ARCHITECT SUCCESSES

SEE ALL
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 October 06 – October 12

Steve Payne
October 12, 2025
DOWNLOAD FULL REPORT

October 06 – October 12 (Published October 15th)

PERSPECTIVES by Steve Payne

 

41 Crypto Private Financings Raised: $2,259M

Rolling 3-Month-Average: $446.7M

Rolling 52-Week Average: $389M

 

This week in private crypto financings looked like 2021 all over again, with more than $2 billion in announced raises. Taking a figure-skating scoring approach, throwing out the high and the low, this week was actually flat in deal count and down a bit in total raised.

 

Top three deals this week include one monster round:

 

Polymarket raised $2B in a Series D round on October 7 at a $9B valuation, with participation from NYSE parent Intercontinental Exchange (NYSE: ICE) and other strategic investors. Polymarket operates a decentralized prediction markets platform where users trade on real-world events, turning speculation into tradable information. The company plans to expand regulatory-compliant prediction markets and introduce institutional-grade liquidity pools for global retail and professional traders. There were some questions about whether the amount was “up to $2B” and whether the pre-money valuation was actually $8B, but this was a major commitment to prediction markets either way. (Polymarket and fast-growing competitor Kalshi are attracting monthly wagers of over $1B, and Kalshi itself is expecting to announce a $300 million raise at a valuation of $5 billion this week.) The strategic factor behind the Polymarket investment was that ICE and Polymarket have agreed to work on “future tokenization initiatives” that use digital representations of real-world assets, and that Polymarket will use ICE for distribution (source).

 

Meanwhile (the company, not a typo) raised $82M in an early-stage VC round on October 7 led by Bain Capital, Haun Ventures, and Pantera Capital, with participation from Apollo and other investors. Meanwhile provides bitcoin-denominated life insurance, a regulated, blockchain-enabled policy platform that allows holders to preserve wealth in BTC while securing long-term financial protection. The new funding will support product rollout in additional U.S. states and the development of annuity and yield-bearing insurance products (source).

 

Swan Bitcoin raised $29.5M in a Series C financing on October 6. Swan Bitcoin operates a bitcoin savings and investment platform offering recurring purchases, custody, and private wealth management for individuals and institutions. The round supports international expansion under “Swan International” and the launch of Swan Private Wealth, targeting high-net-worth clients seeking regulated bitcoin exposure (source; source).