SWI Group Reorients Genesis Digital Assets' Assets Towards AI Infrastructure

SWI Group is reorienting the former mining assets of Genesis Digital Assets towards artificial intelligence infrastructure. SWI has acquired a controlling stake in Genesis Digital Assets, which Alameda Research invested over $1 billion in. The company plans to upgrade data centers in the United States and Sweden to serve providers of computing power for artificial intelligence. SWI has raised €800 million (approximately $900 million) for the development of these data centers. SWI intends to use data centers in Texas, North and South Carolina, and Sweden to serve major cloud computing providers such as Amazon Web Services and Google Cloud. Genesis Digital initially focused on Bitcoin mining in Kazakhstan but has scaled back operations there. SWI is also selling its remaining assets in the country. Bankman-Fried's investments in the startup Anthropic have appreciated, and FTX's stake was sold for $1.3 billion in 2024.

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