SWI raises $894 million to repurpose former FTX bitcoin miner Genesis Digital to AI
In this news:
Key takeaways
- SWI Group raised $894 million from institutional investors.
- The funds will expand data centers and AI computing in Europe and the US.
- The company previously acquired a majority stake in former FTX miner Genesis Digital Assets.
SWI Group (SWICH), which controls the former FTX-owned bitcoin miner Genesis Digital Assets, said it raised 800 million euros ($894 million) from institutional investors to expand its data center and artificial intelligence (AI) computing data-center projects in Europe and the U.S.
The Euronext Amsterdam-listed company, an investment firm concentrating on digital infrastructure, said the capital increase values it at 6.1 billion euros. It announced the purchase of about 40% of Genesis Digital in June for $500 million, completing the acquisition in August with 70% of the voting rights and renaming the unit SWI Digital.
The shift from mining to artificial intelligence
The company's strategy illustrates what has become a familiar trade for bitcoin-mining enterprises. Their most valuable asset is no longer their mining machines, but the power connections and the data-center sites that can be repurposed for AI customers. Bitcoin miners have signed more than $70 billion in AI and high-performance computing contracts, as they seek steadier revenue than bitcoin mining currently provides.
The pivot from cryptocurrency mining to processing AI computations puts it in the same race as listed miners such as TeraWulf and Core Scientific, which are converting power access and data-center capacity into AI hosting businesses.
Share the article:
Trending News & Crypto World
.png)
Latest Crypto News
Top Trending Cryptocurrencies on The Market
Current Price
$0.9990
Market Cap
$4.1B 0.00%
24h Volume
$886.9M
Supplies
4.1B / ∞
Current Price
$1.360
Market Cap
$3.9B 1.62%
24h Volume
$29.0M
Supplies
5.3B / ∞
Current Price
$0.08603
Market Cap
$3.8B 2.57%
24h Volume
$105.3M
Supplies
50.0B / 50.0B
Current Price
$4,128.85
Market Cap
$3.3B 0.19%
24h Volume
$205.7M
Supplies
827.4K / ∞
Current Price
$277.73
Market Cap
$3.2B 3.05%
24h Volume
$184.8M
Supplies
21.0M / 21.0M
Current Price
$0.000005249
Market Cap
$3.1B 3.29%
24h Volume
$47.2M
Supplies
589.5T / ∞
Current Price
$1.000
Market Cap
$3.1B 0.02%
24h Volume
$565.7M
Supplies
3.1B / ∞
Current Price
$0.2214
Market Cap
$3.0B 14.30%
24h Volume
$320.9M
Supplies
15.0B / 15.0B
Current Price
$197.16
Market Cap
$2.9B 0.85%
24h Volume
$80.2M
Supplies
14.6M / 14.6M
Current Price
$1.001
Market Cap
$2.8B 0.08%
24h Volume
$112.2M
Supplies
2.8B / ∞
Current Price
$117.29
Market Cap
$2.5B 1.68%
24h Volume
$22.0M
Supplies
21.0M / 21.0M
Current Price
$158.93
Market Cap
$2.5B 4.18%
24h Volume
$247.4M
Supplies
16.0M / 16.0M