SWI Raises $894 Million to Turn Former FTX Bitcoin Miner Into AI Data Center

SWI Group said it raised 800 million euros, worth about $894 million, from institutional investors to expand its data center and artificial intelligence computing projects in Europe and the United States.

The Euronext Amsterdam listed company, which focuses on digital infrastructure, said the capital increase values it at 6.1 billion euros. SWI controls Genesis Digital Assets, the bitcoin miner once owned by FTX, after buying about 40% for $500 million in June and completing the acquisition in August with 70% of voting rights.

Power Connections Now the Real Asset

The strategy reflects a familiar trade in the mining sector, where power connections and data center sites matter more than mining machines. Bitcoin miners have signed more than $70 billion in AI and high performance computing contracts while seeking steadier revenue.

SWI CEO Max Herve George said he has zero interest in bitcoin mining. The company is selling Genesis Digital sites in Kazakhstan and plans to use its US and Swedish facilities for AI workloads, joining listed miners like TeraWulf and Core Scientific in the same pivot.

FTX Link Dates Back to Alameda Investment

Alameda Research, the trading firm owned by former FTX CEO Sam Bankman Fried, invested more than $1 billion in Genesis Digital from 2021 and held about 20% of the miner before the exchange collapsed in November 2022.