SWI Group Raises €800 Million to Convert FTX (FTT)-Backed Bitcoin Miner Into AI Data Centers

SWI Group's €800 Million Raise

SWI Group has raised 800 million euros, about $894 million, from institutional investors to bankroll its transition from owner of former FTX mining assets into an AI infrastructure operator. The capital increase, announced Monday, values the Euronext Amsterdam-listed firm at 6.1 billion euros, the market cap it now carries on paper after the raise. The disclosure names no individual investors. SWI, an investment company focused on digital infrastructure and comparable real-world assets, said the fresh capital funds data-center and artificial intelligence computing projects across Europe and the United States. FTX Token (FTT) is not itself part of the transaction, but legacy creditors follow the estate's asset moves closely, since the FTT price has traded largely on estate-recovery headlines since the exchange went under in November 2022. The asset in the middle of the plan is Genesis Digital Assets, the Bitcoin (BTC) miner once backed by FTX and its trading affiliate Alameda Research, which financed the miner's expansion from 2021. SWI announced the purchase of roughly 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. That path opened only after the FTX bankruptcy estate dropped its $1.15 billion clawback suit against the miner, one of the bigger litigations left over from the collapse. Founder and CEO Max-Hervé George has said he has “zero interest” in bitcoin mining. SWI is selling the Kazakhstan sites and will run the U.S. and Swedish facilities for AI workloads, a route already taken by TeraWulf (WULF) and Core Scientific (CORZ), which convert power access into AI hosting revenue. Across the sector, miners have signed more than $70 billion in AI and high-performance computing contracts as they chase steadier income than mining margins, which stayed thin through the last bear market.

Grid Connections, Not Mining Rigs

The mechanics of SWI's entry show what the company actually bought: power connections, not machines. The initial purchase closed on Monday, June 15, taking about 38.3% of Genesis Digital's shares for $500 million along with 77.2% of the $1.124 billion liquidation preference attached to the miner's preferred stock, and SWI has since moved to majority ownership. The raise and the repurposing plan were publicized Monday in a post detailing the transaction. Genesis Digital brings more than 1.3 gigawatts of energized and approved grid capacity spread across 15 facilities, and combined with AiOnX, SWI's European platform, the group says it controls more than 3.6GW. SWI plans to market sites in Texas, North Carolina, South Carolina and Sweden to hyperscale cloud providers, while selling the three small Kazakhstan mining sites. The approach mirrors strategies at CoreWeave, Iren and Applied Digital, which have each pursued AI or neocloud infrastructure rather than raw mining. In an infrastructure bull market, energized grid access can outweigh the economics of mining at any single site. History sits underneath the deal. Alameda Research, the trading firm Sam Bankman-Fried built inside the FTX sphere, invested about $1.15 billion in Genesis Digital from 2021 and ended with a stake of roughly 20%. After the exchange collapsed in November 2022, estate administrators sued to recover the money, calling the investment one of Bankman-Fried's most reckless and describing the Kazakh assets as virtually worthless. That suit was dropped on June 15, the same day SWI closed its initial stake, and George said disputes with FTX and the remaining shareholders were fully settled. The announcement sets no timeline for the conversions and confirms no signed hyperscaler contracts or live AI capacity; the €800 million funds the strategy.

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A post detailing the transaction.

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A Closed Chapter for FTT

For FTT, the read-through is indirect but not empty. FTX Token (FTT) trades today as a claim on what the estate recovers, not on any operating exchange, and each settled dispute, the Genesis Digital clawback now among them, shortens the list of open legal questions. The CFTC has written the collapse and its $8 billion fraud into new crypto trading rules, so FTT's history now lives in U.S. regulatory language as well as creditor schedules. What the estate ultimately nets from the miner's AI-era valuation is undisclosed; no filing ties SWI's 6.1 billion euro valuation to creditor payouts. The next markers sit with SWI itself: signed hyperscaler deals, the Kazakhstan sale, and deployment of the new capital across its development pipeline.