SWI Turns an Ex-FTX Bitcoin Miner Into an AI Data Center Play With an $894M Raise
SWI Group just raised 800 million euros — about $894 million — from institutional investors, and not one cent of it is going to bitcoin mining. The Euronext Amsterdam-listed firm is turning an ex-FTX mining business into an AI data center operator.
From mining rigs to AI racks
The capital increase values SWI at 6.1 billion euros, and it pushes total equity raised since March 2026 past 1 billion euros. Free float now sits at roughly 20% of share capital. The proceeds go into power infrastructure, compute deployments and a transatlantic development pipeline.
The asset in the middle of this is Genesis Digital Assets. SWI bought about 40% of it in June for $500 million, then closed in August holding 70% of the voting rights and renamed the unit SWI Digital.
Kazakhstan out, US and Sweden in
SWI is selling Genesis Digital's Kazakhstan sites and pointing its US and Swedish facilities at AI workloads instead. CEO Max-Hervé George told the Wall Street Journal he has "zero interest" in bitcoin mining.
That line is the whole thesis. A miner's most valuable asset is no longer the machines — it is the power connection and the building wrapped around it. Listed miners have now signed more than $70 billion in AI and high-performance computing contracts, chasing revenue that does not swing with the bitcoin price.
Why FTX keeps showing up
Genesis Digital was once Alameda Research's bet. The trading firm owned by Sam Bankman-Fried put more than $1 billion into the miner from 2021 and held roughly 20% of it. When FTX filed for bankruptcy in November 2022, that stake landed among the assets scrutinized by the estate.
What this means for crypto readers
The same trade is running through TeraWulf and Core Scientific, which are converting power access and data center capacity into AI hosting revenue. For traders, the read is that hashrate and grid connections now have a second, steadier buyer. The pivot does not make these companies bitcoin plays anymore — it makes them infrastructure plays with a bitcoin history.