SWI Group has secured approximately $900 million (800 million euros) in new capital to expand its data center and artificial intelligence computing operations across Europe and the United States. This latest round of funding is expected to accelerate the company’s growth strategy and enhance its technological infrastructure.
Genesis acquisition and FTX connection
The capital infusion will also support the integration of digital asset mining operations previously linked to the now-bankrupt cryptocurrency exchange FTX. SWI Group now holds majority control over Genesis Digital Assets, a mining company formerly associated with FTX, bringing it into the company’s network of data centers to bolster overall computing capacity.
Earlier, in June, SWI revealed it had acquired a significant shareholding in Genesis for $500 million. At that time, Genesis operated 15 facilities with a total computing capacity of 1.3 gigawatts. By August, SWI stated that it owned a 70% stake in Genesis, which allowed the group to rebrand the mining operation as SWI Digital and take operational leadership of the asset.
Genesis was among the portfolio companies caught in the collapse of FTX, as debtors leading FTX’s bankruptcy proceedings searched for assets to recover value and settle creditor claims.
Legal resolution following FTX’s bankruptcy
According to reports, Sam Bankman-Fried, the former chief executive of FTX, instructed Alameda Research, FTX’s sister trading firm, to spend over $1 billion between 2021 and 2022 to obtain a 20% stake in Genesis Digital Assets. This investment later became a focal point during the bankruptcy process that started when FTX filed for bankruptcy protection in November 2022, following the misuse of customer funds.
SWI Group co-founder and CEO Max-Hervé George indicated that all legal disputes arising from FTX’s former involvement in Genesis have now been settled, clearing the path for SWI’s continued expansion in the field of digital asset mining and data center development.
Since the resolution of these disputes, SWI has moved forward with its strategic objectives, focusing on technological growth and capitalizing on shifts in the cryptocurrency and AI infrastructure sectors. SWI Digital’s increasing capacity places the company in a stronger position to compete globally in high-demand computing environments.
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Meanwhile, the addition of high-capacity mining infrastructure and advanced data center capabilities remains a key focus area as market participants monitor legal and structural developments in the aftermath of FTX’s collapse.
