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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
August 15, 2025
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This week, Bullish went public in an upsized IPO, selling 30 million shares at $37 per share, raising $1.1 billion and implying a $5.4 billion market cap. On day one, the shares opened at $90 and closed at $75, about 2x the IPO price, similar to Circle’s first day of trading. After the first week, Bullish’s market cap is about $10.2 billion.

 

While Bullish is an exchange, broadly comparable to peers such as OSL Group and Coinbase, it is also more than that. As many of you know, it was founded and capitalized by Block.one, which provided nearly $10 billion in assets: $100 million in cash, 164,000 BTC, and 20 million EOS tokens. The company now has roughly $3.3 billion in cash after raising about $1.0 billion in its IPO, alongside a growing operating business.

 

Bullish is one of the few companies combining trading and news. It acquired CoinDesk in November 2023 for $72.5 million, and the platform has become central to its story. Over the last twelve months (LTM), the exchange handled $647.4 billion of volume and generated $150 million in net spread revenue; the media business produced $72 million, or about 32% of total revenue. After its first week of trading, Bullish trades at an enterprise-value-to-LTM-revenue multiple of 48.0x, higher than peers. That premium is consistent with recent IPO dynamics, similar to Figma, which traded up to a 68.6x revenue multiple.

 

Bullish now needs to earn that valuation. While it has a real business today, it remains subscale relative to its market value. The exchange space is highly competitive, but with a large balance sheet for M&A and a differentiated media position, Bullish could become a unique asset. It continues to use cash, about $30 million net cash used in operating activities in 2024, so there is work ahead for CEO Tom Farley. Still, it’s encouraging to see another marquee crypto company enter the public markets in a disciplined way.