SWI raises 800 million euros
SWI Group, which trades under SWICH, said it raised 800 million euros, or about $894 million, from institutional investors. The money will go toward data centers and AI computing, according to the company. The raise values SWI at 6.1 billion euros.
The company already controls Genesis Digital Assets, the bitcoin miner that once belonged to FTX. SWI bought about 40% of Genesis Digital in June for $500 million. It closed the deal in August with 70% of the voting rights and renamed the unit SWI Digital.
A familiar mining pivot
The move fits a pattern among bitcoin miners. Their machines matter less than they once did. Power connections, land, and permits are now the assets that draw interest. Miners have signed more than $70 billion in AI and high-performance computing contracts, the article says, as they look for steadier revenue than bitcoin mining often provides.
SWI is now in the same race as listed miners TeraWulf and Core Scientific. Those companies are also trying to turn power access into AI and computing capacity. It is not a small shift. Bitcoin mining can be profitable, but it is tied to price swings, halving events, and energy costs. AI workloads can offer longer contracts, though they come with their own demands.
Genesis Digital and the FTX link
Genesis Digital’s history adds another layer. 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 owned about 20% of the miner. FTX filed for bankruptcy in November 2022, and that investment became one of many assets reviewed by the estate.
SWI CEO Max-Hervé George told the Wall Street Journal he had zero interest in bitcoin mining. The company is selling Genesis Digital’s sites in Kazakhstan. It plans to use its U.S. and Swedish facilities for AI workloads instead.
The strategy is simple on paper: keep the power and buildings, change the computers and customers. Whether it pays off will depend on demand for AI capacity, energy prices, and how quickly SWI can convert old mining sites. For now, the company has fresh capital and a clear direction.
