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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 May 5 – May 11

Eric F. Risley
May 11, 2025
DOWNLOAD FULL REPORT

May 5th – May 11th

PERSPECTIVES by Eric F. Risley 

 

Beware of pre-announcements; they may not be all they seem.

 

Back in January, Bloomberg reported that Deribit was in active M&A discussions and could be valued between $4 billion and $5 billion. This week, four months later, the acquisition of Deribit was officially announced for what appears, on the surface at least, to be a relatively modest $2.9 billion in consideration.

 

Architect Partners estimates Deribit generated $300 million in revenue in 2024. That implies a 9.7× revenue multiple, certainly healthy, but well below the 13× – 17× revenue range rumored earlier, and below the 12.5× revenue multiple Ripple reportedly paid for Hidden Road in their recently announced combination.

 

Regardless, this is once again the largest M&A transaction in crypto history and solidifies Coinbase as a leader in crypto-derivatives trading, a particularly lucrative segment. Coinbase entered the derivatives market with its acquisition of FairX (an Architect Partners client) a few years ago. More details are available in our M&A Alert.

 

The crypto M&A environment is robust, and we expect activity levels to rise further. Large, $1 billion-plus transactions will become relatively commonplace, driven by ongoing consolidation and a soon-to-emerge cohort of acquirers drawn from traditional financial institutions. This momentum will be reinforced by the coming wave of crypto IPOs.

 

Trading and trading infrastructure are likely to remain the most prominent M&A themes. Two other segments are also noteworthy and increasingly active: a) the rapidly growing crypto-payments sector, and b) security and fraud-prevention solutions.

 

Architect Partners will be at Consensus Toronto and Stablecon in NYC. Please contact ryan@architectpartners.com to schedule a meeting.