SWI Group has secured €800 million in funding from institutional investors at a valuation of €6.1 billion as it shifts its business strategy toward artificial intelligence infrastructure. The Singapore-incorporated, Amsterdam-listed firm is repositioning Genesis Digital Assets, a Bitcoin mining company formerly backed by FTX, to pursue opportunities with hyperscale cloud computing providers.

SWI plans to offer Genesis Digital’s facilities in Texas, North Carolina, South Carolina, and Sweden to major cloud operators. The company says Genesis Digital has more than 1.3 gigawatts of energized and approved grid connections across 15 facilities. Including AiOnX, SWI’s European infrastructure platform, the group’s combined capacity exceeds 3.6 GW.

The latest funding announcement follows SWI’s purchase of approximately 38.3% of Genesis Digital’s shares on June 15 for $500 million. The deal also included 77.2% of the $1.124 billion liquidation preference associated with Genesis Digital’s preferred stock. SWI has since obtained majority control of the business.

The company’s strategy reflects a growing belief that established power connections and access to the electricity grid could be more valuable than the returns generated by Bitcoin mining. With demand for AI computing accelerating, operators are exploring whether existing mining facilities can be adapted to support data centers and high-performance computing operations.

Genesis Digital’s AI Ambitions Face Execution Hurdles and an FTX Legacy

Data Center Dynamics has described the transaction as a strategic shift toward infrastructure designed for hyperscale cloud providers. Its reporting indicates that Genesis Digital’s facilities are being positioned for potential AI and high-performance computing workloads. The move also mirrors efforts by CoreWeave, Iren, and Applied Digital to build businesses around AI infrastructure and neocloud services.

The strategy connects the cryptocurrency mining industry with the fast-growing AI infrastructure market, which requires significant capital expenditure. At the same time, the increasing overlap between AI investment and crypto markets has raised concerns about credit risks within the AI sector and possible spillover effects on Bitcoin.

Genesis Digital’s financial history is closely associated with Alameda Research, the trading firm linked to FTX. Beginning in 2021, Alameda invested around $1.15 billion in Genesis Digital and acquired a 20% stake in the company. That investment subsequently became part of the broader financial controversy surrounding FTX and Sam Bankman-Fried.

Following FTX’s collapse, administrators managing the exchange’s estate filed a lawsuit against Genesis Digital to recover the investment. The Wall Street Journal reported that the estate called the deal one of Bankman-Fried’s most reckless investments and described Genesis Digital’s assets in Kazakhstan as virtually worthless.

The legal dispute ended on June 15, when FTX withdrew its lawsuit against Genesis Digital. The decision came on the same day SWI completed its initial share purchase. SWI founder and CEO Max-Hervé George said the company had resolved all legal disputes involving FTX and other shareholders.

SWI’s immediate priorities are to market the four identified locations to hyperscale cloud providers, sell three smaller Bitcoin mining sites in Kazakhstan, and invest the new capital in infrastructure, computing resources, and development projects throughout Europe and the United States.

Despite the funding and strategic shift, the company has not announced a timetable for converting the facilities, confirmed any signed agreements with hyperscale cloud providers, or disclosed operational AI computing capacity. The €800 million raise provides financial backing for the plan, but its commercial success will depend on execution and the ability to secure customers for the proposed infrastructure.