SWI Raises $894 Million to Repurpose an FTX-Era Bitcoin Miner for AI

SWI Group raised €800 million ($894 million) from institutional investors on Oct. 12, 2026, issuing new ordinary shares that lift its total share capital to 558,399,385. The Euronext Amsterdam-listed holding company, ticker SWICH, controls SWI Digital, the unit built around the former FTX-owned bitcoin miner Genesis Digital Assets.

The proceeds are earmarked for data center and AI compute capacity, including power infrastructure and compute deployments on both sides of the Atlantic, according to the company's announcement. The raise takes SWI's free float to roughly 20% of share capital, and some investors received options tied to ECM milestones. Total equity raised since March 2026 now exceeds €1 billion.

SWI Digital Came Out of the FTX Estate

Genesis Digital Assets was a bitcoin miner that Alameda Research, the trading firm owned by Sam Bankman-Fried, invested more than $1 billion in from 2021, taking about 20% of the company. FTX filed for bankruptcy in November 2022, and the holding was among the assets the estate scrutinised.

SWI bought in this year. It announced the purchase of about 40% of Genesis Digital in June for $500 million, completed the acquisition in August with 70% of the voting rights, and renamed the unit SWI Digital. On July 17 it added 4.4% from funds managed by Stone Ridge Asset Management, taking the holding over 70%.

A separate claim closed before the raise. The FTX trust voluntarily dismissed its $1.15 billion lawsuit against Genesis Digital Assets with prejudice, entered June 15, 2026, at the US Bankruptcy Court for the District of Delaware, case number 1:25-ap-52358. The suit had alleged that the miner and its co-founders received commingled and misappropriated funds from Bankman-Fried between August 2021 and April 2022.

The Asset Is the Grid Connection

GDA holds 1.3 GW of energized and approved grid connections across 15 facilities, including hyperscaler-grade sites in Texas. SWI says the acquisition gives the group a combined transatlantic footprint of 3.6 GW of AI-ready digital infrastructure capacity.

The plan is to sell Genesis Digital's Kazakhstan sites and use its US and Swedish facilities for AI workloads instead. SWI's own European platform, AiOnX, has five sites under development in Ireland, the UK, Denmark, Spain and Italy, representing 2.3 GW of AI-ready capacity. Group-wide, SWI describes roughly €10 billion of assets under management, more than 280 employees and 26 offices.

"Power connectivity is the most valuable commodity in digital infrastructure today, and converting legacy cryptocurrency mining infrastructure to AI and high-performance computing is the best and highest use of these assets," said Max-Hervé George, SWI's founder and chief executive, in June.

George told the Wall Street Journal he had "zero interest" in bitcoin mining.

Miners Are Signing the Same Contracts

Bitcoin miners have signed more than $70 billion in AI and high-performance computing contracts, as they seek steadier revenue than bitcoin mining currently provides. SWI's pivot puts it in the same race as listed miners TeraWulf and Core Scientific, which are converting power access and data-center capacity into AI hosting businesses.

An earlier SWI announcement states the group would hold about 77.2% by value of the $1.124 billion liquidation preference attaching to GDA's preferred share classes, and about 38.3% of total shareholding.

The Details That Matter

The material reviewed for this piece sets no timeline for converting the Genesis Digital sites, names no signed hyperscaler tenant, and gives no figure for live AI compute or contracted AI revenue.

For now the disclosed inputs are the share count of 558,399,385, a free float near 20%, and more than €1 billion raised since March 2026 that is going into power and compute capacity rather than hashrate.