From Hashrate to Hashtag: SWI Group's $900M Pivot Turns FTX's Bitcoin Bet Into an AI Playground 🤖

SWI Group has raised €800 million (approximately $895 million) from institutional investors at a €6.1 billion valuation, repositioning the former FTX-backed Bitcoin miner Genesis Digital Assets around AI infrastructure. The Singapore-incorporated, Amsterdam-listed company is marketing Genesis Digital's facilities in Texas, North Carolina, South Carolina, and Sweden to hyperscale cloud providers for AI and high-performance computing workloads. SWI said Genesis Digital has more than 1.3 gigawatts of energized and approved grid connections spread across 15 facilities, and combined with AiOnX, SWI's European platform, the group reports a total of more than 3.6GW of capacity.

The fundraising follows SWI's June 15 acquisition of about 38.3% of Genesis Digital's shares for $500 million, a transaction that also included 77.2% of the $1.124 billion liquidation preference on the miner's preferred stock. SWI has since moved to majority ownership of Genesis Digital, originally backed by Sam Bankman-Fried's FTX before the exchange's collapse.

SWI's strategy applies an increasingly common infrastructure thesis to a Bitcoin mining business: that grid access can be more valuable than the economics of mining at any individual site. With large language model training and inference driving sustained demand for high-density data center capacity, repurposing industrial-scale mining campuses is emerging as a way to monetize power and cooling assets that were originally built for Bitcoin ($BTC) mining.

The deal also reflects how capital is flowing toward compute infrastructure tied to artificial intelligence rather than to proof-of-work cryptocurrencies. Genesis Digital's expansion into AI capacity marks a notable arc for a company that began as a pure-play Bitcoin miner with FTX's backing and is now being marketed to non-crypto hyperscale tenants.

SWI's raise was first reported by The Block on October 12, 2026.