💰 FTX-backed Bitcoin miner Genesis Digital Assets pivots to AI with €800M fundraise
Amsterdam-listed SWI Group has raised €800 million from institutional investors to expand its AI infrastructure. The group is now valued at €6.1 billion after raising over €1 billion since March.
A core part of the strategy involves repurposing Genesis Digital Assets (GDA), a major Bitcoin miner formerly backed by FTX and Alameda Research. SWI took control of GDA earlier this year and plans to rename it SWI Digital.
The company will convert its US-based Bitcoin mining sites into high-performance computing centers for AI. This shift follows a market trend where AI infrastructure is projected to be three times more profitable than Bitcoin mining.
#FTX #BitcoinMining #AI #GenesisDigitalAssets
Amsterdam-listed SWI Group has raised €800 million from institutional investors to expand its AI infrastructure. The group is now valued at €6.1 billion after raising over €1 billion since March.
A core part of the strategy involves repurposing Genesis Digital Assets (GDA), a major Bitcoin miner formerly backed by FTX and Alameda Research. SWI took control of GDA earlier this year and plans to rename it SWI Digital.
The company will convert its US-based Bitcoin mining sites into high-performance computing centers for AI. This shift follows a market trend where AI infrastructure is projected to be three times more profitable than Bitcoin mining.
#FTX #BitcoinMining #AI #GenesisDigitalAssets