The investment company SWI Group has successfully raised approximately $900 million in fresh capital as part of an ambitious strategy to scale its data center and artificial intelligence computing capacity. This major financial milestone includes the integration and expansion of a prominent cryptocurrency mining operation that was previously tied to the now-defunct digital asset exchange FTX.
In an official notice released on Monday, SWI Group announced that the 800-million-euro, or roughly $900 million, capital raise will be directly allocated to funding its expanding AI and data center infrastructure plans across Europe and the United States. Following this substantial capital injection, the group reportedly now holds majority control over one of FTX’s primary legacy mining companies, Genesis Digital Assets. This entity is slated to become a core component of the network’s broader data center computing capacity, bridging the gap between historical crypto mining infrastructure and the modern demands of the artificial intelligence boom.
This latest financial move builds upon a series of strategic acquisitions and operational shifts made by the investment firm over the course of the year. SWI announced in June that it had acquired a significant shareholding in Genesis for $500 million. At the time of that announcement, the company reported that Genesis possessed an extensive operational footprint consisting of 15 facilities boasting a combined 1.3 gigawatts of power capacity. Building further upon this foundation, the firm disclosed in August that its stake in Genesis had grown to 70%, granting it the controlling interest necessary to rebrand the mining venture under the banner of SWI Digital.
The acquisition of Genesis represents a notable chapter in the ongoing fallout from FTX’s high-profile collapse, which has kept bankruptcy administrators busy attempting to claw back funds for creditors. Genesis was heavily embroiled in the financial entanglements that characterized the exchange’s final years of operation before its dramatic downfall. Former FTX CEO Sam Bankman-Fried reportedly directed the exchange’s sister trading firm, Alameda Research, to spend more than $1 billion to acquire a 20% stake in Genesis between 2021 and 2022, during the height of the digital asset market bull run.
FTX ultimately filed for Chapter 11 bankruptcy in November 2022, a catastrophic event that exposed widespread financial mismanagement and led to criminal charges and convictions for many of the exchange’s top executives over the misuse of customer funds. Despite the complex legal web left in the wake of the bankruptcy proceedings, SWI’s co-founder and CEO, Max-Hervé George, reportedly stated that all legal disputes and complications related to FTX’s historical stake in Genesis have now been fully resolved, clearing the path for the assets to be repurposed for modern technological applications.
