FTX’s former Bitcoin mining bet gets new life as parent raises €800 million for AI

SWI Group has secured €800 million to scale up its artificial intelligence infrastructure, pushing forward with its strategy to transform the FTX-supported Bitcoin miner Genesis Digital Assets.

The Amsterdam-listed enterprise disclosed a capital raise backed by institutional backers on Oct. 12, putting the company’s valuation at €6.1 billion and lifting its total equity amassed since March past the €1 billion milestone.

This fresh capital will fund data-center growth, power networks, and compute deployments across the United States and Europe, where SWI is pivoting its digital infrastructure holdings toward high-performance computing and artificial intelligence.

Among the expansion targets is Genesis Digital Assets (GDA)—previously a prominent venture bet for Alameda Research, the trading arm of the now-bankrupt crypto exchange FTX—which SWI took control of earlier in the year.

This funding round arrives as numerous Bitcoin miners shift their financial focus to AI infrastructure, driven by higher prospective profitability and surging valuations for firms holding existing electrical power and data-center resources.

Former FTX investment becomes foundation for AI expansion

Before the collapse of FTX in November 2022, Genesis stood as one of Alameda Research’s biggest venture commitments.

Between 2021 and 2022, the trading entity injected roughly $1.15 billion into Genesis when the mining enterprise held a valuation near $5.5 billion.

That financial stake subsequently became the focal point of bankruptcy legal battles, with the FTX recovery trust working to claw back funds it claimed were wrongfully transferred by Alameda. In June 2026, the trust dropped the lawsuit.

SWI has since consolidated its command over Genesis, wrapping up the acquisition of a greater-than-70% stake in August via share purchases and corporate restructuring.

The business intends to rebrand the miner as SWI Digital, utilizing its American mining assets as a bedrock for AI and high-performance computing offerings.

The pre-existing, power-linked locations of Genesis sit at the heart of this blueprint, supplying SWI with infrastructure primed for redevelopment to handle heavier computing loads.

Previously, SWI reported that its unified American and European digital infrastructure footprint surpassed 4 gigawatts in electrical capacity, with over 80% of its capital directed into the sector.

Furthermore, the group aims to roll out an in-house AI cloud platform, broadening its scope from mere data-center ownership to delivering computing solutions for developers and enterprises.

Max-Hervé George, CEO of SWI, noted that this latest cash infusion will assist the firm in growing alongside the surging demand for processing power.

While the new shares will be rolled out across multiple series, SWI opted not to name the participating investors or specify what portion of the funds will be directed specifically toward Genesis.

Bitcoin miners’ AI pivot delivers stronger returns

SWI’s growth push follows a sharp split in the financial prospects of artificial intelligence infrastructure versus Bitcoin mining.

Data from CoinShares’ Q2 mining report indicates that AI compute infrastructure can pull in roughly $1.5 million in annualized profit per megawatt, dwarfing the estimated $500,000 yielded by standard Bitcoin mining.

This threefold performance gap has helped catalyze a significant valuation surge for former mining outfits branching into AI avenues.

CoinShares observed that 10 out of the 12 publicly traded mining companies it monitored grew between 70% and 195% through the second quarter.

Firms centered around AI infrastructure—such as Core Scientific, TeraWulf, Cipher Mining, and Hut 8—traded at an average of 19.4 times forward sales, contrasting with 6.6 times for their peers who remained primarily focused on mining.

The trend underscores rising investor appetite for businesses possessing active electrical grid ties and facilities capable of running AI tasks.

Even so, converting those physical assets remains an expensive endeavor.

CoinShares calculates that building out AI-ready facilities out of mining operations can run anywhere from $8 million to $15 million per megawatt, compared to roughly $700,000 to $1 million for basic mining setups.

The study also revealed that over $100 billion in publicly disclosed AI computing agreements among the tracked corporations backed a mere $1.1 billion in annualized revenue, with approximately 550 megawatts generating bills against a contracted capacity exceeding 4 gigawatts.

Such a discrepancy places a premium on flawless project execution as investors award higher price tags to companies shifting away from Bitcoin mining.

Though SWI’s €800 million equity injection supplies extra firepower for its expansion, the corporation has yet to clarify which Genesis sites will undergo conversion first, the associated development costs, or the timeline for launching AI computing revenue streams.

Frequently Asked Questions

• What is SWI Group doing with the €800 million it raised?

  The company is using the funds to expand data-center development, power infrastructure, and computing deployments across Europe and the United States, specifically pivoting its digital infrastructure portfolio toward artificial intelligence and high-performance computing.

• What is Genesis Digital Assets?

  Genesis Digital Assets is a Bitcoin miner that was formerly a major venture investment of Alameda Research, the trading affiliate of the bankrupt crypto exchange FTX. SWI acquired a controlling stake exceeding 70% in the company.

• Why are Bitcoin miners shifting toward AI?

  Data suggests AI computing infrastructure can generate significantly higher annualized profits per megawatt compared to traditional Bitcoin mining, leading to stronger financial returns and higher valuations for companies with existing power and data-center capacity.