FTX’s crypto mining venture is now used to advance AI

What happened: SWI Group raised about $900 million to expand AI and data center capacity, including Genesis Digital Assets, a mining firm previously tied to FTX. SWI holds a 70% stake and renamed it SWI Digital. Key numbers: 800 million euros, about $900 million raised. $500 million for a significant Genesis shareholding. 15 facilities, 1.3 gigawatts capacity. Why it matters: The acquisition involves an asset from FTX's downfall, and SWI's CEO said all legal disputes over FTX's Genesis stake are resolved. The capital funds AI and data center expansion in Europe and the United States.

SWI Group raised about $900 million to expand AI and data center capacity, including Genesis Digital Assets, a mining firm previously tied to FTX. SWI holds a 70% stake and renamed it SWI Digital.

The acquisition involves an asset from FTX's downfall, and SWI's CEO said all legal disputes over FTX's Genesis stake are resolved. The capital funds AI and data center expansion in Europe and the United States.