SWI Group has raised approximately $900 million (800 million euros) to expand its data center and AI computing infrastructure across Europe and the United States. The capital injection supports the integration of Genesis Digital Assets, a cryptocurrency mining operation formerly linked to the collapsed exchange FTX, into SWI’s broader network. SWI Group now holds majority control over Genesis, which it rebranded as SWI Digital in August after acquiring a 70% stake.
The company initially announced a significant shareholding acquisition in Genesis for $500 million in June. At that time, Genesis operated 15 facilities with a total capacity of 1.3 gigawatts. The pivot from crypto mining to AI computing reflects a strategic realignment of assets previously embroiled in FTX’s bankruptcy proceedings. Former FTX CEO Sam Bankman-Fried had directed the exchange’s sister firm, Alameda Research, to manage these assets, but the current ownership structure places them under SWI’s operational control.
This development marks a transition for former FTX assets, moving them from their role in the cryptocurrency exchange’s collapse to serving as infrastructure for artificial intelligence workloads. The funding aims to scale SWI’s capabilities in both European and American markets, leveraging the existing high-capacity facilities originally built for blockchain mining.
The repurposing of Genesis Digital Assets highlights how distressed crypto infrastructure is being absorbed into the booming AI sector. By converting mining farms into data centers, SWI Group leverages existing power capacities—specifically the 1.3 gigawatts reported—to meet the intense energy demands of AI training without building new facilities from scratch. This strategy offers a rapid route to market entry for AI compute providers while providing a liquidity exit path for assets tied to the FTX bankruptcy estate.
However, this transition carries regulatory and reputational risks. While the legal separation from FTX appears complete through SWI’s majority control, the historical association with Sam Bankman-Fried’s empire may still influence institutional investor sentiment. Furthermore, the shift from decentralized mining to centralized AI hosting requires different operational standards and compliance frameworks, particularly regarding data security and energy sourcing in both the US and Europe. Success will depend on SWI’s ability to demonstrate stable, scalable performance independent of its controversial origins.
