SWI takes majority stake in Genesis Digital and raises $896m for AI data centres
SWI Group has taken control of Genesis Digital Assets and raised about $896m to convert the former Bitcoin miner's data centres to AI and cloud computing.
Why it matters: The deal shows Bitcoin mining infrastructure being repurposed for AI compute, a shift that could change how miners value their power assets.
Key points
- SWI Group raised $896m (€800m) to upgrade and expand its data-centre portfolio, announced on Monday, 12 Oct.
- Alameda Research spent more than $1bn for roughly a 20% stake; its lawsuit seeking about $1.15bn was dropped on 15 June 2026.
SWI Group has taken majority control of Genesis Digital Assets and raised about $896m to turn the former Bitcoin miner's data centres toward artificial intelligence and cloud computing, Bitcoin.com News reports, citing the Wall Street Journal.
Genesis Digital once ran big Bitcoin mining operations in Kazakhstan, and SWI is now selling its last three small mining sites there.
Chief Executive Max-Hervé George said the company needs capital to deploy more compute, and described his interest in Bitcoin mining as "zero". The pivot reflects a wider trend in crypto mining, where operators that once optimised facilities for Bitcoin are chasing AI customers whose long-term computing contracts can offer more predictable returns.
Live updates on NewsFeeds:MiningDesk editor: Keshav Aggarwal (accountable for this page; this summary was not edited by hand)
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