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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 June 09 – June 15

Eric F. Risley
June 15, 2025
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June 9th – June 15th

PERSPECTIVES by Eric F. Risley 

 

Spotlight: Stripe Acquires Privy – Accelerating Crypto’s Integration into Mainstream Applications

 

 

Simplicity, an essential theme in crypto, was on display this week.

 

 

“When we started in 2021, wallets were powerful but inaccessible to all but power users. Developers had to send users off-platform to get started, breaking flows and killing conversion. That friction fundamentally constrained what could be built in crypto.”

– Henri Stern, Co-Founder & CEO, Privy

 

 

This week, Stripe announced the acquisition of Privy. Privy offers a simple API that allows both Web3 and traditional Web2 app developers to securely create crypto wallets, sign transactions, and integrate with any onchain system. The result is that users can create and use crypto wallets within familiar apps, without navigating external services or complex security steps. This “invisible” approach is essential for mainstream adoption, as it makes using crypto as intuitive as any digital service.

 

 

The approach has gained market validation, with Privy now powering over 75 million accounts and supporting billions in transaction volume for clients. While the acquisition consideration was not disclosed, Privy’s June 2025 equity financing, which valued the company at $230 million, suggests the acquisition valuation was above that level.

 

 

Why is abstracting away the complexity of crypto important? It’s simply too complicated for most users, as highlighted last week and evident in the acquisition of Web3Auth by Consensys. Additionally, the number of users of traditional Web2 applications (including e-commerce, gaming, social, and finance platforms) vastly outnumber those of native Web3 or crypto apps. For crypto to achieve true scale, its capabilities must be seamlessly integrated into the platforms where users already spend their time.

 

 

This transaction is yet another example of bridging traditional and crypto finance, or what we call “bridge transactions.” This will continue.