SWI Group Raises $900M to Repurpose FTX-Linked Mining Firm for AI

SWI Group has raised approximately $900 million (800 million euros) to scale its AI and data center operations across Europe and the United States, with majority control over Genesis Digital Assets—formerly tied to bankrupt crypto exchange FTX—at the center of the expansion. The investment firm announced the capital raise on Monday, signaling that the mining infrastructure once connected to FTX will now be redirected toward artificial intelligence computing capacity. SWI acquired a 70% stake in Genesis by August, renaming the venture SWI Digital as part of its broader pivot.

Genesis Digital Assets originated as a crypto mining operation in which the former FTX exchange held a 20% stake. According to reports, former FTX CEO Sam Bankman-Fried directed sister firm Alameda Research to invest more than $1 billion in Genesis between 2021 and 2022, shortly before FTX declared bankruptcy in November 2022. The exchange's collapse led to criminal charges against multiple executives over the misuse of customer funds, with bankruptcy debtors subsequently moving to claw back assets tied to the Genesis investment.

At the time of SWI's initial $500 million acquisition announcement in June, Genesis operated 15 facilities with a combined 1.3 gigawatts of capacity. SWI co-founder and CEO Max-Hervé George confirmed that all legal disputes surrounding FTX's stake in Genesis had been resolved, clearing the way for the rebranding and operational shift. The move reflects a broader trend of crypto miners pivoting toward AI compute services amid tightening financing and rising demand for high-density data center infrastructure.