- SWI Group, which announced a $500 million purchase of a large Genesis Digital Assets stake in June 2026 and later became its majority owner, is repurposing the bitcoin miner’s assets for artificial intelligence infrastructure, WSJ reported.
- On October 12, 2026, SWI announced it had raised €800 million, or about $900 million, to upgrade and expand its data centers and increase computing capacity.
- SWI plans to retrofit data centers in the United States and Sweden to serve large cloud computing providers, including Amazon Web Services and Google Cloud.
SWI Group is converting former Genesis Digital Assets mining sites into artificial intelligence infrastructure after announcing a $500 million investment in the company in June 2026 and later becoming its majority owner, WSJ reported. The project repurposes assets linked to FTX and trading firm Alameda Research, which invested more than $1 billion in Genesis Digital in 2021.
Genesis Digital was previously one of the world’s largest bitcoin miners, according to WSJ. Alameda, which was affiliated with FTX founder Sam Bankman-Fried, received a 20% stake through its investment.
After FTX collapsed in November 2022, the mining business became the subject of legal disputes. SWI announced in June 2026 that it had acquired a large stake in Genesis Digital for $500 million and later became the company’s majority owner.
SWI raises €800 million for data centers
According to WSJ, SWI announced on October 12, 2026, that it had raised €800 million, or about $900 million, to upgrade and expand its data centers. SWI co-founder and CEO Max-Hervé George said the company needed the capital to increase its computing capacity and that he was not interested in continuing bitcoin mining.
SWI plans to use data centers in Texas, North Carolina, South Carolina and Sweden to serve so-called hyperscalers, or large cloud computing providers, including Amazon Web Services and Google Cloud. Such companies provide a significant share of the computing infrastructure used by artificial intelligence services.
Genesis Digital initially focused on bitcoin mining in Kazakhstan but later reduced its operations there. George said SWI was selling its remaining assets in the country, comprising three small mining sites.
Bankman-Fried’s Anthropic investment
WSJ noted that some investments made by Bankman-Fried later increased substantially in value as artificial intelligence developed.
In 2021, Bankman-Fried invested $500 million in Anthropic, giving FTX a 7.8% stake before the startup became one of the better-known companies in the AI market.
The FTX liquidation committee sold the stake for $1.3 billion in 2024. Based on Anthropic’s latest valuation, WSJ estimated that the block of shares could now be worth about $75 billion.
In July 2026, FTX announced its fifth payout round, bringing total compensation to more than $10 billion.
Source: Incrypted
