FTX’s crypto mining venture is now used to advance AI — SkimNews
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- SWI Group raised approximately $900 million (800 million euros) in capital to fund AI computing and data center expansion across Europe and the United States, the company said Monday.
- SWI Group holds a 70% stake in Genesis Digital Assets — renamed SWI Digital — which it acquired for $500 million in a deal announced in June, giving it majority control over the former FTX-linked mining operation.
- Genesis Digital Assets operates 15 facilities with 1.3 gigawatts of capacity, figures SWI cited when announcing its initial $500 million acquisition.
- FTX had acquired a 20% stake in Genesis through Alameda Research for more than $1 billion between 2021 and 2022, a purchase former CEO Sam Bankman-Fried reportedly directed before the exchange collapsed into bankruptcy in November 2022.
- SWI Group co-founder and CEO Max-Hervé George said all legal disputes related to FTX's stake in Genesis have been resolved, clearing the path for the venture's pivot toward AI compute.
- FTX's November 2022 bankruptcy led to criminal charges against multiple executives for misuse of customer funds, making the resale of its mining assets part of the broader bankruptcy estate recovery process.
Why it matters: SWI's $900M raise marks one of the clearest pivots of crypto-mining infrastructure into AI compute: a 1.3-gigawatt mining footprint originally bankrolled with over $1B from FTX/Alameda is now being repositioned as paid AI capacity for European and U.S. customers, and SWI's claim that all Genesis-related FTX legal disputes are resolved removes a key overhang on the asset.
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