SWI Group Revives FTX-backed Bitcoin Mining Venture with €800 Million AI Investment
Key Summary
SWI Group has raised €800 million to expand its AI infrastructure, reusing its control of FTX-backed Bitcoin miner Genesis Digital Assets to support high-performance computing and AI services. The financing will support data-center development, power infrastructure, and computing deployments across Europe and the US, as Bitcoin miners increasingly redirect capital toward AI infrastructure.
Expansion Plans SWI Group has announced a capital increase of €800 million to expand its AI infrastructure. The financing will support data-center development, power infrastructure, and computing deployments across Europe and the US. SWI plans to convert its existing digital infrastructure portfolio toward artificial intelligence and high-performance computing.
Genesis Digital Assets Genesis Digital Assets (GDA) is a former major investment of bankrupt crypto exchange FTX's trading affiliate, Alameda Research. SWI acquired control of GDA earlier this year and plans to rename the miner SWI Digital.
AI Cloud Platform SWI will develop its own AI cloud platform, extending its business beyond data-center ownership into computing services for enterprises and developers. The company's combined European and American digital infrastructure portfolio exceeds 4 gigawatts of power capacity, with more than 80% of its capital allocated to the sector.
Financial Outlook The shift in financial outlook for Bitcoin mining and AI infrastructure is driven by growing investor demand for companies with existing electricity connections and infrastructure capable of supporting AI workloads. According to CoinShares' second-quarter mining report, AI computing infrastructure could generate approximately $1.5 million in annualized profit per megawatt, compared with an estimated $500,000 from Bitcoin mining.
Investment Potential SWI's €800 million capital increase provides additional financing for its expansion, but the company has not disclosed which Genesis facilities will be converted first, their development costs or when they will begin generating AI computing revenue.