Investment company SWI Group has raised about $900 million in capital to scale its data center and artificial intelligence computing capacity in Europe and the United States. According to a Monday notice from the firm, the 800-million-euro funding round will support its ongoing expansion plans.
As part of this initiative, the group has taken majority control over Genesis Digital Assets, a mining company previously tied to the now-bankrupt cryptocurrency exchange FTX. Genesis will now integrate into SWI's network of data centers to boost computing power.
SWI initially announced in June that it had acquired a significant shareholding in Genesis for $500 million. At that time, Genesis operated 15 facilities boasting 1.3 gigawatts of capacity. By August, SWI held a 70% stake in the mining venture, prompting a rebrand to SWI Digital.
The acquisition emerged from bankruptcy proceedings as debtors sought to recover funds following FTX's collapse. Between 2021 and 2022, former FTX CEO Sam Bankman-Fried directed sister firm Alameda Research to invest over $1 billion to acquire a 20% stake in Genesis.
FTX filed for bankruptcy in November 2022, resulting in criminal charges for multiple executives related to the misuse of customer funds. SWI co-founder and CEO Max-Hervé George stated that all legal disputes concerning FTX's former stake in Genesis have now been resolved.
