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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 June 07 – July 13

Todd White
July 16, 2025
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July 07 – July 13 (Published July 16th)

PERSPECTIVES by Todd White

 

22 Crypto Private Financings Raised: $318.5M

Rolling 3-Month-Average: $601.3M

Rolling 52-Week Average: $346.1M

 

Private investment in the crypto and blockchain sector continues to focus on core digital‑asset infrastructure, with stablecoins and digital payments emerging as some of the fastest‑growing segments. Stablecoins such as USDT, USDC, and DAI have seen explosive growth in both market capitalisation and daily trading volumes, bolstered by prospects for regulatory clarity (though potentially dimming at the time of this writing), demand for liquidity and a safe haven within digital assets, and trends in DeFi, lending, and payments infrastructure. Beyond stablecoins, core digital infrastructure, including custody, compliance/AML, cross‑chain interoperability, and payment rails, remains in demand.

 

ZeroHash appears well positioned at this crossroads. Founded in 2017 as a crypto and stablecoin infrastructure provider, it offers back‑end solutions that enable banks, brokerages, and fintech companies to provide cryptocurrency, stablecoin, and tokenised‑asset services to their clients. Through compliance‑ready APIs for custody, settlement, liquidity, and regulatory infrastructure, ZeroHash seeks to bridge traditional finance and the digital‑asset ecosystem, allowing customers to integrate digital assets into their offerings without managing complex technical or regulatory responsibilities. Partnerships announced in 2024 with major industry players such as Stripe and Securitize underscore ZeroHash’s fit in this role.

 

ZeroHash raised USD 100 million this week in a funding round led by Interactive Brokers (IBKR) that values the company at nearly USD 1 billion. IBKR, one of the world’s largest electronic brokerages, offers a wide range of asset classes on a single unified platform. It began offering crypto to investors in 2021 and now collaborates with both ZeroHash and Paxos Exchange for crypto functionality within IBKR’s existing transparent commission structure.

 

This week’s sizable round and valuation reflect growing interest in stablecoin and crypto‑infrastructure among established financial institutions, as traditional market players increasingly embrace the asset class and seek solutions to integrate it within their offerings. For IBKR, an early mover in the crypto sphere, the investment should deepen its crypto and stablecoin services, allowing it to leverage ZeroHash’s expertise and licences to scale without assuming direct blockchain or regulatory overhead. It may also fortify IBKR’s ability to compete with brokers such as Fidelity, Robinhood, and Charles Schwab as demand for integrated crypto services is expected to increase.