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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

Insights

Q3 2025 Crypto M&A and Financing Report

Eric F. Risley
October 4th, 2025
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Download the full report above.

MACRO ECONOMIC SENTIMENT

Nothing seems to diminish enthusiasm for investable assets, including crypto. Multiple wars, tariffs, reshaping of global security arrangements, first inflation and now apparent job creation weakness, economic and political policy uncertainty, US government shutdown, and perhaps internecine political warfare have all been shrugged off as no big deal by markets.

 

CRYPTO INDUSTRY SENTIMENT

Bitcoin hit yet another an all-time high, ETH got its mojo back and appreciated by 75%, stablecoin legislation passed in the US, Gemini, Figure and Bullish got public, the long awaited “Altcoin rally” arrived (up 66%), and the booming “digital asset treasury strategy” phenomenon have all bolstered crypto sentiment in Q3 2025. 

 

Q3 2025 CRYPTO HIGHLIGHTS

 

M&A: another best quarter ever

The digital asset treasury (DAT) phenomenon played an outsized role this past quarter, driving transaction consideration up by over 100% from Q2.

 

Private Financing: remains steady in number of transactions

Number of financings was flat but total invested capital was down by 40%, again likely influenced by the DAT boom which attracted $90B in private and public capital in Q3.

 

Public Markets: Steady valuations, with variability by sector

The Architect Partners Crypto Index was up 6% this quarter with most groups remaining pretty flat. The winners this quarter were the Bitcoin Network Operators, who were up a median of 87% this quarter and the biggest decline was from the Digital Asset Treasuries that were down 29%. 

 

STRATEGIC THEMES THAT ARCHITECT PARTNERS ARE TRACKING

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

 

Crypto Has Delivered Exceptional Value Creation

  • Q4 2024 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. Q3 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.
  • Q3 Progress: A small tick up to $4 trillion.

 

Initial Public Offerings are Coming

  • Q4 2024 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.
  • Q3 Progress: Gemini, Figure and Bullish all debut.

 

Leverage Is Quickly Returning

  • Q4 2024 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.
  • Q3 Progress: Hard to track accurately but anecdotal evidence suggest it continues to build, both institutional and retail.

 

Mergers & Acquisitions – It’s Time for Urgency

  • Q4 2024 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.
  • Q3 Progress: The digital asset treasury (DAT) phenomenon reaches peak?

 

Moving Beyond Speculation – An Important Next Step

  • Q4 2024 Statement: Stablecoins are proving to be a real-world use case, with businesses and consumers partaking. Other crypto 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.
  • Q3 Progress: Stablecoin legislation passes, another step toward payment use cases.

 

Eric F Risley

October 4, 2025