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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 6 – May 12

Glenn Gottlieb
May 15, 2024
DOWNLOAD FULL REPORT

46 Crypto Private Financings Raised ~$176M 

Rolling 3-Month-Average: $265M

Rolling 52-Week Average: $193M

 

This past week was dominated by early-stage investments, and continued an upward trend-line for total financings, but committed capital was again below both the 3-month and 52-week rolling averages.  We will provide an analysis of these trends in an upcoming report.    

 

Arbelos Markets Raises $28M

 

Market professionals in the evolving world of cryptocurrency derivatives should be aware of Arbelos Markets, a recently funded principal trading firm. Founded in the wake of the 2022 market turmoil, Arbelos aims to address a specific need – providing liquidity and hedging solutions for sophisticated investors through crypto options and derivatives, but with an emphasis on transparency. 

 

One of the key issues in 2022 was a lack of transparency hiding true risks from creditors.  Arbelos says they solve this problem with their “transparency engine” that lets clients independently verify, in real time, Arbelos’ risk profile, balance sheet and counterparty exposure.

 

With this as a backdrop, Arbelos Markets announced a $28M seed round consisting of both debt and equity led by Dragonfly Capital, and including Room40 Ventures, Selini Capital and Breed VC, corporate partners FalconX, Circle Ventures, Paxos, P2 Ventures (previously Polygon Ventures), Deribit, Chorus One, StarkWare and Immutable, and angel investors at Aevo, Cega, Talos, Amberdata, and Framework.

 

Arbelos operates as a counterparty to trades initiated by institutional investors.  Along with programmatic trading strategies, the platform allows Arbelos to cater to complex financial needs within the crypto space.

 

Arbelos’ emergence signifies a maturing crypto market. As the asset class gains traction and attracts established financial players, the need for robust infrastructure and professional trading services grows. By bridging the gap between traditional finance and the crypto ecosystem, Arbelos plays a vital role in fostering stability and growth within the decentralized finance (DeFi) and centralized finance (CeFi) landscapes.

 

Since its launch six months ago, Arbelos Markets’ total derivatives trading volume exceeds $25 billion notional across bilateral, on-exchange and on-chain channels.