SWI raises $894 million to repurpose former FTX bitcoin miner Genesis Digital to AI
Investment firm SWI has raised $894 million to repurpose former FTX-linked bitcoin mining infrastructure for artificial intelligence workloads. The company is divesting from crypto mining to focus on the more stable revenue streams offered by AI and high-performance computing.
Why it matters
This reflects a broader industry trend where bitcoin miners are pivoting to AI to leverage their existing power and data-center assets for higher profitability.
The Euronext Amsterdam-listed company, an investment firm concentrating on digital infrastructure, said the capital increase values it at 6.1 billion euros . It announced the purchase of about 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.
The company's strategy illustrates what has become a familiar trade for bitcoin-mining enterprises. Their most valuable asset is no longer their mining machines, but the power connections and the data-center sites that can be repurposed for AI customers. 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.
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