SWI Group announced a capital raise of €800 million, valuing the company at €6.1 billion. The financing came from institutional investors and is earmarked for the development of artificial-intelligence and high-performance-computing infrastructure.
Acquisition of Genesis Digital Assets
In mid-June, SWI purchased roughly 38.3% of Genesis Digital Assets for $500 million, acquiring a majority stake that includes more than three-quarters of the $1.124 billion liquidation preference attached to the company’s preferred shares. Genesis Digital, previously backed by the collapsed FTX exchange, operates mining facilities in Texas, North Carolina, South Carolina and Sweden.
Power capacity and geographic footprint
The acquired sites collectively hold over 1.3 GW of approved grid connections across fifteen locations, while SWI’s European platform, AiOnX, adds another 2.3 GW, bringing the group’s total usable capacity to approximately 3.6 GW. This substantial power access is central to SWI’s strategy, which treats grid connectivity as a core asset rather than relying solely on mining profitability.
Strategic shift toward AI and hyperscalers
SWI intends to reposition the former mining infrastructure for AI workloads and to attract hyperscale cloud providers. The plan includes marketing the U.S. and Swedish sites to major cloud operators, selling the three smaller Kazakh mining locations, and investing the newly raised capital in compute hardware, infrastructure upgrades, and development pipelines across Europe and the United States.
Legal background and settlement
Genesis Digital’s history is tied to the FTX collapse; Alameda Research had invested about $1.15 billion and held a 20% stake. After the bankruptcy, estate administrators sued Genesis Digital to recover the investment, labeling the Kazakh assets as essentially valueless. The lawsuit was withdrawn on the same day SWI closed its initial purchase, and SWI’s CEO Max-Hervé George confirmed that all disputes with FTX and other shareholders have been resolved.
Execution outlook
While the financing round provides the necessary resources, SWI has not disclosed specific timelines for converting the facilities or signing contracts with hyperscale customers. No operational AI capacity is currently live, and the company’s next steps focus on concrete actions such as site marketing, asset divestiture, and capital deployment.
Why it matters
The move illustrates how crypto-related infrastructure can be repurposed for the rapidly expanding AI sector, linking two capital-intensive industries. By leveraging existing power-rich sites, SWI aims to meet the growing demand for compute resources without building new data centers from scratch. The transformation also signals a broader trend of former mining operations seeking sustainable, diversified revenue streams amid fluctuating cryptocurrency markets.
