SWI Group raises €800 million to convert former bitcoin miner Genesis Digital into AI data centers

A €800 million fundraising

SWI Group, listed on Euronext Amsterdam under the ticker SWICH, announced on Monday, October 12, 2026, that it had raised €800 million, or $894 million according to CoinDesk, through a capital increase. The subscribers are institutional investors whose identities have not been disclosed, Cryptoast reports.

According to both outlets, the transaction values the company at €6.1 billion. Cryptoast adds that it brings the equity raised by the group since March 2026 to more than €1 billion. CoinDesk describes SWI as an investment company specializing in digital infrastructure that controls the former bitcoin miner Genesis Digital Assets, previously owned by FTX.

What the funds will be used for

According to CoinDesk, the capital will be used to expand the group's data center and artificial intelligence computing projects in Europe and the United States. Cryptoast details this allocation: the group plans to finance electrical infrastructure, computing capacity deployments and its development project pipeline in the same geographic areas.

The Genesis Digital acquisition

CoinDesk reports that SWI announced in June the purchase of about 40% of Genesis Digital for $500 million. The acquisition was completed in August, with 70% of voting rights, and the entity was renamed SWI Digital. Cryptoast cites a slightly different figure: about 38.3% of the share capital, acquired for $500 million, followed by an increase above 50% to take control.

Cryptoast reports that the purchase was closed on June 15, the day the FTX Recovery Trust dropped its lawsuit against Genesis Digital. FTX's bankruptcy administrators had sued the company in an attempt to recover Alameda Research's investment.

Sites, electrical capacity and sector movement

According to Cryptoast, access to the power grid was above all what interested SWI. Genesis Digital Assets holds more than 1.3 gigawatts of capacity across 15 sites, mainly in Texas, in North and South Carolina, and in Sweden. With the European platform AiOnX, which represents 2.3 GW, the group exceeds 3.6 GW of available power. Max-Hervé George said at the time of the acquisition that grid connection was "the most valuable resource" of digital infrastructure.

CoinDesk reports that Max-Hervé George told the Wall Street Journal he has "zero interest" in bitcoin mining. Also according to CoinDesk, the company is selling Genesis Digital Assets' sites in Kazakhstan and intends to use its U.S. and Swedish facilities for AI.

CoinDesk places this strategy within a broader trend: bitcoin miners have signed more than $70 billion in AI and high-performance computing contracts, seeking more stable revenues. It cites TeraWulf and Core Scientific among the listed miners engaged in the same race. Cryptoast relies on CoinShares' latest quarterly report, according to which one megawatt devoted to AI can generate up to three times more revenue than one megawatt dedicated to bitcoin mining.

Alameda and hashrate

According to CoinDesk, which relies on the Wall Street Journal, Alameda Research invested more than $1 billion in Genesis Digital Assets starting in 2021 and held about 20% of it. Cryptoast, for its part, cites about $1.15 billion injected in 2021. FTX filed for bankruptcy in November 2022.

Cryptoast notes that, despite this shift, the bitcoin network's hashrate has moved back above 1,000 exahashes per second, or 1 zettahash. It reportedly reached a historic peak of about 1.16 ZH/s on October 19, 2025, before stalling and then declining, with several lows below 850 EH/s. The outlet attributes this decline in part to the partial conversion toward AI and rising energy costs, and places the recovery from late August onward.

Analysis

Both sources converge: the value of a former miner now depends on its electrical capacity and sites rather than on its mining activity. SWI's fundraising fits this logic, although the sources do not detail the timeline for deploying the AI projects. On the market side, bitcoin was trading at €74,609 on Monday at 1:37 p.m., up 0.73% over 24 hours, according to CoinGecko.