SWI Group raises $894M to transform an FTX Bitcoin miner into AI data centers

On October 12, 2026, SWI Group, a company listed in Amsterdam, raised 894 million dollars from institutional investors to convert a former Bitcoin miner from the FTX bankruptcy into data centers dedicated to artificial intelligence. This operation, which values the company at 6.1 billion euros, illustrates the growing convergence between cryptographic infrastructures and the computing needs of AI models, a key issue for technological and energy markets. Context SWI Group, specializing in high-performance computing infrastructures, is part of a broader movement of repurposing cryptocurrency mining equipment for more profitable uses. The FTX bankruptcy in 2022 left a fleet of underutilized Bitcoin miners, some of which are now being sold to players seeking to exploit their computing power for other applications. The current macroeconomic context, marked by historically low Bitcoin transaction fees (1.19 sat/vB) and Ethereum gas at 0.227 gwei, makes these infrastructures particularly attractive for alternative uses such as AI. In terms of the stock market, SWI Group has been listed on Euronext Amsterdam since 2024, with a fluctuating capitalization reflecting the uncertainties of the sector. The announced fundraising comes as the cryptocurrency market shows signs of stabilization, with Bitcoin at 82,030 dollars (down 1.45% over 24 hours) and a Fear & Greed index at 68/100, signaling moderate investor confidence. However, the lack of precise data on the size or location of the FTX miner concerned limits the assessment of the potential impact of this project. The facts According to the official announcement on October 12, 2026, SWI Group carried out a capital increase of 800 million euros (approximately 894 million dollars at the current exchange rate), bringing its post-funding valuation to 6.1 billion euros . The funds come from institutional investors, whose names have not been disclosed. Here are the key elements of the project: The funding will be used to convert a Bitcoin miner acquired as part of the FTX liquidation into data centers dedicated to artificial intelligence. No details were provided regarding the miner's initial computing capacity or its geographical location. No figures were communicated concerning the Total Value Locked (TVL) or the expected activity volume for these new data centers. On the other hand, Bitcoin mempool data, published by CryptoScore Pro on October 22, 2026, indicate 54,579 pending transactions , with average fees of 1.19 sat/vB , suggesting unused processing capacity. The first commissioning of the data center is scheduled for the first quarter of 2027, with no guarantee on deadlines or energy performance. Market data from CryptoScore Pro, updated on October 22, 2026, at 08:32 UTC, show Bitcoin at 82,030.65 dollars (down 1.45% over 24 hours) and Ethereum at 2,414.27 dollars (down 1.69%). The Fear & Greed Index, which measures investor sentiment, stands at 68/100 , in the "Greed" zone (moderate greed). No information was provided regarding the energy agreements underlying the project, a critical factor for its success. Understanding the key notions Bitcoin Mining and ASICs Bitcoin mining consists of validating transactions on the blockchain by solving complex mathematical problems, a process called proof-of-work . Miners use specialized machines, ASICs ( Application-Specific Integrated Circuits ), optimized to execute the SHA-256 algorithm, which consume enormous amounts of electricity. For example, an ASIC miner like the Antminer S21 can consume up to 3,550 watts for a computing power of 200 terahashes per second (TH/s). This equipment, initially designed for mining, can be repurposed for other uses, such as AI, provided their software and infrastructure are adapted. Transaction fees and mempool Bitcoin transaction fees, expressed in satoshis per vByte (sat/vB), represent the cost paid by users to include their transactions in a block. A satoshi is the smallest unit of Bitcoin (0.00000001 BTC). The mempool (memory pool) is a queue where unconfirmed transactions are stored before being processed by miners. A crowded mempool, such as the one observed on October 22, 2026, with 54,579 pending transactions, can indicate network saturation or, conversely, an underutilization of mining capacities, as in the present case. Total Value Locked (TVL) and Ethereum gas The Total Value Locked (TVL) measures the total value of assets deposited in decentralized finance (DeFi) protocols, reflecting their attractiveness. Although not applicable to data centers, this concept illustrates the importance of volume metrics for evaluating a project. On Ethereum, gas (measured in gwei, or 0.000000001 ETH) represents the cost of operations on the network. Gas at 0.227 gwei, as observed in October 2026, indicates very low fees, which are favorable to infrastructures requiring intensive computations, such as AI. Analysis: what is at stake The SWI Group operation illustrates a mechanism of capital reallocation within the crypto ecosystem, where infrastructures initially dedicated to Bitcoin mining are converted to more profitable uses, such as AI data centers. According to CryptoScore Pro data as of October 22, 2026, Bitcoin transaction fees (1.19 sat/vB) and Ethereum gas (0.227 gwei) reflect low competitive pressure on the networks, freeing up underutilized computing capacities. This dynamic could reduce the supply of hash power available for mining, theoretically supporting the price of BTC in the medium term, although the impact remains marginal given the limited size of the miner concerned. For investors, this fundraising signals renewed confidence in the synergies between cryptocurrencies and AI, a sector where the demand for parallel computing infrastructure is exploding. Traditional mining players could be incentivized to diversify their activities, while SWI Group's competitors might accelerate their own conversion projects. However, the post-funding valuation (€6.1…