Genesis Digital Assets
Genesis Digital Assets is a bitcoin mining and digital infrastructure company that received about $1.15 billion in investment from Alameda Research and was sued over it by the FTX bankruptcy trust; the suit was dropped in June 2026, the same day SWI GroupSWI GroupSWI Group is an investment group formed in 2025 by the merger of Icona Capital and Stoneweg, founded and led as CEO by Max-Hervé George, whose holding company is listed on Euronext Amsterdam; the group has recently shifted toward digital infrastructure such as data centers, owning the European platform AiOnX and holding a controlling stake in the US-based Genesis Digital Assets.Open the full entry completed a $500 million stake acquisition, after which the company pivoted toward AI data centers and is being renamed SWI Digital.
Contents12 sections
Key facts
July 2021$125 Million Funding Round
August 2021–April 2022Investment by Alameda Research
Between August 2021 and April 2022, Sam Bankman-FriedSam Bankman-FriedSam Bankman-Fried (SBF) is an American entrepreneur and the co-founder of the cryptocurrency exchange FTX and the crypto hedge fund Alameda Research. After FTX collapsed in November 2022, he was charged in the United States with misappropriating customer funds; in November 2023 a jury found him guilty on seven counts of fraud and conspiracy, in March 2024 he was sentenced to 25 years in prison and ordered to forfeit about $11 billion, and in 2026 the U.S. Court of Appeals for the Second Circuit rejected his appeal.Open the full entry’s Alameda Research invested about $1.15 billion in GDA in several tranches, ending up with a stake of about 20%.[3][4][5]
September 21, 2021$431 Million Funding Round
GDA announced a $431 million strategic funding round led by Paradigm, with participants including NYDIG, FTX, Ribbit, Electric Capital, SkyBridge and Kingsway Capital; Paradigm co-founder Matt HuangMatt HuangMatt Huang is an investor and entrepreneur who is co-founder and managing partner of the technology investment firm Paradigm and founded and leads Tempo, a payments blockchain jointly incubated by Stripe and Paradigm.Open the full entry joined the board, and co-founder Marco Streng was then CEO.[1]
At the time, the company had built more than 20 industrial-scale bitcoin mining farms with about 170 MW of data center capacity, was expanding in the US and the Nordics, and set a goal of bringing 1.4 GW online by 2023.[6]
First Half of 2022: Securing 708 MW of Power
In the first half of 2022, GDA secured 708 MW of power capacity for mining across sites in west Texas and North and South Carolina, after earlier contracting 100 MW in Sweden.[2]
September 2025FTX Recovery Trust Files Clawback Suit
The FTX Recovery Trust, which recovers funds for FTX creditors, sued GDA in the US Bankruptcy Court for the District of Delaware seeking about $1.15 billion, alleging the investment used commingled and misappropriated customer funds, that GDA was grossly overvalued, and that $550 million went to co-founders Rashit Makhat and Marco Krohn.[7][3]
January 2026Motion to Dismiss
GDA moved to dismiss the suit, arguing among other things that it has no US offices and should not have to defend the claims in a US bankruptcy court.[3]
February 2026SWI Agrees to Acquire a Stake
Euronext Amsterdam–listed SWI Group exercised an option for USD 170 million on February 1, 2026 and on February 24 announced a USD 330 million agreement to acquire interests in a US data center company, which would give it about 38.3% of the shares on completion.[8]
June 15, 2026Suit Dismissed and SWI Completes Acquisition
The FTX Recovery Trust filed a notice of dismissal, dropping all claims against GDA and its co-founder with prejudice.[3][4]
The same day, SWI completed a USD 500 million purchase of about 38.3% of GDA’s shares, including about 77.2% by value of its USD 1.124 billion preferred-share liquidation preference, and announced a further agreement to reach a majority position. SWI CEO Max-Hervé GeorgeMax-Hervé GeorgeMax-Hervé George is an entrepreneur and investor born in Metz, France, who founded Ultima Capital and Icona Capital and is now founder and CEO of the Euronext Amsterdam–listed SWI Group, leading its shift into data centers in Europe and the US.Open the full entry said all legal disputes with FTX and other shareholders had been settled.[9][10][5]
At the time, GDA held 1.3 GW of energized and approved grid connections across 15 facilities, mainly in the US and Sweden; SWI planned to reposition it from digital asset mining to high-performance computing and AI workloads and said combined AI-ready capacity with AiOnX would exceed 3.6 GW.[9][10]
October 2026Renaming to SWI Digital and AI Data Center Pivot
SWI has moved to majority ownership of GDA and plans to market its sites in Texas, North Carolina, South Carolina and Sweden to hyperscale cloud providers, while selling its last three small mining sites in Kazakhstan. GDA is to be renamed SWI Digital and form the basis of SWI’s US data center platform.[5][11]
As of October 2026: Sites and Status
The company’s website shows it is becoming SWI Digital and describes it as an industrial-scale digital infrastructure company whose work extends from bitcoin networks to AI workloads; listed sites include Pyote, Long Draw and Leon Creek in Texas, Pacolet and Union in South Carolina, and Porjus and Örträsk in Sweden.[12][13]
Related Organizations, Websites, and Public Accounts
Genesis Digital Assets: Official website: https://www.genesisdigitalassets.com/ (opens in a new window)[12]
SWI Digital: Official website: https://swi-digital.com/ (opens in a new window)[12]
SWI Group: Official website: https://swi.com/ (opens in a new window)[9]
LinkedInLinkedInLinkedIn is a social networking platform for professionals. It was founded in 2002 by Reid Hoffman and others, launched in 2003, and listed on the New York Stock Exchange in 2011; after Microsoft acquired it for approximately $26.2 billion in 2016, it became a wholly owned Microsoft subsidiary. Its revenue comes from membership subscriptions, advertising, and recruitment solutions.Open the full entry: Official account: https://www.linkedin.com/company/genesis-digital-assets (opens in a new window)[12]
Sources
- Bitcoin mining firm Genesis Digital Assets raises $431 million led by Paradigm (opens in a new window)
- Bitcoin Miner Genesis Digital Locks In 708 MW of Energy for Mining (opens in a new window)
- FTX Trust Drops $1.15 Billion Lawsuit Against Genesis Digital (opens in a new window)
- Blank Rome Secures Full Dismissal for Co-Founder of Genesis Digital Assets in $1.15 Billion FTX Avoidance Action (opens in a new window)
- SWI Group raises €800m to turn FTX-backed bitcoin miner Genesis Digital into AI data centres (opens in a new window)
- Genesis Digital Assets Raises $431 Million (opens in a new window)
- FTX Trust sues bitcoin miner Genesis Digital, seeks $1.15 billion over ‘reckless’ Sam Bankman-Fried investment (opens in a new window)
- Euronext Amsterdam-listed SWI Stoneweg Icona Group expands digital footprint with agreement to acquire significant stake in US data center company (opens in a new window)
- SWI Group Expands Transatlantic Digital Infrastructure Platform with closing of $500 Million USD Acquisition of significant shareholding in a 1.3 GW USA portfolio (opens in a new window)
- SWI Group takes majority position in GDA, a 1.3 GW USA digital infrastructure group (opens in a new window)
- SWI raises €800 million for data center expansion (opens in a new window)
- Genesis Digital Assets (opens in a new window)
- Our Data Centers (opens in a new window)