SWI Group has raised €800 million from institutional investors, bringing its valuation to €6.1 billion. The Singapore-incorporated, Amsterdam-listed company is redirecting Genesis Digital Assets, a Bitcoin mining firm previously backed by FTX, toward AI infrastructure while seeking to attract hyperscale cloud providers to its facilities.
The company plans to promote Genesis Digital’s sites in Texas, North Carolina, South Carolina, and Sweden to large cloud computing operators. SWI reports that Genesis Digital has more than 1.3 gigawatts of energized and approved grid connections across 15 facilities. Including AiOnX, its European infrastructure platform, SWI says its combined capacity exceeds 3.6 GW.
The move comes after SWI acquired approximately 38.3% of Genesis Digital’s shares on June 15 for $500 million. The agreement also covered 77.2% of the $1.124 billion liquidation preference associated with Genesis Digital’s preferred shares. SWI has subsequently increased its position to majority ownership.
SWI is betting that access to power infrastructure could become more valuable than the revenue generated by Bitcoin mining itself. This strategy reflects a broader industry trend in which operators are considering converting energy-intensive mining facilities into data centers for artificial intelligence and high-performance computing.
Genesis Digital’s AI Transition Faces Execution Challenges and FTX Legacy
Data Center Dynamics has described the transaction as a move toward infrastructure serving hyperscale cloud providers, with Genesis Digital’s facilities expected to support AI and high-performance computing workloads. The strategy follows a broader trend among companies such as CoreWeave, Iren, and Applied Digital, which have expanded their businesses around AI computing and neocloud infrastructure.
The shift places cryptocurrency infrastructure within the rapidly expanding and capital-intensive AI sector. However, the growing connection between AI investment and crypto markets has also prompted concerns about credit exposure across the AI industry and possible effects on Bitcoin.
Genesis Digital’s history includes substantial financial backing from Alameda Research, the trading firm affiliated with FTX. Beginning in 2021, Alameda invested approximately $1.15 billion in Genesis Digital and acquired a 20% stake. The investment became part of the wider financial history of FTX and Sam Bankman-Fried’s business operations.
After FTX collapsed, administrators managing its estate sued Genesis Digital in an attempt to recover the funds. The Wall Street Journal reported that the estate characterized the investment as one of Bankman-Fried’s most reckless decisions and described the company’s Kazakh assets as virtually worthless.
The legal dispute ended on June 15, when FTX dropped its lawsuit against Genesis Digital. The decision coincided with SWI’s completion of its initial investment. SWI founder and CEO Max-Hervé George stated that all legal disagreements with FTX and other shareholders had been resolved.
SWI’s immediate plans include marketing Genesis Digital’s four identified locations to hyperscale cloud companies, disposing of three smaller mining facilities in Kazakhstan, and investing the newly raised funds in infrastructure, computing resources, and development projects throughout Europe and the United States.
Despite the ambitious repositioning, several important details remain unconfirmed. SWI has not provided a timetable for converting the mining sites, announced signed agreements with hyperscale cloud providers, or disclosed any operational AI computing capacity. The €800 million fundraising supports the company’s plans, but the outcome will depend on whether it can successfully convert its existing power infrastructure into commercially viable AI facilities.
