SWI Group Redirects FTX Assets to New Technologies

SWI Group is redirecting former mining assets of Genesis Digital Assets, associated with the cryptocurrency exchange FTX, towards infrastructure for artificial intelligence, according to WSJ. Journalists noted that Genesis Digital was once one of the largest bitcoin miners in the world. In 2021, the trading company Alameda Research, linked to FTX founder Sam Bankman-Fried, invested over $1 billion in it and acquired a 20% stake. After the collapse of FTX in November 2022, the mining business became embroiled in legal disputes. In June 2026, SWI announced the acquisition of a significant stake in Genesis Digital for $500 million, subsequently becoming its majority owner. According to WSJ, on October 12, 2026, SWI announced raising €800 million (approximately $900 million) to modernize and expand its data centers. According to SWI co-founder and CEO Max-Hervé George, the company needs capital to increase computing power. He also stated that he is not interested in continuing bitcoin mining.

SWI plans to use data centers in Texas, North and South Carolina, and Sweden to service major cloud computing providers, including Amazon Web Services and Google Cloud. These companies provide a significant portion of the computing infrastructure for artificial intelligence services. Genesis Digital initially focused on bitcoin mining in Kazakhstan but then reduced its operations there. According to George, SWI is selling its last assets in the country– three small mining sites.

As noted by WSJ, some of Bankman-Fried's investments later significantly increased in value due to the development of artificial intelligence. Notably, in 2021, he invested $500 million in the startup Anthropic. Thanks to this investment, FTX acquired a 7.8% stake even before the company became one of the well-known players in the AI market. In 2024, the FTX liquidation commission sold this stake for $1.3 billion. According to WSJ's estimate, considering the latest valuation of Anthropic, the sold share could now be worth about $75 billion. Recall that in July 2026, FTX announced its fifth round of payouts, where the compensation volume exceeded $10 billion.