SWI Group has raised €800 million (about $895 million) from institutional investors at a €6.1 billion valuation, and it's using the money to reshape Genesis Digital Assets — the Bitcoin miner that once sat at the center of the FTX collapse — into an AI infrastructure landlord. The group says it will market Genesis Digital's facilities in Texas, North Carolina, South Carolina and Sweden to hyperscale cloud providers.
The pitch is simple enough: Bitcoin mining sites already have the one thing AI data centers need most — power. Genesis Digital holds more than 1.3 gigawatts of energized and approved grid connections across 15 facilities. Combined with AiOnX, SWI's European platform, the group claims more than 3.6GW of capacity.
The FTX exit that made this possible
SWI's path to majority ownership of Genesis Digital runs straight through the FTX bankruptcy. On June 15, SWI bought roughly 38.3% of Genesis Digital's shares for $500 million. The deal included 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 same day, FTX dropped its lawsuit against Genesis Digital. Alameda Research had poured about $1.15 billion into the miner from 2021 and ended up with a 20% stake. When FTX imploded, estate administrators sued to recover the investment, calling it one of Sam Bankman-Fried's most reckless bets and describing Genesis Digital's Kazakh assets as virtually worthless.
SWI founder and CEO Max-Hervé George said all legal disputes with FTX and other shareholders had been settled. That's the cleanest part of the story. The rest is execution.
What SWI actually plans to do
Three things, per the company: market the four named locations to hyperscale cloud providers, sell the three small Kazakhstan mining sites, and deploy the new capital into infrastructure, compute, and its development pipeline across Europe and the US.
Selling Kazakhstan is the easy call. FTX's estate already called those assets worthless in court filings, and they don't fit the AI narrative. The harder work is convincing the largest cloud providers to sign leases on converted Bitcoin mines.
No deals signed, no timeline given
This is where the announcement gets thin. SWI confirms no signed hyperscaler deals and no live AI capacity. There's also no timeline for converting any of the mining sites into AI-ready facilities.
That's not unusual for a raise of this size — infrastructure funds often announce capital first and tenants later — but it does mean the €800 million is funding a strategy, not a book of business. The four markets SWI is targeting are credible for power availability, if not for the fiber and latency profiles some AI workloads demand.
The FTX overhang is mostly gone
For Genesis Digital, the settlement matters as much as the cash. The lawsuit was the last piece of the FTX estate's attempt to claw back the Alameda investment, and dropping it cleared the way for SWI to take control without a court fight hanging over the cap table. George's statement that all disputes are settled is the company's claim, not a court's, but there's no indication of pending litigation in the announcement.
What's unresolved is whether hyperscalers bite. SWI has the power, the sites, and now the capital. It doesn't have a customer, a conversion schedule, or a public sense of how long the four sites would take to move from mining rigs to GPU racks. Until one of those deals is signed, the AI pivot is a plan with a €6.1 billion price tag attached.
