SWI Group repurposes FTX-linked Genesis Digital Assets for AI expansion

SWI Group is redirecting a major Bitcoin mining operation previously tied to FTX toward artificial intelligence infrastructure following its acquisition and a $900 million capital raise.

The investment company announced that the capital raise, worth approximately 800 million euros, will fund an expansion of its AI and data center capacity in Europe and the United States. The plan incorporates the computing power from Genesis Digital Assets, a mining firm in which FTX had invested over $1 billion before its collapse.

SWI acquired a majority stake in Genesis Digital Assets earlier this year, later reporting a 70% holding by August and rebranding the venture to SWI Digital. Genesis operates 15 facilities with 1.3 gigawatts of power capacity.

The move resolves a contentious asset from the FTX bankruptcy estate. SWI’s co-founder and CEO, Max-Hervé George, stated that all legal disputes related to FTX’s stake in Genesis have been settled. Former FTX CEO Sam Bankman-Fried had directed Alameda Research to purchase a 20% stake in Genesis before the exchange’s November 2022 bankruptcy.