Bitcoin Mining News: SWI Group Raises €800M for AI Expansion. Bitcoin mining news just got a €800 million twist. An ex-FTX-backed miner is being rebuilt for artificial intelligence, and the c
Bitcoin mining news just got a €800 million twist. An ex-FTX-backed miner is being rebuilt for artificial intelligence, and the cash is already in. This week’scrypto news is about capital secured, not a coin price.
SWI Group, listed in Amsterdam, raised €800 million (about $894 million) on October 12, 2026 to expand AI data center capacity in Europe and the US.
It controls Genesis Digital Assets, a former FTX-backed miner, and plans to convert its sites for AI workloads.
SWI Group raised the money from undisclosed institutional investors at a valuation of about €6.1 billion. The funds will back power infrastructure and AI compute.
Reports say its sites in Texas, North Carolina, South Carolina, and Sweden will be marketed to cloud providers.
SWI Group €800M raise for Genesis Digital AI conversion, announced October 12, 2026.
Date
Event
2021 to April 2022
Alameda Research invests about $1.15B in Genesis Digital.
June 15, 2026
FTX trust drops its lawsuit; The Group announces a $500M stake deal.
August 2026
Purchase closes, giving about 70% of voting rights.
October 12, 2026
The Company announces the €800M raise.
Mining pays in coins, so income swings with Bitcoin’s price and network difficulty and the level of competition among miners. AI hosting rents out computing power under long contracts. Hut 8’s 15-year, $9.8 billion Texas lease is one example.
Power is the shared prize. Genesis Digital reportedly holds over 1.3 GW of grid connections across 15 facilities. Mining machines called ASICs cannot run AI models, so converted sites need GPU servers and stronger cooling.
SWI’s CEO told The Wall Street Journal he has zero interest in mining Bitcoin.
Analysts would read the Fund raising as a bet that power access matters more than mining itself.
A big raise signals ambition, not delivery. Reports give no conversion timeline or named AI customers or contracted AI revenue, so the plan remains a stated goal.
YMYL Disclaimer: This article is for information only and is not financial or investment advice. Crypto assets and related shares are volatile and risky. Do your own research before you act.
