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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 M&A Snapshot

Week of April 21 – April 27

Eric F. Risley
April 27, 2025

April 21st – April 27th

PERSPECTIVES by Eric F. Risley 

 

Does the reshaping of foreign and economic policy create a fresh catalyst for the crypto industry? Does what appears to be a new era echo the 2008 financial crisis as a “reason for being”?

 

Bridgewater Associates published a transcript of an interview with co-CIO Karen Karniol-Tambour regarding this emerging new secular era, what Bridgewater is calling “Modern Mercantilism.”

 

  • New Economic Paradigm: The world has shifted from decades of US-led globalization and disinflation to a new era of “modern mercantilism,” where states prioritize national wealth, geopolitical strength, and economic self-sufficiency over free-market globalization.
  • Irreversible Shift: This transition is not just the result of recent policies or a single administration; it reflects deep, long-term dissatisfaction with the old system. The loss of trust in US reliability and the chaotic implementation of new policies means there is “no going back” to the previous global order.
  • Portfolio Risks: The new environment poses urgent threats to investment portfolios, especially those heavily concentrated in US equities and illiquid assets. US assets are particularly vulnerable due to their dependence on foreign capital and the risk of capital outflows.
  • Policy-Induced Slowdown: Bridgewater expects a policy-driven global economic slowdown, with rising recession risks. The Federal Reserve is more constrained than in the past and may struggle to respond proactively to downturns due to inflationary pressures and new risks to US assets.
  • Dollar and US Asset Vulnerability: The longstanding strength of US assets and the dollar is under threat. The dollar may face slow, secular decline as foreign investors reassess their exposure, and the traditional safe-haven status of US assets is challenged.
  • Gold’s Renewed Role: Gold is regaining appeal as an alternative store of value, especially as trust in the US and the dollar wanes. Even small reallocations to gold can have outsized effects due to the market’s size.
  • Persistent Modern Mercantilism: The forces driving modern mercantilism are likely to persist regardless of political changes, as rebuilding global trust in the US would take years of consistent policy and direction.

 

Questions relating to the opportunity for crypto:

  • If the eight decades of trust earned by the US and the US dollar have been broken, what country or currency takes its place? Is this a window of opportunity for Bitcoin to become a “safe haven” or, even more impactful, a unit of account for payments?
  • Crypto has zero affiliation or agenda unique to any country—a truly global phenomenon. Does this unique characteristic offer advantage in an increasingly nationalist, isolationist world?
  • Does the shift from a global disinflationary to inflationary secular trend enhance the thesis of Bitcoin being an inflation hedge alongside gold?
  • Innovation often starts with small, highly targeted market niches to prove value proposition. Sometimes it feels like crypto is trying to “boil the ocean.” What are these niches that allow focus and demonstrable value?

 

Getting back to M&A, do we have the return of the Special Purpose Acquisition Corporation (SPAC)? The big news this week was Twenty One, a Strategy clone (at least initially) with big-name backers. In the case of Twenty One, you can buy Bitcoin at 3x its current value; Strategy at 2x. Does the leverage on either company justify these premiums? Time will tell.

 

Architect Partners will be at Consensus Toronto; if desired, please contact ryan@architectpartners.com to schedule a meeting.