SWI Group Raises €800M to Repurpose Genesis Digital Bitcoin Mining Sites for AI
SWI Group has raised €800 million (approximately $900 million) to convert Genesis Digital Assets' former Bitcoin mining sites into AI data centers. This capital increase values SWI at €6.1 billion, highlighting a trend of repurposing mining infrastructure for the growing demand in AI compute capacity.
SWI Group raised €800 million from institutional investors.
Capital will be used for AI data centers and compute capacity.
Former Genesis Digital Bitcoin mining sites are being repurposed.
SWI CEO has “zero interest” in Bitcoin mining and is selling remaining mining sites.
Story
The Singapore-incorporated, Amsterdam-listed SWI Group, which took control of former Bitcoin miner Genesis Digital Assets, has raised €800 million (approximately $900 million) from institutional investors. The capital is earmarked for expanding its data center and AI compute capacity in Europe and the US. This funding round values SWI at €6.1 billion. Founder and CEO, Max-Hervé George, stated that the company has “zero interest” in Bitcoin mining and plans to market the Genesis Digital sites in Texas, North Carolina, South Carolina, and Sweden to hyperscale cloud providers. The last three small mining sites of Genesis Digital in Kazakhstan are being sold. This development reflects a broader trend where Bitcoin miner infrastructure, particularly their power connections, is being repurposed for the growing demand for AI workloads. Genesis Digital had a complex history, including a $1.15 billion investment from Alameda Research, which led to legal disputes after the FTX collapse, now settled.
Issue context
The crypto market demonstrates resilience on October 12, 2026, even as the total market capitalization saw a slight decline. Bitcoin managed to hold above the $83,000 mark despite significant outflows from US spot ETFs, indicating underlying strength. Concurrently, specific altcoins like Starknet are experiencing notable price surges, driven by strategic developments and narrative catalysts. This dynamic highlights a potential capital rotation and the importance of project-specific news in a volatile environment. The upcoming US inflation data on October 14 could provide further impetus for the markets.
Markets are showing a mix of Bitcoin's resilience and speculative activity in altcoins. Pay attention to macroeconomic data, especially US inflation figures, which could influence overall market sentiment. Whale movements and regulatory news can introduce short-term volatility for individual assets. Your risk tolerance and investment horizon should guide your decisions.
Market pulse
BTC
$83.9K
+1.02% 24h / -1.86% 7d
Fear & Greed
69
Greed
BTC Funding
+0.0017%
20 perp markets · Open Interest $53.3B
BTC Open Interest
$53.3B
24h volume $43.8B · basis +0.056%
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This story is part of the Biturai Market Brief and is for informational purposes only. No investment advice.