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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 August 11 – August 17

Eric F. Risley
August 17, 2025
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August 11th – August 17th

PERSPECTIVES by Eric F. Risley 

 

Architect Partners is dedicated to assisting in building enduring, long-term fundamental value. The observations below aim to keep our eye on that core objective and offer a data-led perspective and, hopefully, insight.

 

Let’s discuss how several recent industry narratives intertwine, using data rather than opinion as our guide. To simplify, we focus on Ethereum and ETH, which is timely given ETH’s rapid rise from $1,839 on May 1 to $4,435 as of this writing. We consider fundamentals as well as the emergence of exchange-traded funds (ETFs) and digital asset strategy companies (DATs).

 

Data-backed fact: Ethereum’s ecosystem is robust and growing. Dapp count, user activity, stablecoin throughput, and real-world asset (RWA) tokenization adoption signal expanding commercial use. These trends make a strong long-term fundamental value case.

 

Data-backed fact: The timing and scale of the ETH price surge closely match the increase in ETH buying demand driven by ETFs and DATs.

 

Reasonable conclusion: Commercial momentum is critical and real, but recent price performance is very likely affected, and possibly distorted, by ETF and DAT demand more than by pure usage growth.

 

Takeaway: Long-term value follows fundamentals. Currently, ETH appreciation is far outpacing usage growth. History shows that capital markets and asset values reflect investor expectations about future fundamentals. At times, disconnects occur and reveal themselves over time. We take no position on fair value, simply observing the underlying data to better understand.

 

For those interested in the underlying data and sources, please reach out.