionary tale on the challenges that come from venture debt.  In this case, debt covenants created a crisis that resulted in their lender assuming control of a portion of the company.  From Ripple’s perspective, this acquisition nicely complements their custody technology acquisition of Metaco with U.S. licenses allowing custody services.

 

Events

If you missed us at the Satoshi Roundtable two weeks ago, Architect Partners will next be at ETH Denver (2/29 – 3/3), and Digital Asset Summit (3/18 – 3/20). Please contact elliot@architectpartners.com or arjun@architectpartners.com if you would like to meet.