SWI Group has completed an €800 million institutional capital raise at a €6.1 billion valuation, accelerating its plan to convert former FTX-backed Bitcoin miner Genesis Digital Assets into AI and high-performance computing infrastructure. The Amsterdam-listed, Singapore-incorporated company issued new ordinary shares, lifting total share capital to 558,399,385 and increasing its free float to roughly 20%, while some investors received options tied to equity capital market milestones.
The group will market Genesis Digital facilities in Texas, North Carolina, South Carolina, and Sweden to hyperscale cloud providers. Genesis Digital controls more than 1.3 gigawatts of energized and approved grid connections across 15 facilities. Combined with SWI's European AiOnX platform, the company says its AI-ready digital infrastructure pipeline now reaches about 3.6 gigawatts.
SWI initially paid $500 million in June for about 38.3% of Genesis Digital's shares and 77.2% of the $1.124 billion liquidation preference on its preferred stock, later moving to majority ownership. CEO Max-Hervé George has called power connectivity "the most valuable commodity in digital infrastructure today" and said Monday that the raise is "about keeping up to speed with the compute and data center markets."
The FTX link remains central: Alameda Research invested roughly $1.15 billion in Genesis Digital from 2021 and held about 20%. After FTX collapsed, the estate sued to recover the investment and described the Kazakh assets as virtually worthless. FTX dropped that lawsuit on June 15, the same day SWI closed its initial stake purchase, and George said all legal disputes had been settled.
SWI’s stated next steps are concrete but still lack a conversion timeline: market the four named US and Swedish locations to hyperscalers, sell three small Kazakhstan mining sites, and deploy fresh capital into infrastructure and compute development across Europe and the US. No signed hyperscaler deals or live AI capacity have been confirmed.
For Bitcoin, the deal extends a broader trend in which miners monetize grid access as mining economics tighten. A 1.3-gigawatt operator stepping away from mining removes infrastructure available to secure the network, but it also removes a large, price-sensitive seller of newly mined coins. The announcement follows moves such as Bitdeer’s August AI data center deal, which sent its shares up 23%.
