Genesis Digital Assets, an Alameda-backed Bitcoin miner, pivots to AI data centers as SWI Group raises $900M for infrastructure expansion across US and European sites.
AI & Agents ·
Genesis Digital Assets, a Bitcoin mining firm that received over $1 billion in backing from FTX's Alameda Research, is undergoing a shift toward AI data center operations under new controlling shareholder SWI Group. SWI acquired a majority stake in June for $500 million and announced a capital raise of 800 million euros—approximately $900 million—on October 12, earmarked for infrastructure upgrades and geographic expansion, according to reporting.
The company plans to repurpose existing Genesis facilities in Texas, North Carolina, South Carolina, and Sweden as computing infrastructure to serve major cloud providers. Alongside this transition, Genesis intends to divest its remaining Bitcoin mining operations in Kazakhstan. The move reflects a broader strategic repositioning of the asset base from cryptocurrency extraction to AI-driven compute capacity.
The timing and scale of the capital raise underscore investor appetite for AI infrastructure plays, though specific deployment timelines and customer commitments remain undisclosed.