FTX’s former Bitcoin mining bet gets new life as parent raises €800 million for AI
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SWI Group has raised €800 million to expand AI infrastructure, advancing its plan to repurpose FTX-backed Bitcoin miner Genesis Digital Assets.
Key facts
- The trading firm invested approximately $1.15 billion in Genesis between 2021 and 2022, when the miner was valued at about $5.5 billion
- CoinShares estimates that developing AI-grade facilities from mining infrastructure can cost $8 million to $15 million per megawatt, compared with approximately $700,000 to $1 million for mining
- The report also found that more than $100 billion in disclosed AI computing contracts across the covered companies supported only about $1.1 billion in annualized revenue, with roughly 550 megawatts
- Companies focused on AI infrastructure, including Hut 8, Cipher Mining, TeraWulf and Core Scientific, traded at an average of 19.4 times forward sales, compared with 6.6 times for a group of more
Summary
01 SWI Group has raised €800 million to expand AI infrastructure as it prepares to transform FTX-backed Bitcoin miner Genesis Digital Assets. 02 CoinShares estimates AI infrastructure could generate three times Bitcoin mining's annual profit per megawatt, driving miners toward computing. 03 SWI has yet to disclose how much funding Genesis will receive or when its mining facilities will begin generating AI revenue. On Oct. 12, the Amsterdam-listed company announced a capital increase backed by institutional investors, valuing the group at €6.1 billion and bringing total equity raised since March above €1 billion.