SWI Group raises 800 million euros to convert FTX-backed miner into AI data centers
Summary
SWI Group raised €800 million ($894 million) from institutional investors to expand AI and data-center projects in Europe and the U.S., valuing the Euronext-listed firm at €6.1 billion. It controls former FTX-backed bitcoin miner Genesis Digital Assets, now renamed SWI Digital, and plans to sell its Kazakhstan sites while repurposing U.S. and Swedish facilities for AI computing. The move reflects a broader shift by bitcoin miners toward AI and high-performance computing, which can offer steadier income than mining. SWI says it has no interest in bitcoin mining. Alameda Research invested more than $1 billion in Genesis Digital from 2021 and held about 20%; that investment is among assets scrutinized following FTX’s 2022 bankruptcy.
