SWI Group Raises $900 Million to Expand AI and Mining Operations
- SWI Group has raised approximately $900 million to enhance its data center and AI computing capabilities.
- The capital raise includes a €800 million investment aimed at expanding operations in Europe and the U.S.
- SWI now holds a majority stake in Genesis Digital Assets, formerly associated with FTX, controlling about 70% as of August.
- Genesis operates with a capacity of approximately 1.3 gigawatts across its facilities.
- The acquisition of Genesis was valued at $500 million, part of SWI’s strategy to transition into digital infrastructure.
The funding will support the integration of mining operations into SWI’s broader AI infrastructure, reflecting a significant shift from FTX’s previous management under Sam Bankman-Fried, who had invested over $1 billion in Genesis through Alameda Research.
With this investment, SWI aims to leverage its control over Genesis Digital Assets to bolster its technological capabilities in the evolving market landscape.(Source)
