Current outcome
SWI Group completed an €800 million (~$894 million) fundraise at a €6.1 billion valuation to convert the now-majority-controlled and renamed SWI Digital (formerly Genesis Digital Assets) bitcoin mining sites in the U.S. and Sweden into AI data centers, while selling Kazakhstan mining assets.
Progress timeline
3 material updates- #01
Alameda-Backed Bitcoin Miner Genesis Digital Raises About $900 Million for AI Da
SWI Group announced it is raising about $900 million (€800 million) to fund the conversion of Alameda-backed bitcoin miner Genesis Digital Assets into an AI data center business serving large cloud providers, using its U.S. and Swedish sites while selling off Kazakhstan mining assets.
Source evidence: wublockchainenglish · foresightnews
- #02
比特币矿企Genesis Digital Assets将向AI数据中心转型
SWI Group acquired a majority stake in Genesis Digital Assets for $500 million in June 2026 and became controlling shareholder; plans to use its data centers in Texas, North and South Carolina, and Sweden to provide computing power to large cloud providers; and sell remaining Kazakhstan mining assets.
State after update: After acquiring a controlling stake in Genesis Digital Assets for $500 million in June 2026, SWI Group announced on October 12 €800 million (~$900 million) in financing to convert Genesis Digital Assets' bitcoin mining sites in Texas, North and South Carolina, and Sweden into AI data centers serving large cloud providers, while divesting remaining Kazakhstan mining assets.
Source evidence: theblockbeats
- #03
SWI raises $894 million to repurpose former FTX bitcoin miner Genesis Digital to AI
New report adds: SWI Group raised €800 million (~$894 million) from institutional investors at a €6.1 billion valuation; it bought about 40% of Genesis Digital Assets for $500 million in June 2026, completed the deal in August with 70% voting rights, and renamed the unit SWI Digital; CEO said he has "zero interest" in bitcoin mining.
State after update: SWI Group completed an €800 million (~$894 million) fundraise at a €6.1 billion valuation to convert the now-majority-controlled and renamed SWI Digital (formerly Genesis Digital Assets) bitcoin mining sites in the U.S. and Sweden into AI data centers, while selling Kazakhstan mining assets.
Source evidence: CoinDesk · CryptoSlate