SWI Group raises 800 million euros for Genesis AI data center conversion

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SWI raises €800M for AI centers

Highlights

SWI Group raised 800 million euros ($894 million), valuing it at 6.1 billion euros, to fund Genesis Digital's conversion into an AI data center operator.
SWI completed acquisition of 70% voting rights in Genesis Digital (renamed SWI Digital) after initially purchasing 40% for $500 million in June 2023.
SWI shifts away from bitcoin mining, selling Kazakhstan sites and targeting U.S. and Swedish facilities for AI, competing with TeraWulf and Core Scientific in the AI hosting sector.

Fundraising backs Genesis repositioning

As reported by CoinDesk, citing The Wall Street Journal, SWI Group says it will use proceeds from its 800 million-euro, $894 million, fundraising to transform Genesis Digital Assets from a bitcoin miner into an AI-focused data center operator. The Euronext Amsterdam-listed investment firm says the capital increase values the company at 6.1 billion euros and supports expansion of its data center and artificial intelligence computing projects in Europe and the U.S.

SWI Group, which trades under SWICH, says it bought about 40% of Genesis Digital in June for $500 million and completed the acquisition in August with 70% of the voting rights. The company renamed the unit SWI Digital after acquiring control of the former FTX-backed miner.

Crypto miners seek steadier AI revenue

The strategic shift reflects a wider change across the bitcoin mining sector, where operators increasingly treat power access and data center sites as more valuable than mining equipment alone. Bitcoin miners have signed more than $70 billion in AI and high-performance computing contracts as they pursue steadier revenue streams than bitcoin mining currently provides.

That move places SWI in competition with listed miners including TeraWulf and Core Scientific, which are also converting power capacity and data center infrastructure into AI hosting businesses. SWI CEO Max-Hervé George tells the Journal he has zero interest in bitcoin mining, while the company says it is selling Genesis Digital Assets' sites in Kazakhstan and plans to use its U.S. and Swedish facilities for AI workloads instead.

Alameda Research, the crypto trading firm owned by former FTX CEO Sam Bankman-Fried, invested more than $1 billion in Genesis Digital Assets from 2021 and owned about 20% of the miner, the Journal says. FTX filed for bankruptcy in November 2022, leaving that investment among the assets examined by the bankruptcy estate.

Our earlier coverage of the Gulf’s data center buildout explained how facilities once seen as niche IT real estate are becoming core national infrastructure across the GCC. We noted that surging AI and cloud demand—alongside a push for digital sovereignty and local compute capacity—is accelerating investment in large, AI-focused data center campuses and reshaping regional infrastructure priorities.

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