SWI Group, an Euronext Amsterdam-listed investment firm, announced it raised 800 million euros ($894 million) from institutional investors to transform Genesis Digital Assets, which it acquired from the FTX bankruptcy estate, from a bitcoin miner into an AI-focused data center. The capital increase values SWI Group at 6.1 billion euros. SWI had purchased approximately 40% of Genesis Digital in June for $500 million, completing the acquisition in August with 70% of the voting rights and renaming the unit SWI Digital.

This strategy reflects a broader trend where bitcoin mining enterprises are repurposing their power connections and data center sites for AI customers, with miners having signed over $70 billion in AI and high-performance computing contracts. SWI CEO Max-Hervé George stated he had “zero interest” in bitcoin mining, with the company selling Genesis Digital Assets’ sites in Kazakhstan to focus its U.S. and Swedish facilities on AI workloads. This pivot places SWI in competition with listed miners like TeraWulf and Core Scientific, which are also converting their infrastructure into AI hosting businesses.