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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

Financing

Week of July 14 – July 20

Todd White
July 23, 2025
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July 14 – July 20 (Published July 23rd)

PERSPECTIVES by Todd White

 

30 Crypto Private Financings Raised: $957.6M

Rolling 3-Month-Average: $654.2M

Rolling 52-Week Average: $366.7M

 

The tokenized MMF space is gaining momentum with the potential to streamline transactions, reduce operational frictions and enable new use cases, such as using tokenized funds as collateral in financial transactions. Traditional money market funds, which typically invest in low‑risk, short‑term securities such as U.S. Treasuries, commercial paper and repurchase agreements, have become a backbone of institutional cash management. Moving these funds on‑chain through tokenization has the potential to enhance the efficiency, transparency and utility of these funds by enabling real‑time settlement, 24/7 trading and enhanced transferability.

 

Unlike stablecoins, which are primarily a medium of exchange and often do not generate yield, tokenized MMFs offer returns derived from their underlying assets, making them attractive for institutional investors such as hedge funds, pension funds and corporate treasuries. The recent passage of the GENIUS Act on July 18 2025, which provides a regulatory framework for stablecoins but prohibits interest‑bearing stablecoins, may drive further interest in tokenized MMFs as a yield‑bearing alternative.

 

Earlier today, Goldman Sachs and Bank of New York Mellon (BNY Mellon) announced a collaborative initiative to launch tokenized MMFs for institutional investors. This platform combines BNY’s LiquidityDirect and Goldman Sachs’ Digital Asset Platform (GS DAP) and allows clients to subscribe to and redeem tokenized MMF share classes, with ownership recorded on Goldman’s private blockchain. Major asset managers, including BlackRock, Fidelity Investments, Federated Hermes, BNY Investments Dreyfus and Goldman Sachs Asset Management, are participating in the initial rollout, signaling strong industry support. This development adds credible players to an already growing space that includes Franklin Templeton, BlackRock and WisdomTree, as well as Web3‑native firms Ondo Finance, Superstate and Maple Finance.

 

Yet each of these groups is focused on U.S.‑dollar products. Other markets, such as the euro area, have been slower to develop. While abrdn’s Euro Money Market Fund offers tokenized interests issued on Algorand by Archax, and Franklin Templeton has a Luxembourg‑listed U.S. Treasury fund, the broader world of euro deposits remains relatively untapped. Paris‑based Spiko estimates there are €25 trillion in idle European bank deposits that would benefit from enhanced yield, capital efficiency and transferability.

 

Paris‑based Spiko is seeking to change that, offering both euro‑ and USD‑denominated funds in tokenized form that have been approved by France’s markets regulator. Its architecture permits transfers via stablecoins as an alternative to traditional wires and permits flexible subscriptions and redemptions in either digital or fiat currency. In its first year since launch, the firm accumulated a reported $400 million in AUM and $900 million in working capital processed through its platform from organic growth alone. Spiko announced $22 million in Series A funding last week to ramp up distribution efforts, expand API capabilities for improved use cases and reach markets beyond France.

 

Yet another development in the convergence of digital and traditional financial‑market infrastructure.