Some assets from the FTX saga are still finding new homes. The latest is a fleet of Bitcoin-mining sites that will now chase a different gold rush.
SWI Group has acquired approximately 77% economic interest in Genesis Digital Assets (GDA), the operator tied to FTX’s former Bitcoin-mining operations, for $500 million. The plan is to convert the infrastructure for artificial intelligence and high-performance computing workloads.
What SWI actually bought
The deal closed on June 15, 2026. SWI secured its stake through a series of preferred shares rather than a straight purchase of common equity.
The headline asset is power. GDA controls 1.3 gigawatts (GW) of energized and approved grid connections spread across 15 facilities.
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Most of those sites sit in Texas. A smaller set of facilities is located in Sweden.
Folded into SWI’s existing portfolio, the acquisition lifts the group’s AI-ready capacity to 3.6 GW.
SWI CEO Max-Hervé George framed the acquisition around one word: connectivity. He pointed to the value of power connections in digital infrastructure and described the move as a strategic pivot from crypto mining to AI workloads.
Why a bankruptcy asset became a hot property
GDA’s assets spent years stuck in the FTX bankruptcy process. That meant capital, facilities and grid capacity sat in a kind of legal freezer while courts and creditors sorted out the wreckage.
The freezer door opened in mid-June 2026, when a lawsuit against GDA was dismissed. The acquisition closed in the same window, which suggests the dismissal cleared the path for a buyer to move.
What this means for investors and the mining sector
There are real risks. Converting mining facilities into AI-grade data centers is not a simple swap. Mining rigs tolerate interruptions and rough conditions far better than AI clusters, which typically demand more robust cooling, networking and uptime guarantees.
That means the 1.3 GW figure represents potential, not finished AI capacity.
The geographic mix is worth watching. Texas has become a magnet for energy-intensive computing, which concentrates SWI’s exposure in a single grid market. The Swedish sites add some diversification, though they represent the minority of the footprint.
The preferred-share structure is also notable. Owning approximately 77% economic interest through preferred shares gives SWI a dominant financial position, though the exact terms of governance and control were not detailed in the deal summary.
Disclosure: This article was edited by John Chen. For more information on how we create and review content, see our Editorial Policy.