Genesis miner owner raises $894 million to expand AI infrastructure

Traders Union
All News
Crypto
Genesis miner owner raises $894 million

From Bitcoin mining to artificial intelligence

In June, SWI Group announced the acquisition of approximately 40% of Genesis Digital Assets for $500 million. The deal was completed in August, after which the company secured 70% of the voting rights and renamed the acquired business SWI Digital.

Genesis Digital Assets previously had ties to the bankrupt crypto exchange FTX. Since 2021, Alameda Research, owned by Sam Bankman-Fried, had invested more than $1 billion in the mining company and held approximately 20% of its equity.

The new owners now intend to completely transform the business. SWI Group CEO Max-Hervé George told The Wall Street Journal that he had no interest in Bitcoin mining whatsoever.

The company is selling Genesis Digital Assets' mining sites in Kazakhstan and plans to repurpose its facilities in the U.S. and Sweden for AI computing workloads.

Bitcoin miners seek new revenue streams

SWI Group's transition reflects a broader trend in the crypto industry. For mining companies, the most valuable assets are increasingly not Bitcoin mining machines themselves, but access to electricity and data center sites that can be converted for AI applications.

According to available estimates, Bitcoin miners have already signed more than $70 billion worth of contracts in artificial intelligence and high-performance computing. Such agreements offer the potential for more stable revenue compared with cryptocurrency mining.

TeraWulf and Core Scientific are pursuing similar strategies, using their existing power infrastructure and data centers to provide computing capacity to AI companies.

As a result, former Bitcoin mining operations are gradually becoming providers of artificial intelligence infrastructure. For SWI Group, raising $894 million marks another step in that direction.

Bitcoin miners are becoming increasingly dependent on the AI market

The shift toward artificial intelligence is also changing how investors value mining stocks. According to research by Perception, chipmaker stocks gained 69% in the first nine months of 2026, while Bitcoin declined 5%. Meanwhile, shares of mining companies that had signed major AI agreements rose 28%.

Researchers also found that these mining stocks now show a stronger correlation with Nvidia shares than with Bitcoin. This suggests investors increasingly view them as computing infrastructure providers rather than cryptocurrency miners. However, the transition to AI requires substantial investment in equipment and data center upgrades, meaning even strong demand for computing power does not guarantee profitability for new projects.

As a reminder, Bitcoin mining was recently tested using a fly's brain.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.