Oct 12, 2026, 6:27 a.m. EDT
2 min read
Summary
- SWI Group secured 800 million euros ($894 million) from institutional investors, establishing a valuation of 6.1 billion euros, in order to scale up artificial intelligence and data center initiatives throughout Europe and the United States.
- The firm intends to convert the American and Swedish locations of Genesis Digital Assets—the previous FTX-supported bitcoin mining enterprise it presently commands as SWI Digital—for artificial intelligence operations while divesting the unit’s locations in Kazakhstan.
- The strategy pursued by SWI highlights a broader trend within the sector as bitcoin mining entities convert electricity grid ties and data center infrastructure into income streams derived from artificial intelligence.
SWI Group (SWICH), which oversees the former FTX-associated bitcoin BTC miner Genesis Digital Assets, reported gathering 800 million euros ($894 million) from institutional backers to grow its data center and artificial intelligence computing operations across Europe and the United States.
The investment entity focused on digital infrastructure, listed on Euronext Amsterdam, stated that this capital round places its total valuation at 6.1 billion euros. The organization disclosed its purchase of roughly 40% of Genesis Digital in June for $500 million, concluding the transaction in August with control over 70% of voting rights and rebranding the enterprise as SWI Digital.
This operational pivot exemplifies a well-known transition taking place among cryptocurrency mining companies. Their most valuable property is no longer mining hardware, but rather electrical infrastructure and data center properties that can be reallocated to artificial intelligence clients. Bitcoin mining enterprises have committed to over $70 billion in artificial intelligence and high-performance computing agreements in their pursuit of more predictable income than traditional cryptocurrency mining currently yields.
This shift from digital currency mining to handling artificial intelligence computations positions the firm alongside public mining competitors such as TeraWulf WULF and Core Scientific CORZ, which are transforming power capacity and data facilities into hosting operations for artificial intelligence.
Max-Hervé George, CEO of SWI, conveyed to the Wall Street Journal that he maintained “zero interest” in cryptocurrency mining. The business is currently divesting Genesis Digital Assets’ facilities located in Kazakhstan while turning its attention toward utilizing its Swedish and U.S. sites for artificial intelligence processing tasks.
Alameda Research, the digital asset trading company controlled by disgraced former FTX CEO Sam Bankman-Fried, poured more than $1 billion into Genesis Digital Assets starting in 2021 and held around a 20% stake in the miner, according to the WSJ report. FTX initiated bankruptcy proceedings in November 2022, placing that holding among numerous holdings reviewed by the bankruptcy estate.
Originally published at https://www.coindesk.com/business/2026/10/12/swi-raises-usd894-million-to-repurpose-former-ftx-bitcoin-miner-genesis-digital-to-ai.
