SWI Group has secured 800 million euros, or about $894 million, from institutional backers to convert the bitcoin-mining operation it bought out of the FTX estate into a platform for artificial-intelligence workloads.
The valuation and the asset
The Euronext Amsterdam-listed investment firm, trading as SWICH, said the capital increase values the company at 6.1 billion euros. SWI acquired roughly 40 percent of Genesis Digital Assets in June for $500 million and completed the transaction in August, taking 70 percent of voting rights and renaming the unit SWI Digital.
From mining rigs to AI contracts
The strategy mirrors a trade now familiar across the listed mining sector: the most bankable asset is no longer the fleet of ASICs but the grid connections and purpose-built sites that can be leased to AI customers. Miners have collectively signed more than $70 billion in high-performance computing agreements as they chase revenue streams steadier than block rewards. Chief Executive Max-Hervé George told the Wall Street Journal he has "zero interest" in bitcoin mining; SWI plans to sell Genesis Digital's Kazakhstan facilities and redeploy the U.S. and Swedish campuses for AI workloads.
The FTX provenance
Alameda Research, the trading house controlled by Sam Bankman-Fried, poured more than $1 billion into Genesis Digital from 2021 and held about 20 percent of the miner, according to the Journal. That stake became one of many assets under scrutiny after FTX filed for bankruptcy in November 2022.
What to watch
The pivot positions SWI alongside names such as TeraWulf in the race to monetize stranded power infrastructure. Whether the $894 million covers the full retrofit bill, and whether the Kazakhstan exit proceeds materialize at assumed values, will determine if the 6.1 billion-euro valuation holds.