SWI Group has acquired a majority stake in Genesis Digital Assets and secured $896 million in funding to repurpose the company's data-center infrastructure from bitcoin mining toward artificial-intelligence computing, the company announced on October 12.
Genesis Digital operates power-intensive data centers across Texas, North Carolina, South Carolina, and Sweden. SWI plans to convert these facilities to serve hyperscale computing customers such as Amazon Web Services and Google Cloud, which require substantial capacity for AI services.
SWI Chief Executive Max-Hervé George stated the company has "zero interest" in bitcoin mining operations. The company is selling Genesis Digital's remaining three small mining sites in Kazakhstan.
Genesis Digital's Path From Crypto Investment to Infrastructure Asset
Genesis Digital was founded in 2017 and grew into one of the world's largest bitcoin miners. Alameda Research, the trading firm associated with FTX, invested more than $1 billion beginning in 2021, acquiring approximately a 20% stake.
Following FTX's collapse in November 2022, bankruptcy administrators described Genesis Digital as one of Sam Bankman-Fried's most reckless investments. They pursued litigation to recover approximately $1.15 billion, contending that some of the miner's assets had been overvalued. The lawsuit was withdrawn on June 15, 2026.
Strategic Shift Reflects Broader Crypto Mining Trend
On the same day the lawsuit was dropped, SWI announced a $500 million initial investment in Genesis Digital. The company has since increased its stake to majority ownership. George indicated that disputes involving FTX and other shareholders have been resolved.
The acquisition reflects a broader trend among data-center operators previously focused on bitcoin mining. These companies are increasingly pursuing AI customers, where long-term computing contracts can offer more predictable returns than cryptocurrency mining operations.
