SWI plans €800 million AI raise for FTX-linked miner

Amsterdam-listed SWI announced the capital increase on Oct. 12, saying it would fund data centers, power infrastructure and computing deployments in Europe and the U.S. The plan includes converting Genesis Digital Assets, a Bitcoin miner previously backed by FTX trading affiliate Alameda Research.

The financing values SWI at €6.1 billion and takes the company’s total equity raised since March above €1 billion. The new shares will be issued in several series to institutional investors. SWI did not identify the investors or disclose how much of the proceeds will go to Genesis.

SWI plans to expand into AI cloud services for businesses and developers. Chief Executive Max-Hervé George linked the funding to rising demand for computing capacity.

The company plans to rename Genesis SWI Digital and use its U.S. mining infrastructure for high-performance computing and AI services. Genesis’ power-connected sites could be redeveloped for more demanding workloads, though SWI has not identified which facilities will be converted first or when they will begin generating AI revenue.

SWI consolidated control of Genesis in August after acquiring a stake of more than 70% through share purchases and restructuring. Alameda invested about $1.15 billion in Genesis between 2021 and 2022, when the miner was valued at roughly $5.5 billion.

FTX’s recovery trust sued to reclaim the funds, alleging that Alameda had transferred them improperly. The trust dismissed the lawsuit in June 2026.

SWI has previously disclosed that its digital infrastructure portfolio in Europe and the U.S. exceeded 4 gigawatts of power capacity, with more than 80% of its capital allocated to the sector. The company plans to use part of that portfolio for AI computing instead of relying solely on Bitcoin mining.

CoinShares estimated that AI computing facilities could generate about $1.5 million in annualized profit per megawatt, compared with approximately $500,000 for Bitcoin mining. It reported that 10 of the 12 publicly traded miners it tracked rose between 70% and 195% in the second quarter.

Companies including Hut 8, Cipher Mining, TeraWulf and Core Scientific traded at an average of 19.4 times forward sales, compared with 6.6 times for more mining-focused peers.

Converting mining sites for AI workloads remains costly. CoinShares estimated that AI-grade facilities can cost $8 million to $15 million per megawatt to develop, compared with about $700,000 to $1 million for Bitcoin-mining infrastructure. Its report also found that more than $100 billion in disclosed AI computing contracts represented about $1.1 billion in annualized revenue, with roughly 550 megawatts generating billings against more than 4 gigawatts of contracted capacity.