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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

Insights

Week of September 22 – September 28

Steve Payne
September 28, 2025
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September 22 – September 28 (Published October 1st)

PERSPECTIVES by Steve Payne

 

24 Crypto Private Financings Raised: $935.9M

Rolling 3-Month-Average: $398.9M

Rolling 52-Week Average: $354.8M

 

Three quick observations this week:

 

  • It was quite active! With nearly $1 billion in announced raises, last week was the fourth-largest week for private financings in the past year. Kraken (legal name Payward, Inc.), one of the world’s largest crypto exchanges, reportedly raised $500 million at a $15 billion valuation as it prepares for a widely rumored IPO.

 

  • More unicorns! Kraken has been a unicorn for years, but ZeroHash and RedotPay were both reported to have reached the $1 billion mark.

 

  • Payment power persists. After Kraken, the next three largest financings last week were all payments infrastructure companies. Blockchain payments firm Fnality raised $136 million in a round led by Bank of America, Citi, and WisdomTree to expand its DLT settlement network, offering 24/7 payment rails, real-time settlement, and enhanced liquidity. ZeroHash, which raised $104 million in a round led by Interactive Brokers, provides banks and fintech firms with the ability to offer blockchain-based trading, stablecoin, and tokenization products. RedotPay allows users across 100+ markets to send stablecoins and cryptocurrencies directly to local bank accounts or e-wallets. It raised $47 million in a strategic round that included Coinbase Ventures, with Galaxy and Vertex again participating.

 

Events: Architect Partners will be attending the Pantera Summit in New York next week and FinAccelerate on October 23 in Palo Alto. Please contact ryan@architectpartners.com if you would like to schedule a meeting.