Architect lands $35M Series A to expand Bermuda AX exchange

Architect Financial Technologies raised $35 million in a Series A to build out AX, a Bermuda-based centralized exchange for perpetual futures on traditional assets. Miami International Holdings and Tioga Capital led the round, with participation from Galaxy Ventures, ARK Invest, VanEck, Trumid, Geneva Trading, Coinbase Ventures, and others.

The Chicago firm launched AX last month through a Bermuda affiliate regulated by the Bermuda Monetary Authority. The platform serves institutional clients with perpetual futures-contracts without fixed expiration-linked to currencies, interest rates, stocks, indexes, metals, and commodities.

The company plans to use the new capital to scale AX’s infrastructure and market access for professional traders and institutions in eligible jurisdictions. AX is open to institutional investors, and a waitlist is available for individual traders.

Architect previously raised $5 million in pre-seed financing in 2023 and $12 million in a seed round in 2024, bringing total funding to $52 million.

As we reported earlier, crypto mergers and acquisitions reached a record $8.6 billion this year, supported by US openness to digital assets. There were 267 transactions through December 23, an 18% increase from 2024.

Advisers expect dealmaking to extend into 2026 with new rules taking effect and traditional finance stepping in. Lawyers and bankers linked capital inflows to policy signals from Washington, including moves to prioritize crypto, appoint supportive regulators, drop high-profile cases against digital asset firms, and establish a national crypto reserve.