SWI Group Raises $900M to Repurpose FTX's Old Mining Assets for AI Computing
SWI Group pivots FTX-linked mining company toward AI infrastructure
An investment company called SWI Group has raised about 800 million euros, or roughly $900 million, in new capital. The company said the money will fund expansion of its AI computing and data center operations across Europe and the United States. As part of this push, SWI Group now has majority control over Genesis Digital Assets, a bitcoin mining company that was once a stake in the collapsed cryptocurrency exchange FTX.
Genesis will be folded into SWI's growing network of data centers, which are being used for artificial intelligence computing rather than cryptocurrency mining.
Key numbers
- SWI Group raised approximately 800 million euros, equivalent to about $900 million.
- In June 2026, SWI announced it had bought a significant shareholding in Genesis for $500 million.
- Genesis operated 15 facilities with a total capacity of 1.3 gigawatts, according to SWI's announcement.
- By August 2026, SWI said it held a 70% stake in Genesis and renamed the company SWI Digital.
How the FTX connection unfolded
FTX filed for bankruptcy in November 2022. Before that, the exchange's former CEO Sam Bankman-Fried reportedly directed Alameda Research, a sister firm of FTX, to spend more than $1 billion to buy a 20% stake in Genesis between 2021 and 2022. That investment was one of several assets tied to the exchange's financial troubles.
The bankruptcy led to criminal charges against multiple FTX executives for misuse of customer funds. FTX is a term commonly used for the online platform where people traded digital assets; its collapse in late 2022 was one of the largest failures in the crypto industry.
What SWI says about legal disputes
SWI Group's co-founder and CEO Max-Hervé George reportedly stated that all legal disputes related to FTX's ownership stake in Genesis had been resolved. The source for this claim is not an official legal filing or court document; it is reported through secondary coverage.
What remains unclear
- The article does not confirm through a court record or official FTX bankruptcy filing whether the legal resolution George described is fully verified.
- The exact proportion of Genesis's 1.3 gigawatt capacity currently used for bitcoin mining versus AI computing is not disclosed in the source material.
- Details of how the remaining ownership in Genesis is structured beyond SWI's reported 70% are not provided.
Why this repurposing draws attention
The story sits at the intersection of two ongoing trends. Bitcoin miners have owned large pools of electrical capacity and physical facilities for years. The growing demand for AI computing has made that infrastructure attractive for a different purpose. Genesis's facilities, originally built for mining bitcoin, are now part of a company's plan to supply AI data center capacity. Whether this shift reflects broader industry movement or a single company's strategy is not stated in the source.
The capital raise itself is notable in size. At a reported final valuation of 6.1 billion euros for the company, the $900 million injection signals significant institutional commitment to the AI data center business, even as the underlying assets trace back to a crypto exchange that collapsed four years earlier.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.