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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
July 18, 2025
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Regulatory clarity in the United States continues to be the headline of crypto this year. Lawmakers wrapped up “Crypto Week” by sending three bills to the White House:

 

  • GENIUS Act: establishes Federal Reserve oversight and a licensing framework for stablecoins
  • Digital Asset Market Clarity Act: divides SEC and CFTC jurisdiction using a Howey‑style test
  • Anti‑CBDC Surveillance State Act: prohibits the Federal Reserve from issuing a central bank digital currency (CBDC)

 

The GENIUS Act has cleared both chambers; the other two now move to the Senate. Together, the trio would form the first comprehensive federal statutes for the industry.

 

Market reaction

  • Bitcoin is flat this week
    •         – These regulations impact the public companies themselves, far more than Bitcoin

 

  • Crypto brokers, exchanges, and asset managers are up 4.5%
    •         – U.S. businesses most directly affected by the new rules led the gains with Coinbase, Circle, and Galaxy Digital rising 8%, 19%, and 33%, respectively, this week

 

  • Bitcoin network operators are up 5%
    •         – While the bills do not change mining economics, clearer regulations boost institutional interest and, in turn, network fees and transaction volumes, creating a modest tailwind

 

  • Crypto influenced are up 4%.

 

  • Crypto‑treasury companies are down 10%.

 

Bottom line

Regulatory clarity in the U.S. is building momentum, and public crypto companies are seeing share‑price appreciation as a result. When these bills are enacted, momentum should accelerate as traditional financial institutions move further into crypto.