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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 May 27 – June 2

Glenn Gottlieb
June 6, 2024
DOWNLOAD FULL REPORT

36 Crypto Private Financings Raised ~$179M 

Rolling 3-Month-Average: $266M

Rolling 52-Week Average: $195M

 

With five months of the year behind us, it’s an instructive exercise to review the year to date, especially as it relates to 2022, the last year of “real financing” prior to the downturn in the crypto industry.

 

Crypto Investment Landscape Evolving in 2024

As the crypto market emerges from the prolonged downturn of 2022 and 2023, the investment landscape is undergoing a notable shift, reflecting the maturation and evolving priorities within the industry.  A comparison of the top investment subsectors in 2022 and the first five months of 2024 reveals a realignment of investor focus.

 

 In 2022, the top five subsectors attracting investments were (by funds invested):

 

  • Brokers and Exchanges 19%
  • Investing Infrastructure 16%
  • Blockchains & Protocols 15%
  • Data & Data Analytics 9%
  • Developer Tools 9%

 

However, the top five subsectors attracting investments year to date in 2024 showcase a discernible shift (by funds invested):

 

  • Blockchain & Protocol 18%
  • Investing Infrastructure 14%
  • Consumer Media 13%
  • Gaming 9%
  • Enterprise Use Case 9%

 

While brokers, exchanges, and investing infrastructure dominated in 2022, garnering a combined 35% of funds invested, the current year has seen a surge in interest towards blockchain and protocol projects, capturing 18% of investments.  This shift underscores the growing emphasis on the foundational technologies underpinning the crypto ecosystem. As the market matures, investors are increasingly recognizing the pivotal role of robust blockchain protocols and infrastructures in driving innovation and adoption.

 

Emerging Sectors Gain Traction

Alongside this renewed focus on core technologies, previously underrepresented sectors are gaining momentum. Consumer media and gaming have now captured 22% of the funds invested in 2024. This trend highlights the increasing recognition of the potential for blockchain and crypto to disrupt and revolutionize consumer-facing industries.  Moreover, the enterprise use case segment has emerged as a significant area of interest in 2024, reflecting the growing appetite for real-world applications of blockchain technology across various industries.

 

Early-Stage Investments Dominate

A striking aspect of the 2024 investment landscape is the continued overwhelming dominance of early-stage financing. With 677 deals and $4.25 billion invested in seed and early-stage projects, the blockchain/crypto market continues to be a hotbed for innovative ideas and startups. This trend underscores the industry’s ongoing evolution and the constant influx of new players and concepts. 

 

In contrast, later-stage financing has seen a relatively modest 84 deals, totaling $844 million in investments. This disparity highlights the challenges faced by established projects in securing substantial funding, as well as the inherent risks associated with the crypto market’s volatility.  As the crypto market navigates its way through this transformative period, the investment landscape is poised to continue evolving, reflecting the ever-changing dynamics and priorities within the industry. Investors and entrepreneurs alike will need to remain agile and adaptable, capitalizing on emerging opportunities while mitigating the risks inherent in this rapidly evolving space.