SWI raises $894 million to repurpose former FTX bitcoin miner Genesis Digital to AI
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Summary
SWI Group raised 800 million euros ($894 million) from institutional investors, valuing the company at 6.1 billion euros, to expand AI and data center projects in Europe and the U.S. The company plans to repurpose the U.S. and Swedish facilities of Genesis Digital Assets, a former FTX-backed bitcoin miner it controls as SWI Digital, for AI workloads and sell the unit’s sites in Kazakhstan. SWI’s strategy follows a trend of bitcoin miners shifting to AI and high-performance computing.
Why it matters
The shift from cryptocurrency mining to AI computing reflects a broader industry transition where data center capacity and power connections are becoming more valuable than mining machines. This repurposing aims at securing steadier revenue streams, as bitcoin mining income has become less certain.
Key context
SWI Group acquired about 40% of Genesis Digital Assets in June 2026 for $500 million and completed control with 70% voting rights by August, rebranding it as SWI Digital. Genesis was previously backed by FTX, which filed for bankruptcy in November 2022. Alameda Research, linked to former FTX CEO Sam Bankman-Fried, had invested over $1 billion in Genesis and held about 20% before bankruptcy.
Key numbers and entities
SWI Group raised 800 million euros ($894 million), valuing the company at 6.1 billion euros. Genesis Digital Assets was acquired for $500 million initially. Alameda Research invested more than $1 billion in Genesis and owned about 20%. SWI CEO is Max-Hervé George. Other listed bitcoin miners converting to AI workloads include TeraWulf (WULF) and Core Scientific (CORZ).
What remains unclear
The source does not specify the exact timeline for repurposing Genesis Digital’s facilities or details about the AI workloads to be hosted. It also does not disclose the financial terms or buyers for the Kazakhstan sites being sold. The impact of this transition on existing bitcoin mining contracts or operations is not detailed.