SWI Group raised 800 million euros ($894 million) from institutional investors to expand its artificial intelligence and data center operations in Europe and the U.S., valuing the company at 6.1 billion euros.
The Euronext Amsterdam-listed investment firm controlling Genesis Digital Assets, the former FTX-backed bitcoin miner, plans to repurpose the unit's U.S. and Swedish facilities for AI workloads while divesting its Kazakhstan operations. SWI acquired approximately 40% of Genesis Digital in June for $500 million, completing the purchase in August with 70% of the voting rights and rebranding it as SWI Digital.
SWI CEO Max-Hervé George stated the company has no interest in bitcoin mining, marking a strategic pivot toward artificial intelligence computing rather than cryptocurrency extraction.
The shift reflects a broader industry trend as bitcoin miners increasingly monetize their most valuable assets—power connections and data center capacity—for AI and high-performance computing customers. Bitcoin miners have signed over $70 billion in AI and high-performance computing contracts as they seek more stable revenue streams than cryptocurrency mining provides.
Other listed mining companies including TeraWulf and Core Scientific are pursuing similar conversions of power access and data center infrastructure into AI hosting businesses.
Genesis Digital Assets was previously backed by Alameda Research, the crypto trading firm owned by former FTX CEO Sam Bankman-Fried, which invested over $1 billion from 2021 and held approximately 20% ownership. FTX filed for bankruptcy in November 2022, leaving those assets subject to estate scrutiny.
