Euronext Amsterdam-listed SWI Group has raised €800 million in new institutional capital at a €6.1 billion valuation to accelerate the conversion of Genesis Digital Assets, a U.S. cryptocurrency mining operator it bought this year, into artificial-intelligence data centres. The capital increase, announced Monday, takes the group’s equity raised since March 2026 past €1 billion and lifts its free float to roughly 20% of share capital.
The proceeds will fund power infrastructure, compute deployments and a development pipeline on both sides of the Atlantic, with Genesis Digital’s 1.3 gigawatts of energized and approved grid connections at the centre of the plan. The raise was completed through new ordinary shares that lift total share capital to 558,399,385, with some investors granted options conditional on equity capital market milestones.
From Mining Rigs to AI Workloads
Genesis Digital Assets runs 15 facilities, including multiple hyperscaler-grade sites in Texas, holding about 1.3 gigawatts of energized grid connections. SWI Group paid $500 million in June for a significant shareholding, roughly 38.3% of total shares and about 77.2% of the $1.124 billion liquidation preference on its preferred stock, and has since moved to majority ownership.
When that deal closed, SWI said it would reposition the platform “from its current digital asset mining operations to high-performance computing and artificial intelligence workloads.” The value of the acquisition, in other words, sits in the sites’ power connections rather than their mining hardware.
Why Power, Not ASICs, Is the Prize
“Power connectivity is the most valuable commodity in digital infrastructure today, and converting legacy cryptocurrency mining infrastructure to AI and high-performance computing is the best and highest use of these assets,” SWI founder and chief executive Max-Hervé George said in June.
Combined with SWI’s 2.3-gigawatt AiOnX platform in Europe, the Genesis Digital portfolio gives the group a 3.6-gigawatt transatlantic footprint, among the largest AI-ready digital infrastructure pools in single-firm hands. The €800 million raise, George added Monday, is “about keeping up to speed with the compute and data center markets.”
What It Means for Bitcoin Mining
The conversion extends a two-year shift in which listed Bitcoin miners have marketed their grid connections to AI and cloud providers as mining economics tighten. Bitdeer shares surged 23% on a $4.7 billion AI data center deal in August, and the AI pivot has driven outsized gains for several mining stocks even as hashrate has fallen.
For the Bitcoin network, a 1.3-gigawatt operator stepping away from mining removes infrastructure available to secure the chain, but it also removes a large, price-sensitive seller of newly mined coins. The move echoes a pattern visible across the sector this year, as several miners have cut hashrate while redirecting power, land and grid interconnects toward higher-margin AI and cloud tenants. What remains unclear is how quickly the conversion proceeds: repurposing mining sites for AI tenants demands different power density, cooling and grid agreements, and SWI has not disclosed a timeline for bringing the sites online for AI customers.
