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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

Crypto M&A Snapshot

Week of October 06 – October 12

Eric F. Risley
October 12, 2025
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Trying something different today.  A simple summary of transactions announced this week with links to learn more.

 

Skilling, developer of a forex and CFD trading platform for shares, commodities, and cryptocurrencies, agreed to be acquired by an investor group that owns INFINOX and M4Markets on October 9th, 2025, subject to regulatory approval. The platform offers training tools and demo accounts to help traders build strategies with a user-friendly, transparent experience (source).

 

SQD (Subsquid), developer of a data-network platform for blockchain information extraction and transformation, was acquired by Rezolve AI on October 9th, 2025. SQD delivers cost-efficient, retrieved on-chain data across many chains via a decentralized data lake, query engine, and modular indexers for next-gen dApp use cases (source).

 

Starchive, developer of an AI-powered digital media management platform for creators and rights-holders, entered a definitive agreement on October 9th, 2025 for The Crypto Company to acquire 50.1 percent of the company, with closing expected around October 17th, 2025 subject to conditions. The product organizes, enriches, and shares large libraries of assets and metadata through secure, easy dashboards (source).

 

Dinero, developer of a blockchain platform to scale yield for protocols and users, was acquired by Plume on October 8th, 2025. Dinero enables staked-token borrowing, liquidity provision, and leveraged staking rewards through a two-token model (pxETH and apxETH) (source).

 

Smartpay, developer of blockchain payments that pair stablecoin spending with instant fiat conversion, was acquired by Rezolve AI on October 7th, 2025. The solution supports crypto payments for consumers while settling merchants in local currency to improve acceptance and inclusion. The press release cites over $1 billion in USDT transaction value in the twelve months ending September 30th, 2025 and confirms instant fiat settlement via Brain Checkout (source).

 

Guidestar, a developer of DEX automated market-making and smart trade-routing technology, was acquired by Uniswap Labs on October 6th, 2025 (source).