SWI Group on October 12 announced an €800 million capital increase, equivalent to approximately $894 million, from institutional investors at a reported valuation of €6.1 billion. The Amsterdam-listed group will issue new common shares to fund power infrastructure, computing capacity, and AI data center projects in the US and Europe.
The plan includes converting suitable facilities of Genesis Digital Assets, a Bitcoin mining company previously backed by Alameda Research, to serve AI and high-performance computing (HPC). The deal places SWI in a wave of cryptocurrency mining companies repurposing land and power connections for AI infrastructure.
The €800 Million Capital Increase
According to the company’s announcement, the new transaction brings the total equity raised by SWI since March 2026 to over €1 billion, while increasing the free float ratio to around 20%.
SWI has not disclosed the identities of the investors, the issue price, the number of new shares, or the allocation across series. The company also did not state whether the €6.1 billion valuation was calculated on a pre-money or post-money basis. Certain investors were granted options accompanying their shares, subject to unspecified capital market conditions. The announcement also did not disclose the level of dilution for existing shareholders.
The funds raised will be allocated to power infrastructure, deployment of computing capacity, and a pipeline of data center projects in the US and Europe. SWI also expects to increase investment in AI and raise its ownership stake in several existing investments.
CEO Max-Hervé George stated that the transaction will help SWI keep pace with the market’s growth in computing capacity and data centers, while supporting the group’s project pipeline on both sides of the Atlantic.
The €800 million capital amount is equivalent to approximately 35% of SWI’s most recently adjusted net asset value (NAV). As of June 30, SWI reported total assets of €4.4 billion. Adjusted NAV reached €2.3 billion, up 53% compared to the end of 2025. Six-month profit reached €631.6 million, primarily reflecting the recognized value from its investment in Genesis Digital, according to the half-year results reviewed by Deloitte.
Why Genesis Digital’s Power Portfolio Matters
SWI entered Genesis Digital in June through a $500 million transaction, initially holding approximately 38.3% equity. Following an additional purchase from funds managed by Stone Ridge Asset Management and a restructuring process, the group raised its voting rights to over 70%, thereby gaining control of the Bitcoin miner.
The most attractive aspect of Genesis Digital lies not in its mining machines, but in its portfolio of 15 facilities across the US and Sweden. These sites have approximately 1.2-1.3 GW of grid power connections that are secured, approved, or energized, depending on SWI’s various disclosures. The portfolio also includes several hyperscale-sized locations in Texas, where power demand for data centers is growing rapidly.
The available power supply helps SWI shorten one of the hardest stages in developing new data centers. The company still needs to make significant investments in cooling systems, networking, backup power, and computing equipment, but it does not have to start from scratch with land and grid connections.
Genesis Digital will serve as SWI’s US platform, complementing AiOnX in Europe. AiOnX is developing approximately 2.3 GW of planned capacity in Ireland, the UK, Denmark, Spain, and Italy, where one campus already has a hyperscale customer. Combining the two platforms, SWI puts its digital infrastructure pipeline at approximately 4 GW, including capacity currently under development and power connections not yet converted into fully operational AI data halls.
From Bitcoin Mining to AI Infrastructure
Converting a Bitcoin mining facility into an AI data center is more complex than simply swapping ASIC machines for GPUs. Mining can scale down load depending on power prices, whereas AI requires continuous power supply, high-density cooling systems, fiber-optic connectivity, and redundant infrastructure to maintain stable operations.
According to CoinShares, AI infrastructure can cost 8-15 million per MW, compared to around 700,000-1 million per MW for mining. The same report indicates that the total cost per Bitcoin across 10 listed miners ranged from $118,000 to $472,000 in Q4 2025, after accounting for power, depreciation, general and administrative expenses, interest, taxes, and stock-based compensation.
Bitcoin mining costs. Source: CoinShares.
Cost pressures are driving Bitcoin miners toward AI and HPC infrastructure in search of more stable revenue streams. Listed companies in the industry have announced more than $70 billion in contracts across these two sectors, although revenue remains dependent on the progress of infrastructure completion and capacity delivery.
Genesis Digital’s $1.15 Billion Link to FTX
The connection between Genesis Digital and FTX began during a period of strong growth in the crypto market. In 2021 and 2022, Alameda Research, a trading firm controlled by Sam Bankman-Fried, injected approximately $1.15 billion into the miner across multiple rounds. This was one of Alameda’s largest investments in the Bitcoin mining sector before FTX filed for bankruptcy in November 2022.
The investment funds later became the focus of a lawsuit launched by the FTX Recovery Trust in 2025. The Trust sought to recover $1.15 billion from Genesis Digital and several founders. The lawsuit alleged that Alameda used misappropriated customer funds to purchase shares at an inflated valuation. Genesis Digital disputed the allegations and requested the court to dismiss the complaint.
The lawsuit concluded in June 2026, when the FTX Recovery Trust voluntarily withdrew all claims. Genesis Digital operates independently of FTX. The connection between the two parties stems from Alameda’s investment, not a direct ownership or operational role by the exchange.
What SWI Still Needs to Prove
SWI states that it is in discussions with hyperscalers and AI developers regarding long-term power supply contracts, with a potential total value reaching tens of billions of dollars. The company has not yet announced any customers or binding agreements related to Genesis Digital’s sites.
The development timeline also remains undetermined. SWI has not specified which facility will be converted first, the megawatt capacity of the initial phase, or when the capacity will start generating revenue. GPU investment plans and funding allocated to individual projects have not yet been disclosed.
SWICH shares closed on October 12 at €12.80, up 16.4% following the capital increase announcement. Trading volume reached 36,155 shares, compared to 5,944 shares in the previous session. The next milestones for the AI strategy will depend on customer contracts, construction financing, and the actual megawatts brought into operation.
