SWI raises $894 million to repurpose former FTX bitcoin miner Genesis Digital to AI
SWI Group said it would use the proceeds from an 800 million-euro ($894 million) fundraise to transform Genesis Digital Assets, acquired from the FTX bankruptcy, from a bitcoin miner to an AI-focused data center.
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Summary
- SWI Group raised 800 million euros ($894 million) from institutional investors, valuing the company at 6.1 billion euros, to expand artificial intelligence and data center projects in Europe and the U.S.
- The company plans to repurpose the U.S. and Swedish facilities of Genesis Digital Assets, the former FTX-backed bitcoin miner it now controls as SWI Digital, for AI workloads while selling the unit’s sites in Kazakhstan.
- SWI’s strategy reflects a broader industry shift as bitcoin miners turn power connections and data center capacity into AI and high-performance computing revenue.
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Diversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%. GENIUS pushes yield off-chain; TAM grows to $4B in 3 years.
Diversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%. GENIUS pushes yield off-chain; TAM grows to $4B in 3 years.
Why it matters:
Diversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%. GENIUS pushes yield off-chain; TAM grows to $4B in 3 years.
