SWI Raises $894 Million to Convert Former FTX Genesis Digital Bitcoin Miner to AI

SWI announced it will use proceeds from its €800 million ($894 million) fundraising to convert the digital assets of Genesis, acquired from FTX's bankruptcy, from a Bitcoin miner into a centralized AI-focused data center.

SWI Group raised 800 million euros ($894 million) from institutional investors, valuing the company at 6.1 billion euros, to develop artificial intelligence and data center projects in Europe and the United States.

The company plans to shift the US and Swedish facilities of Genesis Digital Assets, the former FTX-backed bitcoin miner it now controls as SWI Digital, to artificial intelligence workloads while selling single sites in Kazakhstan.

SWI's strategy reflects a broader industry shift as Bitcoin miners turn power connections and data center capacity into artificial intelligence and high-performance computing revenue.

SWI Group (SWICH), which controls digital asset miner BTC $84,155.39 owned by FTX, said it has raised 800 million euros ($894 million) from institutional investors to expand its data center and artificial intelligence (AI) computing data center projects in Europe and the United States.

Investment firm Euronext Amsterdam, which focuses on digital infrastructure, said the capital increase valued it at 6.1 billion euros. The company announced the purchase of about 40 percent of Genesis Digital in June for $500 million, completed the acquisition in August with a 70 percent stake, and renamed the unit SWI Digital.

The company's strategy shows what has become familiar business for Bitcoin mining companies. Their most valuable assets are no longer their mining machines, but power connections and data center sites that they can repurpose for AI clients. Bitcoin miners have signed more than $70 billion in AI and high-performance computing contracts as they seek more stable income than Bitcoin mining currently offers.

The pivot from cryptocurrency mining to AI computing puts it in the same competition as listed miners such as TeraWulf WULF and Core Scientific CORZ, which are turning access to energy and data center capacity into AI hosting businesses.