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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 17 – July 23

Michael S. Klena
July 26, 2023
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27 Crypto Private Financings Raised ~$294M

27 Crypto Private Financings Raised ~$294M

Rolling 3-Month-Average: $185M

Rolling 52-Month Average: $241M

 

Segment Overview

A solid week above the short & long-term rolling capital averages driven by several larger-sized rounds while deal count remains near average.  Fundraising continues to be dominated by earlier stage firms with later stage remaining scarce.

 

Selected Highlights 

 

Futureverse raised $54MM from 10T and Ripple.  Futureverse is a group of 11 (!) companies focused on the metaverse.  One focus is gaming apps, with AI also thrown into the mix.

 

Why Notable?  Notable for size raised.  While Futureverse has numerous components, traction in the metaverse has not matched the hype. Also not disclosed but Ripple often invests using the XRP token, which would make sense here since XRP is also used within the Futueverses’ environment.

 

RISC Zero raised $40MM from a wide selection of blockchain-focused investors at a $150MM post-money valuation.  RISC Zero creates developer tools to build zero-knowledge proof software.  Zero-knowledge proof provides ways to validate transactions while keeping the parties private.  

 

Why Notable?  Notable for its assembly of investors led by Blockchain Capital.  11 other investors joined the cap table, all blockchain forward investors.  The firm sits squarely in the infrastructure component, an area that continues to attract investors.

 

Manta Network raised $25MM at a $500MM post-money valuation.  Manta Network is a large collection of products focused on privacy, particularly in the DeFi space by utilizing zero-knowledge proofs in many of their products, Manta is a parachain on the Polkadot ecosystem.   

 

Why Notable?  Notable for another infrastructure firm attracting capital, and for its seemingly lofty valuation.

 

Patterns

Several firms focused on privacy this week, specifically firms touting their zero-knowledge proof capabilities in DeFi.  This segment has had a few successful raises in recent quarters and it is notable that several have hit this week.  Most of the raises are broadly categorized under the infrastructure label, a consistent segment in our weekly reviews.