SWI Group (SWICH), which controls the former FTX‑owned bitcoin miner Genesis Digital Assets, announced it has secured 800 million euros (about $894 million) from institutional investors to expand its data‑center and artificial‑intelligence computing initiatives across Europe and the United States.
The Euronext Amsterdam‑listed company, an investment firm focused on digital infrastructure, said the capital increase values it at 6.1 billion euros. It announced the purchase of roughly 40 % of Genesis Digital in June for $500 million, completed the acquisition in August with 70 % of the voting rights, and renamed the unit SWI Digital.
The company’s strategy reflects a growing trend among bitcoin‑mining firms: their most valuable asset is no longer the mining hardware itself, but the power connections and data‑center sites that can be repurposed for AI workloads. Bitcoin miners have signed more than $70 billion in AI and high‑performance‑computing contracts as they look for steadier revenue streams than those offered by bitcoin mining alone.
The shift from cryptocurrency mining to AI computation puts SWI in the same competitive league as listed miners such as TeraWulf and Core Scientific , which are converting power access and data‑center capacity into AI‑hosting businesses.