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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

Insights

Week of January 20 – January 26

Todd White
January 29, 2025
DOWNLOAD FULL REPORT

January 20 – January 26 (Published January 28th)

PERSPECTIVES by Todd White

 

32 Crypto Private Financings Raised: $98.2M

Rolling 3-Month-Average: $154.2M

Rolling 52-Week Average: $200.7M

 

The crypto derivatives market has experienced significant growth in recent years, with trading volumes having long surpassed the spot market. According to CCData, the Chicago Mercantile Exchange’s derivatives trading volume alone reached a record $264 billion this past December. In many ways, this makes sense, as the inherent and well-known volatility creates opportunities for derivatives traders to execute trades, as well as significant demand for hedging.

 

Several factors contribute to this trend, including increased institutional participation in the crypto markets, the ability to use derivatives for leverage and capital efficiency by allowing traders to amplify their exposure to price swings with smaller capital outlays, and risk management and hedging opportunities afforded by derivatives (e.g., using forward contracts to manage downside price volatility).

 

The market is led by some of the biggest names in crypto, such as Binance, GME Group, OKX, and Bybit. Yet there remain opportunities for smaller players to bring solutions to the market. One such example: Singapore-based SignalPlus closed a $11 million Series B this week, led by AppWorks and OKX Ventures, with participation from Avenir Group and HashKey. SignalPlus develops digital asset trading software and infrastructure products that have been implemented across some of the largest exchanges—including Binance, Bybit, Deribit, OKX, and Paradigm—and plans to use their new capital to expand both product offerings and marketing reach.

 

As regulatory clarity starts to take shape, and institutional adoption of crypto assets seems poised to expand, the need for sophisticated trading and market making activities should also grow. Teams that invested the time, energy, and capital during the market downturn to build institutional-grade tools to execute high-touch trading and volatility hedging should now be well poised for this growth.

 

Contact ryan@architectpartners.com to schedule a meeting.