Investment firm SWI Group has secured $900 million to expand its data center and AI computing infrastructure across Europe and the United States. This capital raise follows the company's strategic move to integrate mining operations previously linked to the bankrupt exchange FTX into its broader network.
SWI Group now holds a 70% stake in Genesis Digital Assets, a mining venture formerly associated with FTX. The company acquired a significant shareholding in June for $500 million and has since rebranded the entity as SWI Digital. Genesis currently operates 15 facilities with a total capacity of 1.3 gigawatts.
The transition of these assets marks the conclusion of legal disputes surrounding the stake originally purchased by Alameda Research. Between 2021 and 2022, former FTX CEO Sam Bankman-Fried directed Alameda to invest over $1 billion to acquire a 20% interest in Genesis prior to the exchange's collapse in November 2022.
