June 30th – July 6th
PERSPECTIVES by Eric F. Risley
This week, Australia-based Swyftx announced the acquisition of Caleb & Brown for between $100M and $200M (M&A Alert). Caleb & Brown is an Architect Partners client and follows the prior week’s announcement of Banxa’s acquisition—also an Architect Partners client—by OSL (M&A Alert).
Caleb & Brown (C&B) represents what we believe is a one-of-a-kind crypto brokerage, built around a service-oriented client engagement model. This high-touch approach has attracted a base of high-net-worth individuals and has consistently demonstrated exceptional per-client profitability.
As our partner Michael Klena likes to say, even the leading crypto exchanges have done little to segment their client base by persona, cohort, or profitability. Michael lived through the same evolution at E*TRADE for well over a decade, and crypto is only now beginning to adopt this kind of client segmentation. Caleb & Brown has clearly proven the value of this model—even assigning a dedicated broker to every client. Their approach has resonated globally, as evidenced by the fact that a majority of their clients are located outside Australia, with the U.S. representing the largest group.
We will be publishing our Q2 2025 Crypto M&A and Financing Snapshot within the next 48 hours. A sneak preview:
Crypto M&A continues to set all-time records
Circle—and all it represents
Improved regulatory clarity appears imminent
The ascendance of the Strategy strategy
And more