SWI Group Raises $900M to Expand AI Computing Power, Integrates Former FTX Mining Assets

SWI Group announced it is raising approximately $900 million (€800 million) through the issuance of new bonds or shares, to expand AI computing capacity and data center networks in Europe and the United States, and to upgrade its mining facilities previously associated with FTX.

The company said it has successfully integrated key investment targets from before FTX's collapse. Disclosures reveal that former FTX CEO Sam Bankman-Fried had directed Alameda Research to invest over $1 billion between 2021–2022 to acquire a 20% stake in Genesis Digital Assets. SWI paid $500 million in June this year to acquire a partial stake in Genesis, increased its holding to 70% in August, and renamed it SWI Digital. Co-founder and CEO Max-Hervé George assured investors that legacy legal disputes regarding the Genesis stake have been properly resolved, and the company will leverage its controlling position and new capital to drive the mining firm's transformation into a comprehensive data center operator.

[TechFlow]