SWI Group raises capital to convert FTX backed Bitcoin miner for AI

SWI Group has raised capital to expand artificial intelligence infrastructure, advancing a plan to repurpose former FTX backed Bitcoin miner Genesis Digital Assets. CryptoSlate reported that the Amsterdam listed company announced a capital increase on October 12, 2026. CryptoSlate and Yahoo Finance both report that the fundraising supports converting the digital infrastructure for AI use. [1][2]

Outlets differed on the exact funding amount raised by the company. CryptoSlate reported that SWI Group raised 800 million euros, while Yahoo Finance reported the figure as 900 million dollars. CryptoSlate added that the financing was backed by institutional investors, bringing total equity raised since March above 1 billion euros and valuing the group at 6.1 billion euros. [1][2]

The financing will support data center development, power infrastructure, and computing deployments across Europe and the United States, according to CryptoSlate. The company is pursuing an existing plan to reposition the mining sites owned by Genesis Digital Assets into an AI platform. [1]

Bitcoin is a decentralized cryptocurrency created in 2008 by an unknown person using the pseudonym Satoshi Nakamoto. The protocol relies on network participants known as miners who compete to solve computational puzzles using power intensive infrastructure to validate transactions and earn block rewards. [5][6]