SWI Group Raises $894 Million to Convert FTX's Former Bitcoin Miner Into AI Data Centers

SWI raises $894 million to pivot from bitcoin mining to AI computing

SWI Group, a European investment firm listed on the Euronext Amsterdam stock exchange, has raised 800 million euros ($894 million) from institutional investors. The company plans to use the proceeds to convert Genesis Digital Assets — a bitcoin miner it acquired from the FTX bankruptcy — into an artificial intelligence (AI) data center operation.

The fundraise values SWI Group at 6.1 billion euros. The company says the capital will support data center and AI computing projects across Europe and the United States.

Key numbers

• SWI Group raised 800 million euros ($894 million) from institutional investors.
• The company was valued at 6.1 billion euros as part of the capital increase.
• SWI Group announced the purchase of about 40 percent of Genesis Digital Assets in June 2026 for $500 million.
• The acquisition was completed in August, giving SWI Group 70 percent of voting rights. The unit was renamed SWI Digital.
• Bitcoin miners overall have signed more than $70 billion in AI and high-performance computing contracts.

What the company plans to do with the facilities

SWI Group intends to repurpose the U.S. and Swedish facilities of Genesis Digital Assets for AI workloads. The company also plans to sell the unit's sites in Kazakhstan.

Genesis Digital Assets originally operated as a bitcoin mining company under the FTX umbrella. SWI Group acquired it through the FTX bankruptcy process. The facilities that once housed mining hardware are now being targeted for AI and computing use.

Part of a wider shift among bitcoin miners

SWI Group's move follows a broader trend among bitcoin mining companies. Many of these firms are finding that their most valuable assets are not their mining machines, but the power connections and data center sites that can serve AI customers. Steadier revenue from AI hosting is seen as an alternative to the volatility of bitcoin mining.

Other publicly traded miners have made similar pivots. TeraWulf, for example, signed a $19 billion AI data center lease with Anthropic. Core Scientific has also moved into AI computing as it winds down its bitcoin mining operations.

Sources

• CoinDesk

Read also: SWI Group Raises $900M to Repurpose FTX's Old Mining Assets for AI Computing