SWI Group has raised 800 million euros ($894 million) from institutional investors to convert Genesis Digital Assets, the former FTX-backed bitcoin miner it now controls, into AI-focused data centers across Europe and the U.S.

The capital increase values the Euronext Amsterdam-listed digital infrastructure investor at 6.1 billion euros, the company said. SWI announced the purchase of roughly 40% of Genesis Digital in June for $500 million and completed the acquisition in August, securing 70% of the voting rights and renaming the unit SWI Digital.

What happens to Genesis Digital's mining sites?

The conversion plan splits the miner's footprint geographically. SWI will repurpose Genesis Digital's facilities in the U.S. and Sweden for AI workloads and sell the unit's sites in Kazakhstan.

SWI CEO Max-Hervé George told the Wall Street Journal he had "zero interest" in bitcoin mining. The statement signals that the acquisition was, from the outset, a play for powered land and data-center capacity rather than hash rate.

The deal closes the loop on one of the more convoluted assets of the FTX estate. Alameda Research, the trading firm owned by former FTX CEO Sam Bankman-Fried, invested more than $1 billion in Genesis Digital starting in 2021 and held roughly 20% of the miner, according to the WSJ. FTX filed for bankruptcy in November 2022, and the stake became one of many holdings scrutinized by estate administrators before SWI emerged as the buyer.

Why are miners pivoting to AI?

SWI's strategy reflects a structural shift across the bitcoin-mining sector. For many mining enterprises, the most valuable asset is no longer the machines themselves but the power connections and data-center sites that can be repurposed for AI customers.

The numbers behind that shift are substantial. Bitcoin miners have signed more than $70 billion in AI and high-performance computing contracts as they seek steadier revenue than bitcoin mining currently provides — AI hosting offers contracted, creditworthy customers rather than volatile block rewards and coin-price exposure.

The pivot places SWI in direct competition with listed miners such as TeraWulf and Core Scientific, which are similarly converting power access and data-center capacity into AI hosting businesses. Those companies entered the race with existing U.S. power portfolios; SWI's differentiator is a transatlantic footprint spanning Sweden and the United States, alongside the European expansion funded by this week's raise.

What does the $894 million buy?

The proceeds are earmarked for expanding AI and data-center projects in Europe and the U.S., the company said. Operational priorities include:

• Converting Genesis Digital's U.S. facilities into AI-ready data centers under the SWI Digital banner
• Repurposing the Swedish sites for AI workloads
• Divesting the Kazakhstan mining locations
• Funding further European and U.S. digital infrastructure buildout

The exit from Kazakhstan also trims the group's exposure to jurisdictions with elevated regulatory and energy-supply risk, concentrating capital where AI demand and enterprise customers are concentrated.

The transaction underlines how far the market has repriced former crypto assets. A miner that absorbed more than $1 billion of Alameda capital and languished in bankruptcy proceedings has become, in under a year, the anchor asset of a company valued at 6.1 billion euros — on the strength of its power infrastructure rather than its bitcoin production.

With the acquisition completed in August and the capital now raised, SWI's next milestones are operational: executing the Kazakhstan sale, delivering converted capacity to AI customers, and proving that a bankruptcy-acquired mining estate can be retooled at scale.