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Genesis Digital Transitions to AI Computing as SWI Group Takes Control
Genesis Digital Assets, previously a Bitcoin mining company backed by Alameda Research, has undergone a significant transformation under the ownership of SWI Group, a digital infrastructure firm based in Amsterdam. The company has been rebranded as SWI Digital, shifting its focus from cryptocurrency mining to high-performance computing for artificial intelligence (AI). This pivot comes as SWI aims to leverage the power connections of Genesis's facilities for AI workloads rather than for mining operations.
SWI Group initially invested $500 million in June 2026, acquiring a substantial stake in Genesis Digital. By August, SWI had secured majority voting rights, ultimately controlling over 70% of the company. A lawsuit related to Alameda's investment was dismissed in June, allowing SWI to finalize its acquisition without legal hindrances. On October 12, 2026, SWI announced an institutional capital raise of €800 million, approximately $894 million, to expand its data centers and enhance power infrastructure for its AI initiatives, bringing its total equity raised since March 2026 to over €1 billion.
The acquisition includes control over 1.3 gigawatts (GW) of energized or approved grid connections across 15 facilities, primarily located in the United States and Sweden. SWI plans to convert these sites into high-performance computing centers while divesting its remaining mining operations in Kazakhstan. CEO Max-Hervé George emphasized the importance of power connectivity in digital infrastructure, stating that SWI has no interest in Bitcoin mining and is focused on marketing its capacity to hyperscalers in the AI sector. The transition from mining facilities to AI computing will require significant investment in new cooling, networking, and reliability standards, as indicated by the recent capital raise.
Source: KLEA News