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Ahmed Barakat
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SWI Group has raised €800 million from institutional investors at a €6.1 billion valuation. The Singapore-incorporated, Amsterdam-listed company is repositioning former FTX backed Bitcoin miner Genesis Digital Assets around AI infrastructure and marketing its sites to hyperscale cloud providers.
SWI plans to market Genesis Digital facilities in Texas, North Carolina, South Carolina, and Sweden to hyperscale cloud providers. The company says Genesis Digital has more than 1.3 gigawatts of energized and approved grid connections across 15 facilities. Combined with AiOnX, SWI’s European platform, the group says it has more than 3.6GW.
SWI’s move follows its June 15 purchase of about 38.3% of Genesis Digital’s shares for $500 million. The deal also included 77.2% of the $1.124 billion liquidation preference on Genesis Digital’s preferred stock; SWI has since moved to majority ownership.
The company is applying a familiar infrastructure thesis to a Bitcoin mining business: grid access may be more valuable than the economics of mining at a particular site. That thesis is increasingly relevant as operators seek to adapt energy-intensive facilities for AI and high-performance computing.
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Bitcoin Mining-to-AI Conversions Depend on Execution and Genesis Digital’s FTX History
Data Center Dynamics has described the Genesis Digital transaction as a pivot toward hyperscaler-facing infrastructure and reported that the sites were intended for AI and high-performance computing workloads. It has also placed the move alongside companies including CoreWeave, Iren, and Applied Digital, which have pursued AI or neocloud strategies.
The shift links crypto infrastructure to a separate, capital-intensive AI buildout. The overlap between AI investment and crypto markets has also drawn attention to concerns about AI-sector credit risk and Bitcoin.
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Genesis Digital’s Bitcoin miner is a formerly FTX backed business, coming from its financing history. Alameda Research invested about $1.15 billion in the company from 2021 and ended up with a 20% stake. The background sits within the wider FTX story and Sam Bankman-Fried’s business empire.
After FTX collapsed, estate administrators sued Genesis Digital to recover the investment, calling it one of Bankman-Fried’s most reckless investments and describing its Kazakh assets as virtually worthless, according to the Wall Street Journal.
FTX dropped the lawsuit on June 15, the same day SWI closed its initial stake purchase. SWI founder and CEO Max-Hervé George said all legal disputes with FTX and other shareholders had been settled.
SWI’s stated next steps are limited and concrete: market the four named locations to hyperscale cloud providers, sell the three small Kazakhstan mining sites, and deploy the new capital into infrastructure, compute, and its development pipeline across Europe and the US.
For now, the announcement gives no timeline for conversions and confirms no signed hyperscaler deals or live AI capacity. The €800 million raise funds the strategy.
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