SWI Group has raised €800 million to expand AI infrastructure, advancing plans to repurpose FTX-backed Bitcoin miner Genesis Digital Assets. The Amsterdam-listed company announced the institutional-investor-backed capital increase on Oct. 12, valuing SWI at €6.1 billion. The fundraising brought SWI's total equity raised since March above €1 billion. The financing will support data-center development, power infrastructure and computing deployments across Europe and the United States. SWI is converting its digital infrastructure portfolio toward artificial intelligence and high-performance computing.
Genesis was among Alameda Research's largest venture investments before FTX collapsed in November 2022. Alameda, FTX's trading affiliate, invested approximately $1.15 billion in Genesis between 2021 and 2022, when the miner was valued at about $5.5 billion. FTX's recovery trust later sought through bankruptcy litigation to reclaim funds the trust alleged Alameda improperly transferred. The trust dismissed the lawsuit in June 2026.
SWI acquired control of Genesis earlier this year. SWI completed the acquisition of a stake exceeding 70% in August through share purchases and restructuring. SWI plans to rename the miner SWI Digital and use Genesis's US mining infrastructure as a foundation for high-performance computing and AI services. Genesis's existing power-connected sites give SWI access to infrastructure SWI can redevelop for more demanding computing workloads.
SWI previously disclosed that the group's combined European and American digital infrastructure portfolio exceeded 4 gigawatts of power capacity. SWI previously disclosed that more than 80% of the group's capital was allocated to digital infrastructure. SWI also plans to develop an AI cloud platform to provide computing services for enterprises and developers beyond data-center ownership. SWI Chief Executive Max-Hervé George said the latest fundraising would help SWI expand alongside growing demand for computing capacity.
SWI will issue the new shares in several series. SWI did not identify the participating investors or disclose how much of the proceeds would be allocated specifically to Genesis. SWI has not disclosed which Genesis facilities will be converted first, development costs or when the facilities will begin generating AI computing revenue.
Bitcoin miners increasingly redirect capital toward AI infrastructure because of stronger projected profitability and rising valuations for companies with electricity access and data-center capacity. CoinShares' second-quarter mining report estimates that AI computing infrastructure could generate approximately $1.5 million in annualized profit per megawatt. The report estimates that Bitcoin mining could generate $500,000 in annualized profit per megawatt. The threefold difference has helped drive a substantial revaluation of former mining companies pursuing AI opportunities.
CoinShares found that 10 of the 12 publicly traded mining companies CoinShares tracked gained between 70% and 195% during the second quarter. AI infrastructure-focused companies, including Hut 8, Cipher Mining, TeraWulf and Core Scientific, traded at an average of 19.4 times forward sales. A group of more mining-focused competitors traded at 6.6 times forward sales. The shift reflects growing investor demand for existing electricity connections and infrastructure capable of supporting AI workloads.
However, converting mining assets remains capital-intensive. CoinShares estimates that developing AI-grade facilities from mining infrastructure can cost $8 million to $15 million per megawatt. CoinShares estimates that mining infrastructure costs approximately $700,000 to $1 million per megawatt. CoinShares found that more than $100 billion in disclosed AI computing contracts across the covered companies supported only about $1.1 billion in annualized revenue. CoinShares found that roughly 550 megawatts were generating billings against more than 4 gigawatts of contracted capacity. The gap has made project execution increasingly important as investors assign higher valuations to companies transitioning away from Bitcoin mining.