FTX’s former Bitcoin mining bet gets new life as parent raises €800 million for AI
SWI Group raised €800 million from institutional investors, valuing the Amsterdam-listed company at €6.1 billion, to expand AI and high-performance computing infrastructure in Europe and the United States. The plan includes converting facilities owned by Genesis Digital Assets, the former FTX-linked Bitcoin miner that SWI took control of earlier this year, and launching an AI cloud platform. SWI says its infrastructure portfolio exceeds 4 gigawatts of power capacity, but it has not disclosed how much of the new funding will go to Genesis, which sites will be converted, or when they may generate AI revenue. The shift reflects miners’ pursuit of AI’s higher potential returns, though conversion is costly and disclosed contracts across the sector have so far produced limited revenue relative to contracted capacity.
