SWI Group has raised €800 million (about $900 million) to turn a former Bitcoin mining business into infrastructure for artificial intelligence (AI). The company plans to convert existing mining facilities into data centers that can provide computing power to large technology companies.

The Singapore-incorporated company, listed on Euronext Amsterdam, announced the fundraising on October 12, 2026. The investment values SWI at approximately €6.1 billion and brings its total equity raised since March to more than €1 billion.

SWI controls Genesis Digital Assets (GDA), a Bitcoin mining company that received more than $1 billion in investment from Alameda Research, the trading firm linked to former FTX CEO Sam Bankman-Fried. SWI took control of Genesis Digital Assets in June by acquiring a majority stake in the company.

The move reflects a growing trend in the Bitcoin mining industry: companies are looking beyond Bitcoin mining and exploring whether their existing power connections and facilities could be more valuable when used for AI computing.

Bitcoin mining requires large amounts of electricity and powerful computers to process transactions and secure the network. AI data centers also need substantial electricity and computing power, but they use different equipment to train and run AI models.

This presents an opportunity for some Bitcoin miners. Rather than building new facilities from scratch, AI companies can repurpose existing sites with access to large amounts of electricity. However, Bitcoin mining hardware is not suitable for AI workloads, meaning a costly hardware overhaul is typically required.

SWI wants to take advantage of that opportunity by converting GDA's facilities in Texas, North Carolina, South Carolina and Sweden to serve large cloud computing companies, known as hyperscalers.

These companies need huge amounts of computing capacity to support AI products and services. SWI Chief Executive Max-Hervé George made clear that the company intends to move away from Bitcoin mining. Speaking to The Wall Street Journal (WSJ), he said he had "zero interest" in mining Bitcoin.

SWI also plans to sell Genesis Digital's remaining three small mining sites in Kazakhstan, WSJ reports.
According to SWI, Genesis Digital has more than 1.3 gigawatts of energized and approved grid connections across 15 facilities.

Combined with SWI's European AiOnX platform, the group says it has more than 3.6 gigawatts of AI-ready infrastructure capacity.

However, access to electricity does not automatically mean a facility is ready to run AI workloads. The sites may require upgrades, new equipment and agreements with customers before they can generate significant AI revenue.

The deal brings new attention to a company whose history is tied to the collapse of FTX in November 2022. Alameda Research invested more than $1 billion in Genesis Digital Assets beginning in 2021 and acquired roughly a 20% stake.

After FTX collapsed, the bankruptcy estate sued GDA to recover approximately $1.15 billion. The estate alleged that the investments involved misused funds and that the business had been overvalued.

According to The Wall Street Journal, bankruptcy administrators described Genesis Digital Assets as one of Bankman-Fried's most reckless investments.

The lawsuit was dropped on June 15, 2026, the same day SWI announced its initial investment in Genesis Digital Assets. The claims were dismissed with prejudice, meaning they cannot simply be filed again.

SWI initially agreed to invest $500 million for approximately 38.3% of Genesis Digital's shares, along with a substantial interest in its preferred stock. It later increased its ownership and gained majority control, with approximately 70% of the voting rights.

George said disputes involving FTX and other shareholders had been settled.
SWI's strategy is based on a simple idea: a Bitcoin mining site may be worth more to an AI company than it is to a Bitcoin miner.