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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 March 10 – March 16

Eric F. Risley
March 16, 2025
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March 10th – March 16th

PERSPECTIVES by Eric F. Risley 

 

In this case, the near-medium term future is crystal clear.

 

Stablecoin-based payments have the momentum and will become a meaningful proportion of global payments, both business and consumer, over the next five years. Not all forms of payment are well suited, but today the value proposition of cross border payments is clear and compelling. The more opaque piece of the puzzle is whether the ease and value proposition of using stablecoins for cross border payments transitions into holding the same for local and everyday payments for goods and services, particularly in countries with inflation or a history or devaluations.

 

This week Moonpay announced the acquisition of early stage stablecoin payment infrastructure provider, Iron. Iron offers a turn-key stablecoin payment APIs, enabling developers to integrate global on/off-ramps, swaps, banking rails, payments, wallets, and virtual accounts into their applications. They serve PSPs, Fintechs, Banks, Enterprise Wallets, Remittance Platforms, FX Platforms, Treasuries, Onchain Banks, etc. This follows Stripe’s acquisition of Bridge several months ago, offering somewhat similar capabilities (AP M&A Alert).

 

As said well by Ivan Soto-Write, today’s cross border payments are like international phone calls before the advent of Skype and Apple Facetime, widely expensive. In the case of payments add slow (often days), and are difficult to track status. Ripple was the first to build its business around this use case and value proposition, starting by using their XRP token, rather than a stablecoin. Since then, stablecoins have emerged as the preferred instrument for these payments and many, including Ripple are embracing this reality, building both business and consumer-focused businesses to capture this opportunity. 

 

It’s plain as day that others will follow, including those who already own the customer relationship; banks, enterprise payment software providers and a wide variety of financial technology companies. 

 

Read more in our M&A Alert highlighting the Iron | Moonpay acquisition here.