SWI Group has raised €800 million from institutional investors to expand artificial-intelligence infrastructure and reposition Genesis Digital Assets, the Bitcoin miner it controls and which was previously one of the largest investments made by FTX trading affiliate Alameda Research.
The Amsterdam-listed company said on Oct. 12 that the capital increase valued the group at €6.1 billion. The latest transaction also lifted SWI’s total equity raised since March above €1 billion. The proceeds will be used for data-center development, power infrastructure and computing deployments in Europe and the United States.
SWI’s plans reflect a broader change in the digital-infrastructure industry. Bitcoin mining relies on substantial electricity and computing hardware to validate transactions and produce new coins. AI and high-performance computing require different, more demanding facilities, but companies that already control power-connected sites can potentially use those assets as a starting point for new services.
According to CryptoSlate, SWI has not said how much of the €800 million will go specifically to Genesis, which facilities will be converted first or when those sites will begin producing AI-related revenue.
Genesis moves on from its FTX-era ownership
Genesis Digital Assets was one of Alameda Research’s biggest venture investments before the FTX group collapsed in November 2022. Alameda invested about $1.15 billion in Genesis during 2021 and 2022, when the mining company was valued at roughly $5.5 billion.
That investment later became part of bankruptcy litigation. FTX’s recovery trust sought to recover money it alleged Alameda had transferred improperly, but the trust dismissed the lawsuit in June 2026.
SWI has since consolidated control of Genesis. It completed the purchase and restructuring of a stake exceeding 70% in August. The company plans to rename the business SWI Digital and use its US mining infrastructure as the base for high-performance computing and AI services.
Genesis’s existing sites are important to the strategy because they are already connected to power networks. SWI has previously said that its combined European and US digital-infrastructure portfolio represents more than 4 gigawatts of power capacity, with over 80% of its capital allocated to the sector.
The group also intends to build an AI cloud platform. That would broaden its role from owning or developing data centers to providing computing capacity directly to businesses and developers. The new shares will be issued in several series, although SWI did not identify the participating investors.
Higher potential returns come with heavier build-out costs
The appeal of the transition is tied to the difference between projected economics for Bitcoin mining and AI infrastructure. CoinShares estimated in its second-quarter mining report that AI computing infrastructure could produce about $1.5 million in annualized profit per megawatt, compared with approximately $500,000 for Bitcoin mining.
That gap has encouraged miners to pursue AI workloads and helped lift valuations for companies with access to electricity, land and data-center capacity. CoinShares said 10 of the 12 publicly traded mining companies it followed gained between 70% and 195% during the second quarter.
The valuation difference was also visible in forward sales multiples. AI-focused companies including Hut 8, Cipher Mining, TeraWulf and Core Scientific traded at an average of 19.4 times forward sales, compared with 6.6 times for a group of companies more focused on mining.
However, converting mining sites into AI-grade facilities requires significant investment. CoinShares estimated that development can cost between $8 million and $15 million per megawatt, versus about $700,000 to $1 million for mining infrastructure.
The report also highlighted a gap between contracted capacity and current revenue. More than $100 billion in disclosed AI-computing contracts across the companies it covered supported only about $1.1 billion in annualized revenue. Approximately 550 megawatts were generating billings against more than 4 gigawatts of contracted capacity.
For SWI, the figures underline why the €800 million financing matters while also showing that fundraising alone does not establish when the new business will generate income. The company still has to decide which Genesis facilities to redevelop, fund the conversions and deploy the computing systems needed for AI customers.
Moneyiar market picture
Moneyiar data recorded Bitcoin at $83,531.573738103 at 10:04 a.m. on Oct. 13, 2026, Dubai time. Bitcoin was up 0.11% over 24 hours but down 2.8% over seven days.
Other assets tracked by Moneyiar showed mixed performance at the stated times:
- Four (FORM): $0.2768406641, down 4.2% in 24 hours and 0.58% over seven days, as of 10:03 a.m. on Oct. 13.
- REAL (ASSET): $0.1927052765, up 3.26% in 24 hours and down 2.28% over seven days, as of 6:54 p.m. on Oct. 8.
- RedStone (RED): $0.1561310531, down 7.21% in 24 hours and 5.62% over seven days, as of 10:03 a.m. on Oct. 13.
These figures are Moneyiar market data at the times specified above and provide market context alongside SWI’s decision to expand beyond Bitcoin mining into AI infrastructure.
