A bitcoin mining company that the collapsed exchange FTX once backed is being redirected toward artificial intelligence. Wire reports indicate that the parent of Genesis Digital Assets, referred to as SWI, has raised €800 million in fresh equity to support a broader AI platform.
The link to FTX dates to the period before the exchange's failure. FTX took a 20% holding in Genesis Digital Assets before it declared bankruptcy in November 2022. That stake made the mining operator one of the more unusual assets tied to the defunct trading venue, which had spread its investments across a range of crypto-related businesses.
According to the reporting reviewed by FXMARE, the new capital is intended to fund a wider AI platform rather than mining alone. At the same time, SWI is continuing with a plan it already had in place to reposition the mining sites owned by Genesis Digital Assets. The coverage does not lay out detailed terms of that repositioning, and no further figures on the sites or the timeline were supplied.
The move fits a pattern in which facilities originally built for bitcoin mining are considered for other computing uses. Mining sites typically offer access to substantial power and data-center-style infrastructure, which are features that matter for AI workloads. The sources reviewed here, however, describe the strategy only in general terms, and they do not specify how much of the existing mining capacity will be converted or retained.
The story is notable chiefly for the change in purpose of an asset whose early backer collapsed. While FTX is gone, the mining business it once held an interest in remains active under its parent and now has a significant new equity injection attached to an AI-oriented plan. Additional details, including the identity of the investors and the precise use of proceeds, were not part of the material available.