FTX Bitcoin Bet Takes an Unexpected Turn as SWI Group Raises $900 Million

SWI Group has successfully raised approximately $900 million, specifically €800 million, achieving a valuation of €6.1 billion. These funds are designated to develop AI infrastructure, power projects, and compute capabilities across the US and Europe. A primary objective of this investment is to repurpose Genesis Digital, a former FTX bitcoin miner, into an AI-focused operation. This strategic shift marks a significant transition from cryptocurrency mining toward the expansion of artificial intelligence hardware and infrastructure.