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ZEC $1,209 FTX's former Bitcoin mining bet gets new life as parent raises €800 million for AI
SWI Group has raised €800 million to repurpose Genesis Digital Assets, the Bitcoin miner once backed by FTX's Alameda Research, for AI infrastructure.
Key takeaways
- €800 million raised. SWI Group secured €800 million in fresh capital to expand its AI infrastructure portfolio on Oct. 12, 2026.
- Alameda's $1.15B Genesis bet. Alameda Research invested approximately $1.15 billion in Genesis Digital Assets between 2021 and 2022.
- AI profit 3x Bitcoin mining. AI computing infrastructure generates roughly 3 times the annualized profit per megawatt of Bitcoin mining, per CoinShares.
What happened
On Oct. 12, 2026, Amsterdam-listed SWI Group announced it had raised €800 million via a capital increase backed by institutional investors, valuing the company at €6.1 billion. The funds will support data-center development, power infrastructure and computing deployments across Europe and the United States as SWI pivots its digital infrastructure portfolio toward artificial intelligence and high-performance computing.
The expansion includes Genesis Digital Assets (GDA), the Bitcoin miner that was one of the largest venture investments of FTX trading affiliate Alameda Research before the crypto exchange collapsed in November 2022. Alameda invested approximately $1.15 billion in Genesis between 2021 and 2022 for a roughly 20% stake, and the investment later became the subject of bankruptcy litigation that was dismissed in June 2026. SWI completed its acquisition of a stake exceeding 70% in Genesis in August 2026, and plans to rebrand the miner as SWI Digital to offer AI and cloud computing services.
SWI is also selling Genesis's remaining three small Bitcoin mining sites in Kazakhstan as part of its full shift away from crypto mining. The company's combined European and American digital infrastructure portfolio already exceeds 4 gigawatts of power capacity, which it will redevelop for AI workloads, and it plans to launch its own AI cloud platform for enterprise and developer customers.
Why it matters
The pivot highlights a growing valuation and profitability gap between Bitcoin mining operations and AI infrastructure providers. CoinShares' second-quarter mining report found AI computing infrastructure can generate approximately $1.5 million in annualized profit per megawatt, compared to an estimated $500,000 from Bitcoin mining, a threefold difference. Publicly traded mining firms that pivoted to AI saw stock gains between 70% and 195% in Q2 2026, and AI-focused infrastructure companies trade at an average of 19.4 times forward sales, compared to 6.6 times for mining-focused peers.
What is still unclear
- SWI has not disclosed the identity of the institutional investors that backed its €800 million capital increase, or how much of the proceeds will be allocated specifically to Genesis Digital Assets.
Questions readers ask
What happened to Genesis Digital Assets after FTX collapsed?
After FTX collapsed in November 2022, Genesis Digital Assets became the subject of a bankruptcy lawsuit from FTX's recovery trust, which sought to reclaim approximately $1.15 billion it alleged Alameda Research improperly transferred. The lawsuit was dismissed on June 15, 2026, and SWI Group acquired a majority stake in Genesis later that year.
Why are Bitcoin miners pivoting to AI infrastructure?
Bitcoin miners are shifting to AI infrastructure because it offers higher projected profitability: CoinShares estimates AI computing generates approximately $1.5 million in annualized profit per megawatt, roughly three times the estimated $500,000 from Bitcoin mining.
How much did Alameda Research invest in Genesis Digital Assets?
Alameda Research invested approximately $1.15 billion in Genesis Digital Assets between 2021 and 2022, acquiring roughly a 20% stake in the Bitcoin miner.
