SWI Group, an Amsterdam-listed company, announced an €800 million capital increase on October 12 backed by institutional investors. The financing values the group at €6.1 billion and brings total equity raised since March above €1 billion.
The capital will support data-center development, power infrastructure, and computing deployments across Europe and the United States as SWI converts its digital infrastructure portfolio toward artificial intelligence and high-performance computing.
The expansion includes Genesis Digital Assets, a Bitcoin mining company that SWI acquired majority control of earlier this year. Genesis was among the largest venture investments of Alameda Research, the trading affiliate of FTX, which invested approximately $1.15 billion in the miner between 2021 and 2022 when it was valued at about $5.5 billion.
SWI completed acquisition of a stake exceeding 70% in Genesis in August through share purchases and restructuring. The company plans to rename the miner SWI Digital and use its U.S. mining infrastructure as a foundation for high-performance computing and AI services. SWI disclosed that its combined European and American digital infrastructure portfolio exceeded 4 gigawatts of power capacity, with more than 80% of capital allocated to the sector.
Bitcoin Miners Shift Toward AI Infrastructure
Bitcoin miners are increasingly redirecting capital toward AI infrastructure, attracted by stronger projected profitability. According to CoinShares' second-quarter mining report, AI computing infrastructure could generate approximately $1.5 million in annualized profit per megawatt, compared with an estimated $500,000 from Bitcoin mining.
Ten of the 12 publicly traded mining companies tracked by CoinShares gained between 70% and 195% during the second quarter. Companies focused on AI infrastructure, 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 more mining-focused competitors.
However, converting mining infrastructure to AI operations remains capital-intensive. CoinShares estimates that developing AI-grade facilities from mining infrastructure can cost $8 million to $15 million per megawatt, compared with approximately $700,000 to $1 million for mining infrastructure.
SWI Chief Executive Max-Hervé George said the latest fundraising would help the company expand alongside growing demand for computing capacity. The group also plans to develop its own AI cloud platform, extending its business beyond data-center ownership into computing services for enterprises and developers.
