On October 12, 2026, Amsterdam-listed SWI Group raised €800 million ($894 million) at a €6.1 billion valuation to convert former FTX-backed Bitcoin miner Genesis Digital Assets into AI data centers. Having acquired over 70% control of Genesis for $500 million after FTX litigation was dismissed in June 2026, SWI now commands 3.6 gigawatts of power capacity across Europe and the U.S. CEO Max-Hervé George is pivoting from crypto toward high-margin AI computing.
SWI Group capital raise
- ▪SWI Group plans to use its €800 million capital increase announced on Oct. 12 to expand data centers, power infrastructure, and AI computing deployments across Europe and the United States
- ▪SWI Group raised €800 million ($894 million) from institutional investors on October 12, 2026, valuing the Amsterdam-listed company at €6.1 billion
- ▪SWI Group Chief Executive Max-Hervé George stated that the company's €800 million fundraising announced on Oct. 12 would support its expansion alongside growing demand for computing capacity
- ▪SWI Group's €800 million financing, announced on Oct. 12, brings its total equity raised since March 2026 above €1 billion
Acquisition of Genesis Digital Assets
- ▪SWI Group renamed Bitcoin miner Genesis Digital Assets to SWI Digital following its acquisition
- ▪SWI Group secured approximately 77% economic interest in Genesis Digital Assets through a series of preferred shares
- ▪SWI Group acquired a stake exceeding 70% in Genesis Digital Assets for $500 million, completing the acquisition in August 2026
Genesis Digital Assets history with FTX
- ▪Genesis Digital Assets had been stuck for years in the FTX bankruptcy process following FTX's collapse in November 2022
- ▪FTX's recovery trust dismissed a lawsuit against Genesis Digital Assets in June 2026, resolving litigation over funds transferred by Alameda Research
- ▪Alameda Research invested over $1 billion in Genesis Digital Assets between 2021 and 2022, acquiring a roughly 20% stake when Genesis was valued at $5.5 billion
Facilities and power infrastructure
- ▪SWI Group plans to use Genesis Digital Assets' U.S. and Swedish facilities for AI workloads while selling Genesis Digital Assets' sites in Kazakhstan
- ▪SWI Group previously disclosed that its combined European and American digital infrastructure portfolio exceeded 4 gigawatts, allocating over 80% of its capital to the digital infrastructure sector
- ▪Genesis Digital Assets controls 1.3 gigawatts of energized and approved grid connections across 15 facilities, primarily located in Texas and Sweden
- ▪SWI Group's acquisition of Genesis Digital Assets, completed in August 2026, lifts its total AI-ready power capacity to 3.6 gigawatts across its European and American portfolio
Industry pivot to AI hosting
- ▪Bitcoin miners have signed over $70 billion in AI and high-performance computing contracts to seek steadier revenue, according to data cited by CoinDesk
- ▪Publicly listed miners including TeraWulf and Core Scientific are converting their power access and data center capacity into artificial intelligence hosting businesses
Economics of converting mining to AI
- ▪CoinShares estimates that converting mining facilities into AI-grade data centers costs $8 million to $15 million per megawatt, compared to $700,000 to $1 million for mining facilities
- ▪CoinShares' second-quarter mining report found that AI computing infrastructure can generate approximately $1.5 million in annualized profit per megawatt compared to $500,000 from Bitcoin mining
- ▪CoinShares found that over $100 billion in disclosed AI computing contracts across the 12 publicly traded mining companies it covered supported roughly $1.1 billion in annualized revenue from 550 megawatts
CoinShares report on miner valuations
- ▪Publicly traded AI-focused mining companies traded at an average of 19.4 times forward sales compared to 6.6 times for mining-focused peers, according to CoinShares
- ▪CoinShares reported that 10 of 12 tracked publicly traded mining companies gained between 70% and 195% during the second quarter
Debatable claims
- ▪Grid operators should prioritize power allocations for AI data centers over cryptocurrency mining
- ▪Power grid capacity is the primary driver of value in digital infrastructure development
Story comments
Loading comments…