FTX’s former Bitcoin mining bet gets new life as parent raises €800 million for AI

SWI Group has raised €800 million to expand AI infrastructure, advancing its plan to repurpose FTX-backed Bitcoin miner Genesis Digital Assets.On Oct. 12, the Amsterdam-listed company announced a capital increase backed by institutional investors, valuing the group at €6.1 billion and bringing total equity raised since March above €1 billion.The financing will support data-center development, power infrastructure and computing deployments across Europe and the United States, where SWI is converting its digital infrastructure portfolio toward artificial intelligence and high-performance computing.The expansion includes Genesis Digital Assets (GDA), a former major investment of bankrupt crypto exchange FTX's trading affiliate, Alameda Research, which SWI acquired control of earlier this year.The fundraising comes as Bitcoin miners increasingly redirect capital toward AI infrastructure, attracted by stronger projected profitability and rising valuations for companies with access to electricity and data-center capacity.Former FTX investment becomes foundation for AI expansionGenesis was among Alameda Research's largest venture investments before FTX collapsed in November 2022.The tradi...