Key facts
- SWI Group raised about $900 million to expand its AI and data center capacity.
- The funds will be used for expansion in Europe and the United States.
- SWI Group has majority control over Genesis Digital Assets, a former FTX mining venture.
- Genesis Digital Assets will be integrated into SWI's data center network.
- SWI Group acquired a significant shareholding in Genesis for $500 million in June.
- FTX previously held a 20% stake in Genesis, acquired between 2021 and 2022.
The investment company SWI Group has secured approximately $900 million in capital to bolster its artificial intelligence and data center computing capacity. This expansion will incorporate assets previously linked to the defunct cryptocurrency exchange FTX, specifically its stake in mining firm Genesis Digital Assets.
SWI Group announced on Monday that the 800-million-euro capital raise will fuel its AI and data center growth plans across Europe and the United States. The company stated it now holds majority control over Genesis Digital Assets, which will be integrated into its network of data centers. SWI Group had previously announced in June its acquisition of a significant shareholding in Genesis for $500 million, reporting a 70% stake as of August, which led to the renaming of the venture to SWI Digital.
Genesis Digital Assets was one of the assets involved in FTX's bankruptcy proceedings. FTX's former CEO, Sam Bankman-Fried, reportedly instructed Alameda Research, the exchange's sister firm, to spend over $1 billion to acquire a 20% stake in Genesis between 2021 and 2022. FTX filed for bankruptcy in November 2022. SWI's co-founder and CEO, Max-Hervé George, indicated that all legal disputes concerning FTX's stake in Genesis have been resolved.