Alameda-Backed Bitcoin Miner Genesis Digital Raises About $900 Million for AI Data Center Pivot

Genesis Digital Assets, a bitcoin miner in which FTX’s Alameda Research invested more than $1 billion, is being converted into an AI data center business by new controlling shareholder SWI Group, the Wall Street Journal reported. SWI spent $500 million in June to buy a large stake and said on Oct. 12 it is raising 800 million euros, about $900 million, for upgrades and expansion. It plans to use Genesis sites in Texas, North and South Carolina and Sweden to supply computing power to large cloud providers, and to sell remaining Kazakhstan mining assets. — link