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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

Crypto M&A Snapshot (Week of October 27 – November 02)

Eric F. Risley
November 02, 2025
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October 27th – November 2nd

PERSPECTIVES by Eric F. Risley 

 

Another public debut was announced this week.

 

Securitize announced its intent to merge with a public acquisition corporation. This is the fifteenth announced reverse merger over $750M pairing a Special Purpose Acquisition Corporation (SPAC) with an operating company in the crypto sector. Of these announcements, eight were completed, one is pending, and six were abandoned prior to completion, including Circle and Bullish.

 

Securitize has been a leading pioneer in tokenizing real-world assets (RWA). Clients include:

  • BlackRock: tokenized USD Institutional Digital Liquidity Fund “BUIDL”
  • VanEck: tokenized U.S. Treasury fund “VBILL”
  • Apollo: tokenized private credit fund “ACRED”
  • Hamilton Lane: tokenized feeder funds for private-markets strategies
  • KKR: tokenized feeder with exposure to Health Care Strategic Growth Fund II
  • Exodus: tokenized its stock for trading

 

The largest category of tokenized RWA is associated with Figure’s tokenized second mortgages. These represent approximately 53% of all tokenized assets ($18.4B). Tokenized money-market funds account for 25% ($8.7B), dominated by BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL).

 

Tokenization of RWA has been anticipated for the past decade, however, regulatory and practical inhibitors have made progress slow. Acceleration is now likely with more recent regulatory alignment and many announcements by a wide variety of traditional financial institutions that currently control the issuance and distribution of RWA. McKinsey & Company projects tokenization to become a $2T market by 2030.

 

Today, Securitize remains a relatively small business, with estimated 2025 full-year revenue of $69M and LTM revenue of $46.7M. In H1 2025, the business grew 519% year over year, and from 2024A to 2025E it expects to grow 260% year over year. Furthermore, the business expects to be EBITDA positive this year, with a 24% margin and $17M in EBITDA. Finally, the company values itself at $1,362M. That implies a 19.7x EV/2025E revenue multiple. For comparison, Coinbase is currently trading at 8.5x EV/2025E revenue.

 

As highlighted in the past, the emergence of a broad array of public businesses building the next generation of financial services is a very good development for our industry.