Genesis Digital Assets, a bitcoin-mining operation previously backed by Sam Bankman-Fried’s FTX, is shifting to artificial intelligence. [3, 8]
Amsterdam-listed SWI Group has acquired a majority stake in the company. On October 12, 2026, SWI Group announced it had raised €800 million, approximately $900 million, to fund the transition. [7, 8, 12]
SWI Group will use the capital to upgrade and expand former mining data centers in the U.S. and Sweden for AI and high-performance computing workloads. [3, 8] The group’s CEO said it has “zero interest” in continuing bitcoin mining and aims to serve large-scale cloud providers. [3, 8]
The move reflects a broader trend of converting crypto-mining infrastructure to meet rising demand for AI computing power. [1, 6]