By Elena Vasquez

Investment firm SWI Group has raised roughly 800 million euros, about $900 million, to expand data center and AI computing capacity in Europe and the United States — a build-out that leans on a bitcoin mining operation once entangled with the collapsed exchange FTX. The company disclosed the raise in a notice on Monday.

The figure is substantial in context. Nine hundred million dollars approaches what a mid-sized hyperscaler spends on a single campus, yet SWI is spreading it across two continents. The notice did not break down how the capital splits between AI capacity and legacy mining, an omission worth noting.

How did an FTX asset end up here?

The center of the story is Genesis Digital Assets, a bitcoin miner in which FTX, through its sister firm Alameda Research, spent more than $1 billion to buy a 20% stake between 2021 and 2022. Sam Bankman-Fried, FTX's former CEO, reportedly directed that purchase. FTX filed for bankruptcy in November 2022, and its estate has since pursued claims to claw back funds tied to such investments.

SWI announced in June that it had acquired a "significant shareholding" in Genesis for $500 million. At that time, Genesis operated 15 facilities with a combined 1.3 gigawatts of capacity. That is enough power, at peak draw, to supply roughly one million European households simultaneously.

By August, SWI reported holding a 70% stake, giving it majority control and the authority to rename the venture SWI Digital. The miner's computing capacity will now feed SWI's broader data center network.

Are the FTX disputes actually settled?

SWI's co-founder and CEO, Max-Hervé George, reportedly said all legal disputes tied to FTX's stake in Genesis have been resolved. The claim is consequential for the bankruptcy estate, because FTX debtors have been monetizing assets to repay creditors.

What George did not detail, at least in the reported remarks, is the financial shape of that resolution — whether the estate recovered value, conceded the stake, or settled on other terms. A resolution announced without figures invites caution.

For comparison: Alameda paid more than $1 billion for a 20% position, implying a total company valuation above $5 billion at the time of purchase. SWI's June purchase of majority control for $500 million suggests a steep markdown, though terms may not be directly comparable.

What changes operationally?

The transaction converts an energy-intensive bitcoin mining footprint into general-purpose computing capacity aimed at AI workloads. Fifteen sites and 1.3 gigawatts represent infrastructure that cannot be rebuilt quickly, which is precisely what AI developers currently compete for.

For FTX creditors, the question is what portion of the estate's Genesis exposure returned to the recovery pool. Neither SWI's notice nor the reported statements quantified that outcome.

FTX's bankruptcy produced criminal charges against multiple executives over the misuse of customer funds. Bankman-Fried was convicted and sentenced in 2024; the estate's recovery process continues.

The takeaway in plain words: a flagship asset of the FTX collapse has been absorbed into Europe's AI infrastructure race, and the money FTX once poured into it is now serving a different compute economy. Whether SWI's $900 million converts into competitive AI capacity across two continents will become visible as its European and U.S. expansions move from notice to construction.

Nothing in this article is investment advice.