TLDR: Australian cryptocurrency exchange Swyftx has acquired US-focused digital asset brokerage Caleb & Brown for over AU$100 million (approximately US$65.8 million), marking the largest crypto acquisition in Australia and New Zealand’s history. This strategic move aims to significantly expand Swyftx’s presence in the lucrative US crypto market, particularly targeting high-net-worth clients with personalized brokerage services. The acquisition follows Swyftx’s recent purchase of New Zealand’s Easy Crypto, bringing the combined Swyftx Group’s customer base to over 1.2 million and its team to nearly 300 employees, establishing it as a major player with broad geographic reach.
Brisbane, Australia – Swyftx, a prominent Australian cryptocurrency exchange, has announced its acquisition of Caleb & Brown, a boutique digital asset brokerage with a strong focus on the United States market. The deal, reportedly valued at over AU$100 million (approximately US$65.8 million), represents the largest cryptocurrency acquisition in Australia and New Zealand’s history, signaling Swyftx’s aggressive expansion into the global crypto landscape.
The strategic acquisition is primarily aimed at bolstering Swyftx’s footprint in the highly attractive U.S. crypto market, specifically targeting high-net-worth (HNW) investors. Caleb & Brown, founded in 2016 by Rupert Hackett and Dr. Prash Puspanathan, has carved out a niche by offering a heavily personalized, one-to-one brokerage service to thousands of private clients across the U.S. and Australia. The Melbourne-headquartered firm currently manages over US$2 billion in digital assets under custody and employs 64 team members.
Jason Titman, CEO of Swyftx, emphasized the immense potential of this acquisition. “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,” Titman stated. He added that Swyftx possesses the resources to build on Caleb & Brown’s competitive advantages and attract wealthy clients from larger exchanges, noting that many new wealthy investors desire an ultra-client-centric service with round-the-clock access to broker expertise, akin to traditional finance relationship management.
This acquisition comes just three months after Swyftx’s purchase of Easy Crypto, New Zealand’s largest cryptocurrency exchange, which added 350,000 users and brought Swyftx’s total customer base to 1.1 million prior to the Caleb & Brown deal. With the integration of Caleb & Brown, the Swyftx Group now serves over 1.2 million customers and will employ just under 300 team members, giving it the broadest geographic reach of any Australian exchange, spanning Australia, New Zealand, South Africa, and the United States.
Jackson Zeng, CEO of Caleb & Brown, expressed enthusiasm for joining the Swyftx Group. “This deal is a testament to the strength of our brokerage and its differentiated offering. Swyftx has the resources to help us scale faster, diversify our product offering and expand our geographic reach,” Zeng commented. He highlighted Swyftx’s rapid growth in the ANZ region and its shared client-centric approach.
The timing of the acquisition is also strategic, aligning with improving regulatory conditions in the U.S. crypto market. Swyftx CEO Jason Titman noted that clearer rules and regulations under the current administration could spark a surge of transactions and reduce the perceived risk for businesses entering the market. He anticipates a ‘meaningful uptick in crypto M&A’ this year, especially with the President’s working group on crypto expected to report soon, potentially opening the floodgates for more U.S.-focused crypto deal-making.
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Swyftx plans to significantly expand Caleb & Brown’s network of relationship managers to further penetrate the underserved market of wealthy U.S. crypto investors. Spartan, a specialist blockchain investment and advisory firm, served as the financial advisor to Swyftx for this landmark transaction.
