SWI raises €800M to turn Genesis Digital facilities into AI data centers
SWI Group raised €800 million in institutional funding for AI computing and data-center growth across Europe and the United States. The company plans to repurpose facilities owned by bitcoin miner Genesis Digital Assets, now called SWI Digital, for AI workloads. The financing values the Euronext Amsterdam-listed investment firm at roughly €6.1 billion.
SWI Group secured €800 million (about $894 million) from institutional investors to expand AI computing and data centers in Europe and the U.S. The Euronext Amsterdam-listed firm is valued near €6.1 billion. It bought roughly 40% of Genesis Digital Assets for $500 million in June; the deal closed in August, creating SWI Digital, and SWI controls 70% of voting rights.
The company intends to retrofit Genesis sites in the U.S. and Sweden for AI workloads while divesting Kazakhstan operations. CEO Max-Hervé George said he has no interest in bitcoin mining. Genesis previously drew over $1 billion from Alameda Research, which held about 20% before FTX’s November 2022 bankruptcy. Miners’ signed AI/HPC contracts exceed $70 billion.
The shift could affect local communities near converted sites through changed energy use, jobs, and infrastructure demands. Investors and crypto miners may face pressure to prioritize AI contracts, potentially stabilizing revenue but reducing mining capacity. Electricity consumers and grid operators may see altered demand patterns. Workers may need new skills for data-center roles. The move may also influence how financial markets value listed digital-infrastructure firms.