Investment company SWI Group has successfully raised approximately $900 million in fresh capital as part of its ambitious strategy to scale its data center and artificial intelligence computing capacity. This major financial milestone includes the integration of a massive bitcoin mining operation that was previously tied to the collapsed cryptocurrency exchange FTX.
In a formal announcement issued on Monday, SWI Group confirmed that the capital raise—valued at 800 million euros, or roughly $900 million—will directly fund its ongoing and future artificial intelligence and data center expansion initiatives across Europe and the United States. With this fresh influx of capital, the group now commands a final valuation of $6.1 billion. Crucially, the corporate group now holds majority control over one of FTX’s primary legacy mining companies, Genesis Digital Assets. This venture will now be seamlessly incorporated into the firm’s expanding network of high-performance data centers and computing capacity.
The path toward this integration has been developing over the course of the year. Back in June, SWI announced that it had acquired a "significant shareholding" in Genesis Digital Assets through a $500 million transaction. At the time of that initial announcement, the company reported that Genesis maintained an extensive footprint consisting of 15 distinct operational facilities boasting a combined 1.3 gigawatts of power capacity located in the United States. Building upon that foundation, the firm disclosed in August that its equity stake in Genesis had grown to 70%. This majority holding provided the corporate backing necessary to rebrand the former crypto mining venture under the banner of SWI Digital, pivoting its immense power infrastructure away from traditional digital asset mining and toward the booming demands of artificial intelligence computation.
The acquisition of Genesis Digital Assets carries significant historical context, as the firm was deeply embroiled in the spectacular downfall of FTX and its subsequent bankruptcy proceedings. During the peak of the cryptocurrency market boom between 2021 and 2022, former FTX CEO Sam Bankman-Fried reportedly directed the exchange’s sister trading firm, Alameda Research, to pour more than $1 billion into acquiring a 20% stake in Genesis.
The collapse of FTX in November 2022 sent shockwaves through the global financial and cryptocurrency markets, ultimately leading to widespread insolvency, Chapter 11 bankruptcy filings, and severe criminal charges against numerous high-ranking executives over the systemic misuse and misappropriation of customer funds. In the wake of these corporate failures, bankruptcy attorneys and court-appointed debtors have spent years attempting to claw back funds and liquidate remaining assets to repay creditors. However, SWI’s co-founder and CEO, Max-Hervé George, has reportedly confirmed that all complex legal disputes and lingering liabilities related to FTX’s historical equity stake in Genesis have been successfully resolved, clearing the path for SWI Group to repurpose the infrastructure.
The strategic pivot of former cryptocurrency mining infrastructure toward artificial intelligence highlights a broader macroeconomic trend across the technology and energy sectors. As generative artificial intelligence models and large language models require unprecedented amounts of computational power and reliable electricity supplies, data center operators are increasingly targeting legacy crypto mining facilities. These sites often possess pre-existing grid interconnections, substantial electrical capacity, and expansive physical land parcels that make them ideal candidates for conversion into modern AI data centers. By absorbing Genesis Digital Assets and injecting nearly $900 million in new institutional capital into its platform, SWI Group positions itself as a formidable player in the transatlantic digital infrastructure race, bridging the worlds of high-performance computing, energy management, and institutional finance.
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