SWI Group acquires FTX backed miner Genesis Digital Assets for AI expansion

Investment firm SWI Group has acquired majority control of bitcoin mining company Genesis Digital Assets, which was previously backed by FTX, Cointelegraph reported. The move comes as part of a broader corporate expansion into artificial intelligence computing and data center infrastructure across Europe and the United States. [1]

To fund the expansion, SWI Group raised 800 million euros, which equals roughly 900 million dollars, according to Cointelegraph. The capital raise will directly finance the scaling of its data center facilities, which now includes the mining operations previously tied to the bankrupt cryptocurrency exchange. [1]

Before declaring bankruptcy in November 2022, FTX acquired a 20 percent stake in Genesis Digital Assets, Cointelegraph reported. The mining firm is now being repurposed by SWI Group to support advancing artificial intelligence workloads. [1]