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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 January 8 – January 14

Steve Payne
January 14, 2024

Last week we published our Year-End 2023 Crypto M&A and Financings Report which highlighted the activity of the past year, in detail and led by data, and took a look towards what is next.  You can download the full report here.  

 

The biggest news in crypto so far this young year is the approval last Wednesday by the U.S. Securities and Exchange Commission of eleven spot-bitcoin ETFs, allowing investors to buy and sell bitcoin as easily as stocks and mutual funds.  Crypto pundits overwhelmingly viewed this as a watershed moment in making crypto more accessible and more broadly held.  Bitcoin has since fallen 15% in value – go figure.

 

Related to the above news, CoinShares exercised an option to acquire Valkyrie Funds, one of the eleven groups approved to offer a spot bitcoin ETF last week.  CoinShares, headquartered in Jersey, is a leader in European digital asset management, claiming over 40 percent of all assets under management in crypto ETPs.  CoinShares launched several ETPs in Europe in the past two years and plans to use Valkyrie, one of the smaller fund groups launching ETFs last week, as an entry point to the U.S. market.

 

In other market news, carbon credit marketplace Matter Now, Inc. announced it had acquired Cathbad House, a carbon credit education and technology developer.  Matter Now allows users to list, sell and trade carbon credits, one of many carbon marketplaces powered by blockchain technology.  We are a fan of efficient markets for carbon, but the challenge to date has been more around the quality (and reality) of voluntary credits, not a lack of marketplaces.  Matter Now appears quite small – it has only a few projects listed on its rudimentary website. 

 

One bridge acquisition was announced this week – product safety, compliance and supply chain solution provider 3E acquired ChemChain, a Luxembourg-based developer of blockchain tracking technology for supply chain management.  3E, headquartered in Carlsbad CA, serves more than 5,000 customers worldwide, including many of the world’s leading chemical manufacturers, retailers and pharmaceutical companies.  Verisk spun out 3E to New Mountain Capital in 2022 for up to $950M.