SWI Raises $894M to Convert FTX-Linked Bitcoin Miner to AI
SWI secured $894 million to repurpose Genesis Digital Assets, a former FTX-affiliated bitcoin miner, for artificial intelligence infrastructure.
SWI has closed an $894 million fundraising round aimed at transforming Genesis Digital Assets — a bitcoin mining operation once tied to the collapsed crypto exchange FTX — into an artificial intelligence infrastructure platform, according to a report from CoinDesk.
The capital raise signals growing investor appetite for repurposing stranded crypto mining assets as demand for AI computing power continues to surge. Large-scale bitcoin mining facilities, which require substantial power infrastructure and cooling systems, are increasingly viewed as viable candidates for conversion into the data centers that AI workloads demand.
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Genesis Digital Assets was previously linked to the FTX ecosystem, which imploded in late 2022 under the weight of fraud allegations against founder Sam Bankman-Fried. The repurposing of its mining infrastructure under SWI represents one of the more ambitious attempts to extract value from assets caught in the wreckage of crypto's most high-profile collapse.
The move reflects a broader industry trend in which companies are pivoting away from proof-of-work mining — made less attractive by fluctuating bitcoin prices and rising energy costs — toward AI and high-performance computing services that command premium margins. For SWI, the $894 million war chest positions it to compete in a market where hyperscalers and startups alike are racing to secure GPU capacity and data center footprint.
Continue reading at CoinDesk.
