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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 July 15 – July 21

Glenn Gottlieb
July 24, 2024
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28 Crypto Private Financings Raised ~$111M 

Rolling 3-Month-Average: $208M

Rolling 52-Week Average: $198M

 

The cryptocurrency and blockchain venture capital landscape continues to experience a notable focus on early-stage investments, as evidenced by recent funding patterns. The past four weeks in particular has shown a pronounced emphasis on this trend with only a handful of larger-scale deals bucking this trend.

 

During this period $265 million was allocated to the four largest transactions, representing significant outliers in the current investment climate. The remaining $445 million was distributed across 110 deals, resulting in an average investment size of approximately $4 million per transaction. 

 

The concentration of capital in a small number of large deals, juxtaposed against the proliferation of smaller investments, indicates a bifurcated market strategy among venture capitalists. While firms are still willing to make substantial bets on a few established players, the majority of investment activity seems to be focused on diversifying portfolios across a broader range of early-stage ventures.

 

As the blockchain and cryptocurrency sectors continue to evolve and mature,  this investment pattern suggests that VCs are positioning themselves to capture value from the next wave of technological advancements and market opportunities. The focus on early-stage companies could potentially lead to a more diverse and resilient ecosystem in the long term, albeit with increased competition for later-stage funding as these startups mature.

 

 

Allium, a company specializing in on-chain data infrastructure and services within the blockchain technology domain, has garnered significant attention, and announced a $16 million Series A led by Theory Ventures, with participation from seed investors Kleiner Perkins and Amplify Partners. 

 

Founded in 2022, Allium has quickly established itself as a critical player in the blockchain data space.  One of the primary reasons for Allium’s success is its flagship product, Allium Developer, which powers real-time blockchain applications with impressive query speeds. This product enables engineers to fetch account history, balances, and other on-chain data without being limited by static APIs, providing a competitive edge in the rapidly evolving blockchain landscape. The ability to handle real-time data streams and support multiple blockchains, including Ethereum, Polygon, and Solana, further enhances Allium’s appeal to developers and enterprises seeking robust and scalable data solutions.

 

Overall, Allium’s combination of cutting-edge technology, comprehensive data solutions, and strategic market positioning has made it an attractive investment opportunity, leading to its successful $16 million funding round.