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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 September 22 – September 28

Eric F. Risley
September 28, 2025
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September 22th – September 28th

PERSPECTIVES by Eric F. Risley 

 

Digital Asset Treasury (DAT) company M&A? Decidedly yes, and essential.

 

We have been advising digital asset treasury companies (DATs) for the past few quarters as the phenomenon has arisen. In fact, Architect Partners’ data is the reference dataset for virtually all global news publishers that have published articles analyzing this unique phenomenon.

 

We have noted that the digital asset treasury strategy, pioneered by Michael Saylor at MicroStrategy, would appear effortless to copy, and indeed now we track over 200 public players. We have also noted that the extraordinarily large premiums to Net Asset Value (mNAV) many of these DATs have been valued at were almost certainly unsustainable. Well, the chickens have come home to roost, and these anomalous mNAV premium valuations have narrowed significantly over the past two months. As Matt Levine at Bloomberg has written, consolidation is logical and Architect Partners believes it inevitable.

 

DATs are simply asset managers. Asset managers are judged, and fundamentally valued, based on their ability to generate positive alpha. Alpha is a superior return on investment relative to peers, adjusted for risk. Each and every DAT must deliver positive alpha returns to its shareholders to justify itself.

 

How does one generate alpha returns in a DAT? Just like any other financial asset: via lending and trading strategies. In the case of DATs, some have the option of staking and perhaps making equity or token investments in the ecosystem supported by the asset they hold (BTC, ETH, SOL…).

 

The existential challenge is that each of these positive, alpha-generating capabilities is very difficult and requires skills, infrastructure, and experience far beyond the simplistic PR messaging and strategy of most DATs. Again, in fact, these capabilities are the domain of dedicated companies themselves and already exist as both independent companies and within larger crypto businesses.

 

It’s really quite simple: DATs need to build or acquire these alpha-generating capabilities, or will be acquired by those that have them. This is the next phase of this phenomenon.

 

The first example of this coming consolidation is Strive’s acquisition of Semler Scientific. See our M&A Alert for a full assessment.

 

Architect Partners is pleased to discuss in more detail; please feel free to reach out for more detailed discussion.