FTX's old Bitcoin-mining infrastructure gets a second life powering AI

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.

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.

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.

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.