SWI Raises $894M to Repurpose FTX's Genesis Miner for AI
SWI Group secures €800 million to transform Genesis Digital Assets from a bitcoin miner into an AI-focused data center.
SWI Group secures €800 million to transform Genesis Digital Assets from a bitcoin miner into an AI-focused data center. Bitcoin (BTC) is trading at $83,452.00, down 0.5% since this brief published. This is an original TLT brief based on reporting by CoinDesk, with live market data added, as of Tue, 13 Oct 2026 09:15:02 UTC.
This significant capital injection aims to pivot a major bitcoin mining operation into AI infrastructure, reflecting the growing demand for AI compute resources and potentially shifting the landscape of data center usage.
- SWI Group raised €800M at a €6.1B valuation to fund AI projects.
- Funds will repurpose Genesis Digital Assets from bitcoin mining to AI.
- The move reflects growing demand for AI infrastructure across Europe and the US.
SWI Group has successfully raised €800 million in funding, valuing the company at €6.1 billion, according to multiple outlets. The capital will be directed towards transforming Genesis Digital Assets, a bitcoin mining operation acquired from the FTX bankruptcy proceedings, into a data center focused on artificial intelligence.
The repurposing of Genesis Digital Assets signifies a strategic shift in the use of large-scale computing infrastructure. As the demand for AI compute resources surges, the acquisition of a major bitcoin mining operation provides SWI with a substantial foundation to build upon. This move reflects a broader trend of repurposing energy-intensive facilities for AI applications.
The acquisition was previously part of FTX's asset liquidation following its collapse. The transition from bitcoin mining to AI infrastructure highlights the evolving priorities in the tech sector, where AI is increasingly becoming a focal point for investment and development.
The bitcoin network's current hashrate stands at 1005 EH/s with a difficulty of 132.7T, indicating a robust and active mining ecosystem. Despite this, the market for AI infrastructure appears to be gaining momentum, as evidenced by SWI's significant fundraising and strategic pivot.
In the broader market context, the total crypto market cap remains at $2.89 trillion, with 
Bitcoin showing a modest 24-hour gain of 0.07% to trade at $38,861. The overall market sentiment, as measured by the Fear & Greed Index, is at 57, indicating a state of 'Greed.'
Since this brief published about 23 hours ago, Bitcoin (BTC) has moved from $83,861.00 to $83,452.00 — -0.49%.
The chart plots BTC's price: grey is the move before this brief published, the vertical dashed line marks the moment it published, the horizontal dashed line is the price then, and the coloured area is the move since — from TLT's market data (daily resolution). It shows what happened after the news, not that the news caused it; many factors move prices. Not financial advice.
At today's peer-to-peer rate, 1 BTC ≈ ₦113.98M (about $83,452.00), down 0.0% over 24 hours. The naira itself trades about 2.6% above the official rate on the P2P market, so a Nigerian buyer's effective cost differs from the headline dollar price.
Live market data
Current prices for the asset in this story — live, source-stamped, updated every 15 minutes.
Figures and sectors in this story, checked live against on-chain aggregators · October 13, 2026.
TLT reads these figures directly from on-chain aggregators (DeFiLlama, mempool.space) at build time — independent of what any outlet reported. Sector totals aggregate every protocol DeFiLlama tracks in that category. Values are live and will change.
SWI Raises $894M to Repurpose FTX's Genesis Miner for AI — questions & answers
What is SWI Group's valuation after the fundraising?
SWI Group's valuation is €6.1 billion following the €800 million fundraising.
What will happen to Genesis Digital Assets?
Genesis Digital Assets will be repurposed from a bitcoin miner into an AI-focused data center.
How does this affect the bitcoin mining landscape?
The repurposing of Genesis Digital Assets reduces the number of active bitcoin miners, but the network's hashrate remains high at 1005 EH/s.
How much is 1 Bitcoin worth in naira today?
About ₦113.98M at the live peer-to-peer (P2P) USDT rate, which is what Nigerians typically trade at — equivalent to roughly $83,452.00. The naira price moves with both BTC's US-dollar price and the USDT/NGN rate; use our Bitcoin in naira page for any amount.
Has Bitcoin's price moved since this brief was published?
BTC is down 0.49% since this brief first published — trading at $83,452.00 now versus $83,861.00 at publication. TLT re-checks this figure against CoinGecko and Binance every 15 minutes.
Which outlets reported this story?
This is an original TLT brief that synthesises reporting from CoinDesk. It is not a copy of any one article — follow the source links above for the original reporting.
Original summary — not financial advice. This is an original TLT brief that summarises a development reported elsewhere and adds live market data for context; it is not the original article and reproduces no part of it. Follow the source link above for full details. Crypto is volatile and high-risk — always do your own research.