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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 26 – Jun 01

Todd White
June 04, 2025
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May 26 – June 01 (Published June 4th)

PERSPECTIVES by Todd White

 

32 Crypto Private Financings Raised: $526.3M

Rolling 3-Month-Average: $530.6M

Rolling 52-Week Average: $274.5M

 

The adoption of crypto-treasury strategies (where companies allocate a portion of their balance sheet to digital assets like Bitcoin, Ethereum, Solana, and even stablecoins) has accelerated since 2021, with both tech giants and smaller firms participating. This trend has the potential to reshape corporate finance, but it also brings significant risks.

 

Several prominent companies have pioneered or adopted crypto-treasury strategies, most focused on Bitcoin. Strategy (fka MicroStrategy) is the most notable example and now holds the largest Bitcoin treasury among public companies, with 580,955 BTC as of June 2025, purchased at an average price of $70,023. The company began aggressively accumulating BTC in 2020 under CEO Michael Saylor, who views Bitcoin as a superior store of value and has emerged as a vocal advocate for Bitcoin as a treasury asset. Other groups focused on Bitcoin treasuries include miner Marathon Digital, which accumulates and retains BTC as part of its core mining activities; LatAm fintech giant MercadoLibre, which integrates crypto into its payment ecosystem and uses its crypto holdings for transactions in addition to holding the assets on its balance sheet; and 21 Capital, a newly formed Bitcoin-native financial company created by Tether, Bitfinex, and SoftBank through a reverse merger with Cantor Equity Partners, Inc. (CEP), a Nasdaq-listed special-purpose acquisition company (SPAC) sponsored by Cantor Fitzgerald, and positioned to be led by Jack Mallers, a prominent Bitcoin advocate and CEO of Strike.

 

Other assets are also being utilized, including ETH, SOL, and XRP. SharpLink Gaming, a Nasdaq-listed marketing company servicing the online sports-betting and gaming sectors, is emerging as a leading advocate for Ethereum-based treasury strategies with its announced $425 million PIPE financing this week in order to acquire Ethereum as the company’s primary treasury-reserve asset. There are numerous other examples; by our count, at least 36 groups have announced crypto-based treasury ambitions over just the last few months.

 

Amid this surge, there are, of course, numerous advocates and skeptics alike. Advocates often cite several putative benefits, including the potential for high returns, hedging against inflation and currency debasement, portfolio diversification, and even strategic branding as an innovative company. Detractors quickly counter with the risks of extreme volatility, uncertain regulatory and accounting treatment, inherent security and custody challenges, operational complexities, and more.

 

However the debate unfolds, the public markets appear to approve for the moment. Investors currently trade crypto-treasury companies at a notable premium, between two and three times the price of the underlying asset. Most adopters, SharpLink included, intend to continue operating their core businesses rather than pivot entirely to crypto accumulation. Even 21 Capital, launched on the basis of its BTC strategy, intends to complement its treasury activity by developing a suite of BTC-enabled financial products that will provide a core level of business activity. Strategy, on the other hand, has pivoted to an almost pure treasury play.

 

Whether, and when, the music will stop and the trading premium diminishes (or worse) remains to be seen. For now, momentum seems to be increasing, and we will track the relative wisdom or folly of this growing cohort with keen interest.

 

Contact ryan@architectpartners.com to schedule a meeting.