SWI Group has raised about $900 million to expand data-center and artificial-intelligence computing capacity in Europe and the United States, including infrastructure connected to Genesis Digital Assets, a former FTX-backed cryptocurrency mining venture.
The capital raise totals 800 million euros and is intended to support SWI’s broader expansion of data centers and AI computing capacity. SWI now controls more than 70% of Genesis, which it plans to rename SWI Digital and use as its U.S. -focused digital-infrastructure platform.
Genesis has 15 facilities and more than 1. 3 gigawatts of energized and approved grid connections, including sites in the United States and Sweden.
Before FTX filed for bankruptcy in November 2022, the exchange acquired a 20% stake in Genesis through its sister company, Alameda Research, in transactions that reportedly exceeded $1 billion. The bankruptcy proceedings later included efforts to recover funds tied to the exchange’s investments.
SWI co-founder and CEO Max-Hervé George said legal disputes connected to FTX’s stake in Genesis had been resolved. The company’s announced next steps are to expand its data-center network, develop AI and high-performance-computing capacity, and integrate the renamed SWI Digital platform into those operations.