SWI Group raises €800 million to repurpose former FTX bitcoin miner Genesis Digital for AI data centers
SWI Group raised €800 million from institutional investors to convert Genesis Digital Assets, acquired from FTX bankruptcy, into AI-focused data centers across Europe and the U.S.
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Why it matters
The fundraising illustrates a broader shift among bitcoin miners repurposing power connections and data center capacity for AI workloads, which offer higher projected profitability. The transaction also resolves part of the FTX bankruptcy estate's holdings in Genesis Digital Assets.
Where the sources disagree
Figures that do not reconcile
Found by comparing the numbers in the reports automatically. They are differences, not yet confirmed to be about the same thing.
size of the raise (group raised)
$894 million
CoinDesk
€800 million
CryptoSlate
CoinDesk reports $894 million, CryptoSlate reports €800 million (11% apart).
size of the raise (raised)
$894 million
CoinDesk
€800 million
Bitcoin.com News
CoinDesk reports $894 million, Bitcoin.com News reports €800 million (11% apart).
reported value (digital genesis)
40%
CoinDesk
20%
Cointelegraph
CoinDesk reports 40%, Cointelegraph reports 20% (50% apart).
size of the raise (expand group raised)
€800 million
CryptoSlate
$896 million
Bitcoin.com News
CryptoSlate reports €800 million, Bitcoin.com News reports $896 million (11% apart).
size of the raise (group raised)
€800 million
CryptoSlate
$900 million
Cointelegraph
CryptoSlate reports €800 million, Cointelegraph reports $900 million (11% apart).
size of the raise (raised)
€800 million
Bitcoin.com News
$900 million
Cointelegraph
Bitcoin.com News reports €800 million, Cointelegraph reports $900 million (11% apart).
Key facts
SWI Group raised €800 million from institutional investors
800 EURDisputed figureReported by CoinDesk
SWI Group completed majority acquisition of Genesis Digital Assets with 70% voting rights in August
70 %Reported by CoinDesk
Genesis Digital Assets was renamed SWI Digital after acquisition
Reported by CoinDesk
SWI plans to repurpose Genesis Digital's U.S. and Swedish facilities for AI workloads and sell its Kazakhstan sites
Reported by CoinDesk
SWI Chief Executive Max-Hervé George stated the company has zero interest in bitcoin mining and needs capital to deploy more compute
Reported by Bitcoin.com News
What happened
SWI Group announced an €800 million capital increase backed by institutional investors, valuing the Euronext Amsterdam-listed company at €6.1 billion. The funds will finance the conversion of Genesis Digital Assets' U.S. and Swedish facilities — acquired from the FTX estate — into AI and high-performance computing data centers, while sites in Kazakhstan will be sold. SWI acquired approximately 40% of Genesis in June for $500 million and completed majority control with 70% voting rights in August, renaming the unit SWI Digital. The company's chief executive Max-Hervé George stated the firm has zero interest in bitcoin mining and needs capital to deploy more compute. CoinShares estimates AI infrastructure could generate three times bitcoin mining's annual profit per megawatt. SWI has not disclosed how much funding Genesis will receive or when its facilities will begin generating AI revenue.
How the story developed
- First report
First report by CoinDesk
SWI raises $894 million to repurpose former FTX bitcoin miner Genesis Digital to AI
- Update
SWI Group acquires 40% of Genesis Digital Assets
SWI announced purchase of about 40% of Genesis for $500 million in June
- Official statement
SWI Group announces €800 million capital raise for AI data center conversion
Amsterdam-listed company announces capital increase backed by institutional investors, valuing group at €6.1 billion
- Independent corroboration
Independently corroborated by CryptoSlate
FTX’s former Bitcoin mining bet gets new life as parent raises €800 million for AI
- Official statement
Official statement from Bitcoin.com News
SWI Turns FTX’s Former Bitcoin Mining Infrastructure Toward AI Boom
- Update
FTX bankruptcy
FTX filed for bankruptcy in November 2022
- Update
Alameda Research invests in Genesis Digital Assets
Former FTX CEO Sam Bankman-Fried reportedly directed Alameda Research to spend more than $1 billion to buy a 20% stake in Genesis between 2021 and 2022
How coverage built up
Independent sources over time, counted the way the consensus panel counts them: a republication of a wire story does not move the line.
- 12 Oct 2026, 10:27 UTC: CoinDesk — 1 independent source, 1 reports
- 12 Oct 2026, 20:50 UTC: CryptoSlate — 2 independent sources, 2 reports
- 12 Oct 2026, 20:57 UTC: Bitcoin.com News, official — 3 independent sources, 3 reports
- 12 Oct 2026, 21:11 UTC: Cointelegraph — 4 independent sources, 4 reports
Affected entities
Original sources
| Publisher | Report | Role | Published |
|---|---|---|---|
| Bitcoin.com News Company, official | SWI Turns FTX’s Former Bitcoin Mining Infrastructure Toward AI Boom | Independent | |
| CoinDesk Crypto media | SWI raises $894 million to repurpose former FTX bitcoin miner Genesis Digital to AI | Original | |
| Cointelegraph Crypto media | FTX’s crypto mining venture is now used to advance AI | Independent | |
| CryptoSlate Crypto media | FTX’s former Bitcoin mining bet gets new life as parent raises €800 million for AI | Independent |
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