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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

Ecosystem Thoughts

Q2 2025 Crypto M&A and Financing Report

Eric F. Risley
July 8, 2025
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MACRO ECONOMIC SENTIMENT

 

The last few quarters have been a sentiment roller coaster. Post-US election, crypto enthusiasm reined. That shifted in February with worry about US-driven tariffs and equity, bond and crypto markets declining through early April. Since then, markets have recovered, in some cases, back to previous highs.

 

CRYPTO INDUSTRY SENTIMENT

 

Bitcoin hit an all-time high (+30% for the quarter), ETH performed even better (+39%), stablecoin legislation in the US advanced, the blockbuster IPO of Circle and the emergence of “treasury strategies” have all bolstered crypto sentiment in Q2. 

 

However, Ethereum and Solana are 48% and 45% below all time highs, respectively. Similarly, the Defi Pulse Index is 90% below its highs.

 

While both winners and losers appear to be emerging, overall sentiment is very good, which is reflected in the M&A, financing and public markets data for Q2 2025. 

 

Q2 2025 CRYPTO HIGHLIGHTS

 

M&A: Exceptional Q2 2025: resoundingly the best quarter ever

M&A deal activity and consideration paid in Q2 2025 far exceeded Q1, setting new all-time records. Crypto native businesses are increasingly turning to M&A as an important growth strategy. The far bigger news is that traditional financial services players are beginning to demonstrate increasing commitment to crypto and digital assets. Architect Partners anticipates both groups will become increasingly active in the ensuing quarters.

 

Private Financing: remains steady

Slightly slower pace but beginning to skew toward larger and later stage. Architect Partners believe the return of the later-stage financing markets is an important indicator of crypto industry health.

 

Public Markets: record valuations

After a challenging Q1, the Architect Partners Crypto Index was up 48% this quarter. Looking from a longer term perspective, Coinbase, the standard bearer of our industry, is now trading 7% above its all time closing high.

 

Interestingly, spot trading volume, the lifeblood of many in our index, declined 31% in Q2 2025, and is 44% below the last peak levels in this cycle. We believe this indicates the diversification of revenues streams that many have pursued, a very healthy signal. Lastly but not least, Circle’s IPO certainly acted as a positive catalyst as well as $66.5 billion being invested in 82 public “crypto treasury strategy” initiatives.

 

STRATEGIC THEMES ARCHITECT PARTNERS IS TRACKING

 

To keep us honest let’s continue our assessment of important crypto industry themes

 

Crypto Has Delivered Exceptional Value Creation

  • Q4 Statement: Crypto has attracted $130B of risk capital which today represents $3.4T in value and 25x returns, much better than traditional venture investing. This far outpaces the Internet at the same point in market development. 
  • Q1 Progress: Our 2025 update to Family Ties was published on February 13th. Q2 2025 ended with $2.8T in value (vs. $3.4T in Q4) but the fundamental point remains: crypto investment returns have been exceptional.
  • Q2 Progress: $3.8 trillion as of June 30, again in record territory.

 

Initial Public Offerings are Coming

  • Q4 Statement: Numerous companies are on that track but 2026 may be stronger than 2025.
  • Q1 Progress: Circle just released their S-1 and Amber Group debuted on the NASDAQ.
  • Q2 Progress: Circle’s exceptional debut and the unexpected rise of the treasury strategy.

 

Leverage Is Quickly Returning

  • Q4 Statement: Is leverage friend or foe this time? 
  • Q1 Progress: Friend so far, with risk management high priority. Data is difficult to compile but we see significant growth in both collateralized and uncollateralized lending.
  • Q2 Progress: Q1 trend continuing.

 

Mergers & Acquisitions – It’s Time for Urgency

  • Q4 Statement: Traditional financial services companies are entering crypto, a potentially existential competitive threat to some crypto-native players. Both will be spurred into action.
  • Q1 Progress: Legislation is important for action but traditional financial services players are already re-engaging in preparation.
  • Q2 Progress: Record quarter with participation by both leading crypto natives and the beginning of the long-term trend of traditional financial services embracing crypto and digital assets.

 

Moving Beyond Speculation – An Important Next Step

  • Q4 Statement: Stablecoins are proving to be a real-world use case, with businesses and consumers partaking. Other use cases with both viability and scalability remain unclear.
  • Q1 Progress: The payments use case is also taking root.
  • Q2 Progress: Payments, often using stablecoins, are tracking at $100 – $300 billion annually and growing quickly. See Architect Partners: Crypto Payments & Payment Infrastructure: The Strategic Opportunity (Part I: Why Crypto Payments). Under the same theme, US stablecoin legislation continues to advance in the US Senate

 

Eric F Risley

Founder & Managing Partner

July 8, 2025