To further its strategy of repurposing the FTX-backed Bitcoin miner Genesis Digital Assets, SWI Group has successfully raised €800 million for the expansion of its artificial intelligence infrastructure.
The Amsterdam-listed enterprise revealed a capital increase backed by institutional investors on Oct. 12. This round values the group at €6.1 billion and pushes its total equity raised since March past the €1 billion threshold.
This fresh funding will fuel power infrastructure development, data-center construction, and computing deployments throughout the United States and Europe. SWI is actively pivoting its entire digital infrastructure portfolio toward high-performance computing and artificial intelligence.
This expansion incorporates Genesis Digital Assets (GDA)—formerly a major venture of Alameda Research, the trading affiliate of the now-bankrupt crypto exchange FTX—over which SWI secured control earlier this year.
Such fundraising efforts arrive as numerous Bitcoin miners shift their capital toward AI infrastructure, enticed by rising valuations for businesses holding electrical power and data-center capacity, alongside stronger projected profitability.
Former FTX investment becomes foundation for AI expansion
Before the collapse of FTX in November 2022, Genesis stood as one of Alameda Research’s premier venture investments.
Between 2021 and 2022, the trading firm injected roughly $1.15 billion into Genesis while the miner held an approximate valuation of $5.5 billion.
Bankruptcy litigation eventually surrounded the investment when the recovery trust for FTX sought to claw back funds that it claimed were improperly transferred by Alameda. In June 2026, the trust officially dismissed the lawsuit.
Through restructuring and share purchases completed in August, SWI subsequently consolidated its control over Genesis by acquiring a stake of over 70%.
Plans are underway to rebrand the miner as SWI Digital, utilizing its United States mining infrastructure as the baseline for artificial intelligence and high-performance computing services.
Central to this strategy are Genesis’s current power-connected locations, which supply SWI with ready infrastructure that can be reconfigured for much heavier computing demands.
SWI previously reported that its combined American and European digital infrastructure portfolio commands a power capacity surpassing 4 gigawatts, with upwards of 80% of the company’s capital directed toward the sector.
Beyond data-center ownership, the group intends to launch its proprietary AI cloud platform to deliver computing services directly to enterprises and developers.
According to SWI Chief Executive Max-Hervé George, this recent fundraising effort will assist the company in scaling alongside the mounting demand for computing capacity.
Although the new shares will be distributed across several series, SWI opted not to name the participating investors or clarify the exact portion of proceeds dedicated specifically to Genesis.
Bitcoin miners’ AI pivot delivers stronger returns
The financial prospects of Bitcoin mining and AI infrastructure have experienced a stark divergence, preceding SWI’s expansion.
Data from CoinShares’ second-quarter mining report indicates that AI computing infrastructure can yield roughly $1.5 million in annualized profit for every megawatt, contrasting with an estimated $500,000 generated by traditional Bitcoin mining.
A substantial revaluation of former mining firms pivoting toward AI opportunities has been spurred by this threefold profit discrepancy.
Out of the 12 publicly traded mining companies tracked by CoinShares, 10 experienced gains ranging from 70% to 195% over the second quarter.
Firms concentrating on AI infrastructure—such as Core Scientific, Hut 8, Cipher Mining, and TeraWulf—traded at an average of 19.4 times forward sales, whereas their more mining-centric competitors traded at 6.6 times.
This market shift highlights an escalating investor appetite for businesses possessing existing electrical grid connections and infrastructure capable of handling heavy AI workloads.
Even so, converting those foundational assets remains a capital-heavy endeavor.
CoinShares estimates that transforming mining infrastructure into AI-grade facilities can demand anywhere from $8 million to $15 million per megawatt, whereas standard mining infrastructure costs roughly $700,000 to $1 million per megawatt.
Furthermore, the report highlighted that across the tracked companies, more than $100 billion in disclosed AI computing contracts accounted for just $1.1 billion in annualized revenue, with approximately 550 megawatts generating actual billings against a contracted capacity exceeding 4 gigawatts.
Because of this performance gap, flawless project execution remains critical as investors award higher valuations to companies pivoting away from Bitcoin mining.
While SWI’s €800 million capital raise supplies extra financial backing for its growth, the corporation has refrained from disclosing the timeline for AI revenue generation, the specific development costs, or which Genesis facilities will undergo conversion first.
Frequently Asked Questions
What is SWI Group doing with the €800 million it raised?
SWI Group is using the capital to expand AI infrastructure, fund data-center development, enhance power infrastructure, and deploy computing resources across Europe and the United States as it converts its portfolio toward artificial intelligence and high-performance computing.
What role does Genesis Digital Assets (GDA) play in SWI’s expansion?
Genesis Digital Assets serves as the foundation for SWI’s high-performance computing and AI services. SWI acquired a controlling stake exceeding 70% in GDA, plans to rename it SWI Digital, and intends to redevelop its power-connected sites to support demanding AI workloads.
Why are Bitcoin miners pivoting toward AI infrastructure?
Bitcoin miners are shifting toward AI because of a significant profit gap. CoinShares data shows AI computing can generate about $1.5 million in annualized profit per megawatt compared to roughly $500,000 from Bitcoin mining, leading to much stronger financial returns and higher valuations for companies with data-center and power capacity.
