A cryptocurrency mining business once partly owned by the failed FTX exchange is being repositioned as part of a larger artificial-intelligence and data-center network.
SWI Group said it has raised about $900 million to expand its computing infrastructure in Europe and the United States. The financing, valued at 800 million euros, is intended to increase the group’s data-center footprint and AI computing capacity.
The expansion includes Genesis Digital Assets, a mining company that was previously connected to FTX. According to Cointelegraph, SWI now has majority control of Genesis and plans to include its facilities in the wider network used for computing capacity.
From crypto mining to AI infrastructure
SWI said in June that it had acquired a “significant shareholding” in Genesis for $500 million. The company later reported that its ownership had reached 70% as of August, enabling it to rename the mining operation SWI Digital.
Before its ownership changed, Genesis operated 15 facilities with a combined capacity of 1.3 gigawatts, according to information released by SWI. Those facilities were built around cryptocurrency mining, an energy-intensive process that uses specialized computers to help maintain some blockchain networks and earn digital assets.
The latest plan places that computing infrastructure within a broader data-center strategy. Data centers house the servers and other equipment used for digital services, while AI computing generally requires substantial processing capacity to train and run advanced models. The source material does not specify how much of Genesis’s existing capacity will be allocated to AI.
Why Genesis was tied to FTX’s collapse
Genesis became one of the assets caught up in the bankruptcy of FTX, which filed for protection in November 2022. The exchange’s former chief executive, Sam Bankman-Fried, reportedly instructed its affiliated trading firm, Alameda Research, to spend more than $1 billion acquiring a 20% stake in Genesis between 2021 and 2022.
After FTX collapsed, the debtors overseeing the bankruptcy proceedings sought to recover funds connected with the exchange’s investments. FTX’s failure also led to criminal charges against several executives over the misuse of customer funds.
SWI co-founder and chief executive Max-Hervé George reportedly said that all legal disputes involving FTX’s stake in Genesis had been resolved. The announcement provides a transition point for the business: an asset associated with FTX’s crypto-mining activities is now being incorporated into SWI’s plans for AI and data-center growth.
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