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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 30 – July 06

Eric F. Risley
July 06, 2025
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June 30th – July 6th

PERSPECTIVES by Eric F. Risley 

 

This week, Australia-based Swyftx announced the acquisition of Caleb & Brown for between $100M and $200M (M&A Alert). Caleb & Brown is an Architect Partners client and follows the prior week’s announcement of Banxa’s acquisition—also an Architect Partners client—by OSL (M&A Alert).

 

Caleb & Brown (C&B) represents what we believe is a one-of-a-kind crypto brokerage, built around a service-oriented client engagement model. This high-touch approach has attracted a base of high-net-worth individuals and has consistently demonstrated exceptional per-client profitability.

 

As our partner Michael Klena likes to say, even the leading crypto exchanges have done little to segment their client base by persona, cohort, or profitability. Michael lived through the same evolution at E*TRADE for well over a decade, and crypto is only now beginning to adopt this kind of client segmentation. Caleb & Brown has clearly proven the value of this model—even assigning a dedicated broker to every client. Their approach has resonated globally, as evidenced by the fact that a majority of their clients are located outside Australia, with the U.S. representing the largest group. 

 

We will be publishing our Q2 2025 Crypto M&A and Financing Snapshot within the next 48 hours. A sneak preview:

 

Crypto M&A continues to set all-time records

 

Circle—and all it represents

 

Improved regulatory clarity appears imminent

 

The ascendance of the Strategy strategy

 

And more