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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 16 – June 22

Eric F. Risley
June 22, 2025
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June 16th – June 22nd

PERSPECTIVES by Eric F. Risley 

 

Crypto payments are one of the most promising real-world use cases for crypto. Over the past several weeks, we have published the first three parts of Crypto Payments and Infrastructure: Part I: Why Crypto Payments?, Part II: Momentum Is Building, and Part III: Market Map. This coming week, we will turn to Part IV: Capital and M&A.

 

Stablecoins have long served as a bridge between the fiat and crypto worlds, primarily used for crypto trading. More recently, stablecoins have emerged as a preferred real-world payment asset used by both individuals and businesses. These payments often—though not always—cross borders. Architect Partners estimates that real-world transactions account for only 1.4% to 4.2% of stablecoin trading volume but are growing rapidly.

 

Stablecoin use continues to be dominated by crypto trading, as the data clearly shows. In calendar year 2024, the implied average holding period for USDT and USDC was 37 and 109 hours, respectively. This is calculated using the velocity of each asset, as described in the table to the right. In essence, crypto investors are rapidly exchanging stablecoins for a variety of other crypto assets as part of their trading strategies.

 

Stablecoin-based real-world payments may follow different dynamics, which will be important to monitor closely. Will payers and payees quickly convert their stablecoin holdings into fiat currency, or will they choose to hold a stablecoin balance? If the former, current velocity levels may remain unchanged—or even increase. If the latter, this would suggest lower velocity and higher aggregate outstanding stablecoin balances.

 

Time will tell, but it’s fascinating to compare stablecoin velocity with that of the most widely used fiat currency: the US Dollar. Today, on average, a US Dollar changes hands once every 228 days (measured using M1—cash and checking account bank deposits).

 

The current stablecoin revenue model is directly correlated to the size of invested collateral. Both demand (use cases) and velocity are critical factors to better understand as crypto payments—whether using stablecoins or other crypto assets—continue to evolve.

 

All of this falls under the broader question of how crypto payments will develop and the strategies required to build successful revenue and business models.