ARCHITECT SUCCESSES

SEE ALL
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 October 14 – October 20

Eric F. Risley
October 20, 2024
DOWNLOAD FULL REPORT

The headline M&A transaction this week was Coindesk’s acquisition of CCData and its sister organization, CryptoCompare. We published an M&A Alert on the transaction on Thursday, offering details and perspective.

 

 

While the transaction value was not announced, it’s likely quite modest considering the scale of the business acquired. For interested parties like us, one benefit of being a Financial Conduct Authority (FCA)-registered company in the UK is the requirement to file annual financial statements. In this instance, CC Data Limited and its controlling parent entity, Crypto Coin Comparison Ltd, both file under FCA regulations. What the CC Data Limited filing reveals is a business with calendar year 2023 revenue of only $3.1M and modest profitability. Revenue growth was also modest at 15% from calendar 2022 to 2023.

 

 

While the headline acquirer was Coindesk, Bullish is the owner of Coindesk, having acquired it from Digital Currency Group (DCG) for a reported $75M less than a year ago. Bullish, run by former NYSE President Tom Farley, is building a crypto trading exchange with global ambitions. Both the Coindesk and CCData acquisitions are intended to support this strategy.

 

 

Other notable news and research this week included:

 

  • Stripe’s ambitions may include their own stablecoin after their recent announcement of Pay with Crypto using others’ assets including USDC and USDP. This has profound implications on multiple fronts.