SWI Group, owner of former FTX-owned bitcoin mining company Genesis Digital Assets, has raised 800 million euros ($894 million) from institutional investors. It said it would use the money to fund the expansion of its data centres and artificial intelligence (AI) computing business in Europe and the US.
The company, listed in Euronext Amsterdam, bought around 40% of Genesis Digital in June, for $500 million. It completed the acquisition in August, with 70% of voting rights. The business has been renamed SWI Digital.
Source: swi.com
SWI’s decision to invest in AI computing comes as bitcoin mining companies seek to diversify away from crypto, using their electricity lines and data centres to host firms seeking to rent out computer power to the artificial intelligence sector.
Bitcoin mining is an energy intensive process requiring powerful computers to solve complex algorithms, and involves significant capital expenditure on equipment. Companies building computer chips for AI also need a lot of electricity and data centre space. Some bitcoin mining firms believe they can profit from renting out their infrastructure and resources to other organizations.
According to the source article, bitcoin miners have signed over $70 billion worth of contracts for AI and high-performance computing. Other companies, such as TeraWulf and Core Scientific, are also exploring ways to pivot towards the AI field.
NEW: SWI Group has raised €800 million ($895 million) to expand AI infrastructure after taking control of FTX-backed bitcoin miner Genesis Digital Assets.
The company is repurposing suitable bitcoin-mining facilities for AI and high-performance computing workloads as part of its broader shift away from crypto mining.
— The Block (@TheBlockCo) October 12, 2026
SWI chief executive Max-Hervé George told The Wall Street Journal that he had “zero interest” in bitcoin mining. The company plans to sell off Genesis Digital’s sites in Kazakhstan and host AI computing in the US and Sweden.
Genesis Digital has a chequered past after its collapse following FTX’s bankruptcy. Alameda Research, the trading firm owned by former FTX chief Sam Bankman-Fried, invested more than $1 billion in the mining company from 2021 and owned around 20% of it, according to the source article. FTX filed for bankruptcy in November 2022, and the investments were placed under the scrutiny of the bankruptcy court.
SWI’s latest fundraising shows how companies which had been engaged in cryptocurrency mining are now seeking to profit from the burgeoning demand for artificial intelligence computing.
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