Key Notes
- SWI Group raised €800 million from institutional investors at a reported €6.1 billion valuation to expand its European and US AI infrastructure.
- The group now controls more than 70% of Genesis Digital Assets, the Bitcoin miner previously backed by Alameda Research.
- Funding will support power and compute deployments, while the timing and operating results of individual mining-to-AI conversions remain undisclosed.
SWI Group has raised €800 million from institutional investors at a reported €6.1 billion valuation to expand its data-center and artificial-intelligence computing business. The financing backs a strategy that includes redirecting Genesis Digital Assets, a major Bitcoin miner previously backed by Alameda Research, toward AI infrastructure.
The Euronext Amsterdam-listed group announced the capital increase on October 12. Proceeds will support power infrastructure, computing deployments and its development pipeline across Europe and the United States.
SWI already controls more than 70% of Genesis Digital Assets, now known as SWI Digital. The new financing is a group-level equity raise, separate from the earlier transactions that established its ownership of the mining and infrastructure business.
New Equity Funds the Next Stage of SWI’s AI Expansion
SWI Capital Holding, which trades under the ticker SWICH, issued new ordinary shares in several series. The transaction brings its ordinary share count to approximately 558.4 million and its free float to about 20%.
The announcement does not allocate a specific portion of the €800 million to Genesis Digital. Subsequent project disclosures will show how funding is divided between the group’s existing US sites and European developments.
The raise follows a March placement of €260 million, split equally between founder and chief executive Max-Hervé George and existing shareholder Aliya Fund. Those shares were subscribed at €5.20 each, with proceeds intended partly for the US infrastructure acquisition.
Together, the two announced transactions exceed €1 billion. The March subscription price belongs to that earlier placement and does not establish the price paid by investors in October.
Genesis Digital Becomes SWI’s US Infrastructure Platform
The acquisition developed in stages. A February disclosure outlined two transactions worth $170 million and $330 million, targeting approximately 38.3% of the underlying company’s shares and a larger share of its preferred-stock liquidation rights.
Those rights determine priority over proceeds in specified circumstances; they are different from the percentage of equity ownership. The initial roughly 40% stake therefore should not be confused with SWI’s subsequently disclosed controlling position.
In July, SWI outlined a further 4.4% purchase from funds managed by Stone Ridge Asset Management. By August, it confirmed that acquisitions and restructuring had taken its interest above 70%, with Genesis Digital becoming its US-focused infrastructure platform.
The company said it would work with management to reposition mining assets for high-performance computing and AI workloads. That is a development strategy, rather than confirmation that every former mining facility has completed its conversion.
Alameda’s Billion-Dollar Investment Belongs to an Earlier Chapter
Genesis Digital’s connection to FTX came through Alameda Research’s investment portfolio. Bloomberg reported in December 2022 that Alameda invested about $1.15 billion across four rounds between August 2021 and April 2022, citing an internal portfolio spreadsheet.
That history makes Genesis an Alameda-backed miner, rather than a mining division operated by the trading firm. It is also distinct from the similarly named crypto lender Genesis associated with Digital Currency Group.
SWI’s €6.1 billion valuation applies to the listed investment group in the latest financing. It is not a new standalone valuation of Genesis Digital or a measure of how much Alameda’s former investment has recovered.
Power Access Is the Starting Point for the AI Buildout
SWI’s August strategy placed Genesis Digital alongside AiOnX, its European data-center development platform. AiOnX’s portfolio spans Ireland, the United Kingdom, Denmark, Spain and Italy, with one site secured by a hyperscale tenant.
The group said more than 80% of its capital was allocated to digital infrastructure, with an ambition to move above 90%. It also outlined an in-house AI cloud delivering GPU-accelerated computing to enterprises, researchers and developers.
Existing land and grid connections give a developer a foundation for that business. They do not, by themselves, establish how many AI servers are installed, how much computing capacity customers can use or how much revenue a site generates.
SWI’s plan combines property and power infrastructure with a further layer of computing services. The October funding is intended to help build and scale that wider platform.
NVIDIA Partnership Adds a Route Into Computing Services
SWI said on August 31 that it had joined the NVIDIA Cloud Partner program as a Preferred Partner. The company described access to reference architectures and validated configurations supporting future deployments.
Its planned workload coverage includes model training, fine-tuning and inference, the process of running a trained AI model to produce results. SWI also outlined the use of NVIDIA’s enterprise software in its intended cloud offering.
The shift follows a wider reassessment of mining infrastructure. CoinScreamer previously covered Core Scientific’s expansion in Texas and a CoinShares report on mining economics as operators weighed AI opportunities.
For SWI, the next milestones are the deployment of the new capital, additional customer agreements and disclosed operating capacity. The financing strengthens its ability to pursue the transition, while the timing and commercial results of individual conversions remain to be demonstrated.
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