SWI Group, listed on Euronext Amsterdam under ticker SWICH, raised 800 million euros in a capital increase from institutional investors, valuing the company at 6.1 billion euros. This funding will be used to transform Genesis Digital Assets, a former Bitcoin miner once backed by Alameda Research with a 1.15 billion dollar investment, into a transatlantic AI computing platform. SWI Group took control of Genesis Digital by acquiring approximately 38.3% of the capital for 500 million dollars, then increasing its stake above 50%. The former miner has over 1.3 gigawatts of electrical capacity across 15 sites, primarily in Texas, North and South Carolina, and Sweden, which its CEO described as the most valuable resource in digital infrastructure today. This pivot reflects a broader sector trend: according to CoinShares, one megawatt allocated to AI can generate up to three times the revenue of one megawatt dedicated to BTC mining.
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