SWI raises $894 million to repurpose former FTX bitcoin miner Genesis Digital to AI — SkimNews
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- SWI Group raised €800 million ($894 million) in a fundraise earmarked specifically for repurposing a former crypto-mining operation into AI infrastructure.
- Genesis Digital Assets, acquired by SWI from the FTX bankruptcy estate as a bitcoin miner, will be transformed into an AI-focused data center using the new capital.
Why it matters: The deal recycles distressed-asset proceeds from the FTX collapse into AI compute capacity: SWI spends bankruptcy-acquired mining hardware on a pivot from bitcoin to AI data centers, a concrete bet that AI infrastructure demand outpaces crypto-mining returns for repurposed GPU fleets.
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