SWI Group has raised 800 million euros, or about $894 million, from institutional investors to expand artificial-intelligence and data-center projects in Europe and the United States. The fundraising values the Euronext Amsterdam-listed investment company at 6.1 billion euros and will help it reposition facilities acquired from the bankrupt FTX crypto empire.
From bitcoin mining to AI infrastructure
The company plans to convert Genesis Digital Assets, a bitcoin-mining business formerly backed by FTX, into an AI-focused data-center operation. SWI now controls the business under the name SWI Digital.
Its U.S. and Swedish facilities are intended to support AI workloads, while the company is selling Genesis Digital’s sites in Kazakhstan. The shift reflects the growing value of electricity access and data-center capacity for AI and high-performance computing customers. In this model, infrastructure originally built to run bitcoin-mining machines can instead be used to process large computing workloads.
SWI’s move is part of a broader change among cryptocurrency miners. Mining businesses have increasingly sought revenue from AI and high-performance computing, which can provide an alternative to relying on bitcoin-mining economics. According to CoinDesk, bitcoin miners have signed more than $70 billion in AI and high-performance computing contracts as they pursue this transition.
Bitcoin mining involves using specialized computers to help process transactions and secure the Bitcoin network. AI data centers, by contrast, provide computing capacity for artificial-intelligence applications and other demanding workloads. The two businesses require substantial power and technical infrastructure, allowing some mining operators to consider a change in how their sites are used.
The Genesis Digital acquisition
SWI disclosed that it bought approximately 40% of Genesis Digital Assets in June for $500 million. The acquisition was completed in August, giving SWI 70% of the voting rights in the business. Following the transaction, the former mining unit was renamed SWI Digital.
Genesis Digital had been closely connected to the FTX group. Alameda Research, the crypto-trading firm owned by former FTX chief executive Sam Bankman-Fried, invested more than $1 billion in Genesis Digital from 2021 and held about 20% of the miner, according to the Wall Street Journal as cited in the report.
FTX filed for bankruptcy in November 2022. Its investment in Genesis Digital became one of the assets examined by the bankruptcy estate. SWI’s subsequent purchase and restructuring of the business places the former FTX-backed operation within a different strategy focused on digital infrastructure and AI computing.
SWI Chief Executive Max-Hervé George told the Wall Street Journal that he had “zero interest” in bitcoin mining. The company’s decision to sell the Kazakhstan sites while retaining and repurposing its U.S. and Swedish facilities indicates where it sees the stronger fit for its AI plans.
A wider race among former miners
The conversion puts SWI alongside listed mining companies such as TeraWulf and Core Scientific, which are also seeking to turn power connections and data-center capacity into AI-hosting businesses. For these companies, the infrastructure itself can be more strategically important than the original cryptocurrency-mining equipment.
The fundraising gives SWI additional capital for AI and data-center projects in Europe and the U.S. It also provides a new valuation benchmark for the company: 6.1 billion euros after the capital increase. The announcement does not specify how much of the money will be allocated to each facility or provide a timetable for completing the conversions.
Market picture
Moneyiar market data at 09:34 on October 13, 2026, showed Bitcoin at $83,359.87, down 0.07% over 24 hours and 2.90% over seven days. The figures provide a snapshot of the cryptocurrency market as SWI pursues a business model designed to rely less directly on bitcoin mining.
Other assets tracked by Moneyiar at the same time included Four at $0.2781, down 3.47% over 24 hours and up 0.29% over seven days; and Comedian at $0.05885, down 5.43% over 24 hours and 12.25% over seven days. Moneyiar data for WOULD, recorded at 21:04 on September 22, 2026, showed a price of $0.03514, up 0.33% over 24 hours and 10.60% over seven days.
