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SWI Group links FTX mining stake to AI computing expansion

SWI Group said a roughly 800 million euro, about $900 million, capital raise will fund AI and data center growth in Europe and the United States.

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Cointelegraph reports that FTX’s defunct mining operation has been repurposed as part of an AI push, after the exchange acquired a 20% stake in Genesis Digital Assets before FTX declared bankruptcy in November 2022.

According to the outlet, SWI Group raised about 800 million euros, or about $900 million, as capital for plans to scale its data center and AI computing capacity, including a mining operation previously tied to FTX.

Cointelegraph adds that SWI said it now has majority control over one of FTX’s mining companies, Genesis Digital Assets, and that the company will be integrated into the network of data centers providing computing capacity.

The outlet also cited SWI’s Monday notice that the capital raise is intended to support AI and data center expansion in Europe and the United States.

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