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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 23 – June 29

Eric F. Risley
June 29, 2025
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June 23rd – June 29th

PERSPECTIVES by Eric F. Risley 

 

One of the more unique characteristics of the crypto industry is how it transcends borders. This is well illustrated by the acquisition of Architect Partners’ client, Banxa, by OSL. Find our M&A alert on the deal here.

 

Banxa is headquartered in Australia and publicly traded in Canada and, until recently, the United States. The company facilitates the conversion of fiat currency into a variety of crypto assets and back again, effectively bridging the traditional financial system and the crypto ecosystem. Banxa delivers these capabilities to crypto exchanges, wallets, and a wide range of Web3 dApps located across the globe, enabling consumers in over 150 countries to access these products and services.

 

Banxa is being acquired by OSL Group (HKEX: 863.HK), a Hong Kong-based, SFC-licensed crypto exchange that offers trading, insured custody, and white-label crypto payments infrastructure for institutional and retail clients worldwide. In a crowded field of fiat-to-crypto on/off-ramp providers, OSL selected Banxa for its unmatched regulatory license coverage, strong conversion performance, deep relationships with banks, payment processors, and compliance partners, its ability to accelerate the rollout of OSL Pay, and a compelling relative valuation.

 

Separately, the Bitcoin treasury strategy continues to gain traction, despite over 80 announced transactions of a similar nature since January 1st. This week, Columbus Circle Capital, a SPAC, announced the acquisition of Anthony Pompliano–led Professional Capital Management, and a Canadian-listed public shell announced the closing of its previously disclosed reverse merger with Bitcoin Treasury. Architect Partners has previously written about this phenomenon and holds a number of well-developed views, which have become an increasingly frequent topic of day-to-day conversation with a wide variety of crypto market participants.