Genesis Digital, once backed by FTX, puts its last Kazakh bitcoin mines up for sale

SWI Group is selling the Kazakhstan bitcoin mines of Genesis Digital Assets. Genesis used to be backed by FTX but is now controlled by SWI.

The Amsterdam-listed parent is steering €800 million, about $894 million, of new capital into AI data centers.

SWI raises €800 million at a €6.1 billion valuation

SWI is an investment firm focused on digital infrastructure, listed on Euronext Amsterdam with the ticker SWICH.

It raised the money from institutional investors on Monday in a round that valued the firm at €6.1 billion. The increase brings equity injected since March 2026 to more than €1 billion and lifts the free float to about 20% of share capital.

CEO Max-Hervé George has said he wants no part in bitcoin mining. “This transaction is about keeping up to speed with the compute and data center markets,” George said in a press release.

Genesis Digital once relied on extensive Kazakh operations. It has put three small mines, its last in the country, up for sale.

SWI wants the grid connections and the power-hungry sites Genesis Digital built in Texas, North Carolina, South Carolina and Sweden. The target tenants are hyperscalers like Amazon Web Services and Google Cloud.

Those cloud giants require ample computing power to run AI services.

US and Swedish facilities shift to AI workloads under a new name, SWI Digital. Proceeds are employed to fund power infrastructure, compute deployments and the development pipeline on both sides of the Atlantic.

George says the Alameda-era shareholder disputes are settled

Alameda Research, Sam Bankman-Fried’s trading firm, invested over $1 billion in Genesis Digital from 2021 for about a 20% stake. Founded in 2017, by then the miner had become one of the world’s biggest.

In November 2022, after FTX filed for bankruptcy, estate administrators sued Genesis Digital for about $1.15 billion. It was one of Bankman-Fried’s most reckless investments, they said, and some assets were wildly overvalued.

The suit was dropped on June 15, 2026. On the same day, SWI also announced it would acquire about 40% of Genesis Digital for $500 million.

It finalized the deal in August with 70% of the voting rights. Disputes with FTX and other shareholders are settled, George said.

Cryptopolitan reported that public miners have announced more than $70 billion worth of AI and high-performance computing deals to offset mining losses.

The weighted-average cash cost of producing one bitcoin for listed miners was about $79,995 in the fourth quarter of 2025 when the price was between $68,000 and $70,000, a report cited by Cryptopolitan found. The gap has pushed companies like Cipher, TeraWulf, MARA Holdings, Core Scientific and Hut 8 to rework power capacity for AI tenants.

MARA agreed in April to buy Long Ridge Energy & Power, a 505 MW natural gas plant in Hannibal, Ohio, for $1.5 billion, Cryptopolitan reported.

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