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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 September 2 – September 8

Glenn Gottlieb
September 12, 2024
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24 Crypto Private Financings Raised ~$146M 

Rolling 3-Month-Average: $174M

Rolling 52-Week Average: $198M

 

As mentioned previously in this space, blockchain and cryptocurrency sectors continue to face headwinds in fundraising, with a mere $146 million raised last week. This tepid figure was largely buoyed by a single $90 million deal, underscoring the continued deceleration in venture capital activity within the space.  

 

Several factors continue to contribute to this ongoing slowdown. The current economic climate coupled with uncertainty surrounding the upcoming US election, many generalist venture capital firms have pivoted and are increasingly allocating capital to burgeoning sectors like artificial intelligence, and the lack of successful exits has heightened investor concerns about liquidity risk.   Compounding these issues is the persistent regulatory uncertainty surrounding cryptocurrencies and blockchain technologies.

 

However, this cooling period could ultimately lead to more sustainable growth and innovation in the long term, as investors focus on those believed to be the highest quality.

 

 

Blockchain technology has the potential to revolutionize the real estate market by enhancing transparency, efficiency, and security in property transactions and management. By leveraging decentralized ledgers and smart contracts, blockchain can streamline various processes involved in real estate deals, reducing the need for intermediaries and minimizing the risk of fraud.

 

Rentberry is one company bringing this potential to market, and according to Pitchbook, just closed a $90M Series A funding led by  Berkeley Hills Capital and GTM Capital.  

 

Rentberry offers significant benefits to the rental real estate market by leveraging blockchain technology to streamline and modernize the entire rental process. The platform provides a comprehensive ecosystem that connects landlords and tenants, offering features such as property listings, tenant screening, digital lease signing, and rent collection. This all-in-one approach reduces administrative burdens for landlords and simplifies the rental experience for tenants.

 

Rentberry’s platform also  incorporates blockchain technology and smart contracts to enhance security and automate various aspects of property management. The use of cryptocurrency payments reduces transaction costs and minimizes the risk of late or fraudulent payments.

 

Now, Rentberry is introducing a new investment opportunity with crowdsourced security deposits.  Investors will have the opportunity to fund the billions of dollars typically locked in rental deposits and earn interest on their investment.  This process provides benefits to both landlords and tenants.