
AI-generated summary
SWI Group previously acquired a significant stake in Genesis Digital Assets for $500 million in June, increasing its ownership to 70% by August. Genesis, once linked to FTX through investments by Alameda Research, operates 15 facilities with 1.3 gigawatts of capacity. FTX collapsed in November 2022 amid allegations of misuse of customer funds, leading to bankruptcy and criminal charges.
The investment company SWI Group has raised about $900 million in capital as part of plans to scale its data center and AI computing capacity, which includes a mining operation previously tied to cryptocurrency exchange FTX.
In a Monday notice, SWI Group said the 800-million-euro, or about $900 million, capital raise would fund its AI and data center expansion plans in Europe and the United States. The group reportedly now has majority control over one of FTX’s mining companies, Genesis Digital Assets, which will now be a part of the network of data centers’ computing capacity.
SWI announced in June that it had acquired “significant shareholding” in Genesis for $500 million. At the time, the company reported that Genesis had 15 facilities with 1.3 gigawatts of capacity. The firm said that it held a 70% stake in Genesis as of August, allowing it to rename the mining venture to SWI Digital.
The acquisition of Genesis, one of the assets embroiled in FTX’s downfall, came as the debtors behind the crypto exchange’s bankruptcy proceedings sought to claw back funds. Former FTX CEO Sam Bankman-Fried reportedly directed the exchange’s sister firm, Alameda Research, to spend more than $1 billion to buy a 20% stake in Genesis between 2021 and 2022.
FTX filed for bankruptcy in November 2022, leading to criminal charges for many executives over the misuse of customer funds. SWI’s co-founder and CEO Max-Hervé George reportedly said all the legal disputes related to FTX’s stake in Genesis had been resolved.
AI outlook — possibilities, not facts
SWI Group will expand its data center and AI computing capacity in Europe and the United States using funds from the $900 million capital raise.
Very likely · Within months
Genesis Digital Assets will continue operating under the SWI Digital brand as part of SWI Group's data center network.
Likely · Within months

Standard Chartered announced it now provides institutional custody of Ripple USD (RLUSD) stablecoin on the XRP Ledger through its DIFC branch in Dubai, regulated by the DFSA. The bank enables clients to use RLUSD as collateral on LMAX Group products via 'collateral mirroring,' where tokens remain in the bank's custody while exchanges receive mirrored value records, reducing exchange risk.

Evernorth, a Ripple-backed company formed to stockpile XRP, began trading on the Nasdaq under ticker XRPN following its merger with Armada Acquisition Corp. II. The company holds approximately 473 million XRP and $300 million in cash, valued at $677 million based on a $1.43 XRP reference price. Despite initial projections exceeding $1 billion in funding, XRP's value declined from $2.37 at signing to $1.43 at closing. Evernorth plans to generate yield through DeFi applications and XRP Ledger validation, with leadership including former Coinbase Asset Management executive Hugo Jeandesboz. Major stakeholders include SBI Holdings (39.9% voting shares), Arrington Capital (19.9%), and Chris Larsen (9.9%), all subject to six-month lock-up agreements until April 2027.

Bitcoin mining firms pivoting to AI and high-performance computing face rising and varied borrowing costs. Lenders are increasingly selective, requiring billions in capital for infrastructure, with some deals involving equity dilution through warrants.

Ledger reports that recent hardware wallet draining incidents are limited to devices sold via reseller CryptoBilis. Onchain investigators estimate over $86 million in losses, while Ledger advises users to avoid unauthorized resellers and secure their funds.

Evernorth Holdings (XRPN) shares rose 5% on their Nasdaq debut. The firm, which holds 473 million XRP, appointed former Coinbase executive Hugo Jeandesboz as CIO to manage its treasury and DeFi yield strategies following a merger with Armada Acquisition Corp. II.

Strategy purchased 250 Bitcoin for $21.5 million last week, bringing its total holdings to 848,250 BTC. The firm also increased its preferred stock repurchases to $192.4 million while maintaining a $4.88 billion US Reserve.