SWI Group Raises 800 Million Euros for AI Data Centers
The publicly listed group will use the proceeds for data centers and AI workloads in Europe and the U.S. The conversion of ex-FTX miner Genesis Digital Assets is moving ahead.
Key Takeaways
- SWI Group raised 800 million euros from institutional investors to expand its data center and AI projects in Europe and the U.S.
- The company is listed on Euronext Amsterdam, putting its valuation at 6.1 billion euros.
- SWI Group is converting Genesis Digital Assets into SWI Digital and is focusing on AI workloads instead of bitcoin mining.
SWI Group has raised 800 million euros from institutional investors to expand its data center and AI computing projects in Europe and the U.S. The company, which is listed on Euronext Amsterdam, values itself at 6.1 billion euros and is continuing the conversion of former FTX-backed Bitcoin miner Genesis Digital Assets.
From Mining to AI
In June, SWI Group bought about 40% of Genesis Digital Assets for $500 million (€446 million). In August, it completed the acquisition with 70% of the voting rights and gave the division a new name: SWI Digital. The company says it is mainly focused on data centers and AI workloads, not bitcoin mining itself.
That strategy fits a broader shift among publicly listed bitcoin miners. Under that logic, their value is tied less and less to mining machines and more and more to power connections and data center sites that can be reused for AI customers. According to market data, bitcoin miners have now signed more than $70 billion (€62.5 billion) in AI and high-performance computing contracts.
Why This Matters
For European crypto readers, this deal shows how quickly the sector is shifting from pure mining to digital infrastructure. That matters because more miners are trying to generate steadier revenue from AI and high-performance computing instead of relying only on bitcoin mining. As a result, competition for long-term contracts with major cloud providers and hyperscalers is increasing.
FTX Legacy Keeps Playing Out
SWI CEO Max-Hervé George told the Wall Street Journal that he has “zero interest” in bitcoin mining. The company is selling Genesis Digital Assets sites in Kazakhstan and wants to use the U.S. and Swedish locations for AI workloads.
Meanwhile, the company’s history remains tied to FTX’s collapse. Alameda Research, Sam Bankman-Fried’s trading firm, invested more than $1 billion (€0.9 billion) in Genesis Digital Assets, according to the WSJ, and owned about 20% of the miner. FTX went bankrupt in November 2022, after which that investment became part of the assets the estate reviewed.
