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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 Public Companies Snapshot

Crypto Public Companies Snapshot

Ryan McCulloch
April 25, 2025
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There will be, once the de-SPAC closes, a new Architect Public Company Index constituent with Twenty One, a “Bitcoin-native” company supported by Tether, SoftBank, and Cantor.

 

With their announced $3.6B valuation, Twenty One immediately ranks in the top 5 crypto-native constituents in our Index.

 

The company will initially launch with a treasury of 42,000 Bitcoin (worth approximately $4.0B based on today’s Bitcoin price) and plans to become “a singular vehicle for Bitcoin exposure, pro-Bitcoin advocacy, and Bitcoin-focused content and media with plans to explore future expansion into Bitcoin-native financial products.”

 

What does that mean exactly? That’s to be determined, and our initial observations include: 1) We appreciate top-tier groups of TradFi and crypto banding together to form new ventures led by proven innovators like Jack Mallers; 2) The $4B BTC on the balance sheet sets a “floor” valuation while simultaneously providing an immediate BTC treasury strategy and a war chest to fund business expansion; 3) There are intentions of building BTC-native products and services that will generate BTC-denominated revenue with BTC-denominated metrics — Bitcoin Per Share (BPS) and Bitcoin Return Rate (BRR).

 

In the press release, the company valued itself at $3.6B based on an $85K Bitcoin price, which means they have attributed $0 enterprise value to the company.

 

You may look at this business model and see similarities to Michael Saylor’s Strategy (Nasdaq: MSTR), and you would be right. The stark difference is the value per Bitcoin. MicroStrategy has 538,200 Bitcoin worth about $51B, but the company trades at a $97B market capitalization. In the case of Twenty One, they are pricing the company to trade 1-to-1 with their Bitcoin holdings. Despite this, the SPAC has increased in value by 250% since announcement, putting their market value-to-Bitcoin ratio at 3.5x, which now means they trade at a higher premium over Bitcoin than Strategy.

 

While the future model of Twenty One remains to be proven, the clear model today is a Bitcoin treasury company. We will see how they compete with or take market share away from Strategy.