SWI raises $900 million to expand AI capacity with FTX-linked mine

what happened

Cointelegraph reports that investment company SWI Group has secured about $900 million, equivalent to 800 million euros, to increase its data-center footprint and artificial-intelligence computing capacity in Europe and the United States. The network will include Genesis Digital Assets, a mining company previously connected to crypto exchange FTX. SWI now holds majority control of the business.

SWI said in June that it had bought a significant holding in Genesis for $500 million. At that point, Genesis operated 15 sites with combined capacity of 1.3 gigawatts. SWI said its ownership reached 70% in August, after which the mining operation was renamed SWI Digital.

Genesis was among the assets caught up in FTX’s collapse. As the exchange’s bankruptcy process continued, its debtors sought to recover funds. Cointelegraph reported that former FTX chief executive Sam Bankman-Fried instructed sister company Alameda Research to use more than $1 billion to acquire a 20% interest in Genesis during 2021 and 2022. FTX entered bankruptcy in November 2022, followed by criminal charges against numerous executives over the improper use of customer funds. SWI co-founder and CEO Max-Hervé George said all legal disputes concerning FTX’s Genesis holding had been settled.

why it matters

The transaction illustrates a shift from crypto-mining infrastructure toward data centers and AI computing. Market attention is likely to focus on the capital raised, the 1.3-gigawatt capacity previously reported for Genesis and the resolution of claims tied to FTX.