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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 June 19 – 25

Peter B. Stoneberg
June 25, 2023

RockItCoin, a Bitcoin ATM operator, has acquired XBTeller, a Bitcoin ATM operator with 22 ATMs in Colorado. This acquisition expands RockItCoin’s nationwide network to over 2,000 ATMs. The acquisition comes at a time when the Bitcoin ATM industry is consolidating, so larger operators like RockItCoin are able to make it easier and more consistent for consumers to buy and sell Bitcoin and to capitalize on the growing demand for crypto. Fiat to crypto onramps of all types are critical to the growth of the cryptocurrency market, and both crypto ATMs and online onramps like Banxa, Moonpay, and Zero Hash are important as crypto expands to the next billion users.

 

Azets, a top 10 UK accountancy group, has acquired Gorilla Accounting, a 45-person strong, crypto-focused accountancy firm for entrepreneurs, sole traders, and small companies. Gorilla Accounting will retain its brand and continue to operate as a separate entity within the Azets Group. The acquisition will allow Azets to offer enhanced crypto expertise to its SME clients, while Gorilla Accounting clients will gain access to additional accountancy advice and services from Azets’ network of specialist advisors. Accounting and tax for crypto companies have become dramatically more complex in the past several years as much-needed regulations and enforcement are helping to professionalize the crypto industry. This merger highlights the importance of traditional accounting firms expanding their crypto expertise on behalf of their clients.

 

CryptoBlox Technologies, a cryptocurrency mining company, has acquired Redwater, a company specializing in air-cooled data centers which will allow CryptoBlox to expand its cryptocurrency mining footprint in Alberta, Canada.

 

Redwater has also obtained development rights to a prime location in Sturgeon County, Alberta, for its operations. The site will be used to mine cryptocurrency using waste gas from oil production. The acquisition is valued at $11 million, which includes an earnout based on reaching certain milestones.

 

As an update to our report last week, BitGo’s acquisition of Prime Trust was terminated after the companies were unable to find a path forward. The cancellation is a sign of the challenges facing the cryptocurrency industry.