SWI Group on October 12 introduced an €800 million capital enhance, equal to roughly $894 million, from institutional buyers at a reported valuation of €6.1 billion. The Amsterdam-listed group will challenge new widespread shares to fund energy infrastructure, computing capability, and AI information middle initiatives within the US and Europe.
The plan consists of changing appropriate amenities of Genesis Digital Belongings, a Bitcoin mining firm beforehand backed by Alameda Analysis, to serve AI and high-performance computing (HPC). The deal locations SWI in a wave of cryptocurrency mining corporations repurposing land and energy connections for AI infrastructure.
The €800 Million Capital Improve
In keeping with the firm’s announcement, the brand new transaction brings the entire fairness raised by SWI since March 2026 to over €1 billion, whereas rising the free float ratio to round 20%.
SWI has not disclosed the identities of the buyers, the problem value, the variety of new shares, or the allocation throughout sequence. The corporate additionally didn’t state whether or not the €6.1 billion valuation was calculated on a pre-money or post-money foundation. Sure buyers have been granted choices accompanying their shares, topic to unspecified capital market situations. The announcement additionally didn’t disclose the extent of dilution for present shareholders.
The funds raised shall be allotted to energy infrastructure, deployment of computing capability, and a pipeline of knowledge middle initiatives within the US and Europe. SWI additionally expects to extend funding in AI and lift its possession stake in a number of present investments.
CEO Max-Hervé George said that the transaction will assist SWI hold tempo with the market’s development in computing capability and information facilities, whereas supporting the group’s venture pipeline on either side of the Atlantic.
The €800 million capital quantity is equal to roughly 35% of SWI’s most lately adjusted internet asset worth (NAV). As of June 30, SWI reported whole belongings of €4.4 billion. Adjusted NAV reached €2.3 billion, up 53% in comparison with the tip of 2025. Six-month revenue reached €631.6 million, primarily reflecting the acknowledged worth from its funding in Genesis Digital, in keeping with the half-year outcomes reviewed by Deloitte.
Why Genesis Digital’s Energy Portfolio Issues
SWI entered Genesis Digital in June via a $500 million transaction, initially holding roughly 38.3% fairness. Following a further buy from funds managed by Stone Ridge Asset Administration and a restructuring course of, the group raised its voting rights to over 70%, thereby gaining management of the Bitcoin miner.
Probably the most enticing side of Genesis Digital lies not in its mining machines, however in its portfolio of 15 amenities throughout the US and Sweden. These websites have roughly 1.2-1.3 GW of grid energy connections which are secured, authorised, or energized, relying on SWI’s varied disclosures. The portfolio additionally consists of a number of hyperscale-sized places in Texas, the place energy demand for information facilities is rising quickly.
The out there energy provide helps SWI shorten one of many hardest levels in creating new information facilities. The corporate nonetheless must make important investments in cooling methods, networking, backup energy, and computing gear, however it doesn’t have to begin from scratch with land and grid connections.
Genesis Digital will function SWI’s US platform, complementing AiOnX in Europe. AiOnX is creating roughly 2.3 GW of deliberate capability in Eire, the UK, Denmark, Spain, and Italy, the place one campus already has a hyperscale buyer. Combining the 2 platforms, SWI places its digital infrastructure pipeline at roughly 4 GW, together with capability at the moment below improvement and energy connections not but transformed into absolutely operational AI information halls.
From Bitcoin Mining to AI Infrastructure
Changing a Bitcoin mining facility into an AI information middle is extra complicated than merely swapping ASIC machines for GPUs. Mining can scale down load relying on energy costs, whereas AI requires steady energy provide, high-density cooling methods, fiber-optic connectivity, and redundant infrastructure to keep up secure operations.
In keeping with CoinShares, AI infrastructure can value 8-15 million per MW, in comparison with round 700,000-1 million per MW for mining. The identical report signifies that the entire value per Bitcoin throughout 10 listed miners ranged from $118,000 to $472,000 in This fall 2025, after accounting for energy, depreciation, basic and administrative bills, curiosity, taxes, and stock-based compensation.
Bitcoin mining prices. Supply: CoinShares.
Value pressures are driving Bitcoin miners towards AI and HPC infrastructure looking for extra secure income streams. Listed corporations within the trade have introduced greater than $70 billion in contracts throughout these two sectors, though income stays depending on the progress of infrastructure completion and capability supply.
Genesis Digital’s $1.15 Billion Hyperlink to FTX
The connection between Genesis Digital and FTX started throughout a interval of robust development within the crypto market. In 2021 and 2022, Alameda Analysis, a buying and selling agency managed by Sam Bankman-Fried, injected roughly $1.15 billion into the miner throughout a number of rounds. This was considered one of Alameda’s largest investments within the Bitcoin mining sector earlier than FTX filed for chapter in November 2022.
The funding funds later turned the main target of a lawsuit launched by the FTX Restoration Belief in 2025. The Belief sought to get well $1.15 billion from Genesis Digital and several other founders. The lawsuit alleged that Alameda used misappropriated buyer funds to buy shares at an inflated valuation. Genesis Digital disputed the allegations and requested the court docket to dismiss the criticism.
The lawsuit concluded in June 2026, when the FTX Restoration Belief voluntarily withdrew all claims. Genesis Digital operates independently of FTX. The connection between the 2 events stems from Alameda’s funding, not a direct possession or operational position by the trade.
What SWI Nonetheless Must Show
SWI states that it’s in discussions with hyperscalers and AI builders concerning long-term energy provide contracts, with a possible whole worth reaching tens of billions of {dollars}. The corporate has not but introduced any clients or binding agreements associated to Genesis Digital’s websites.
The event timeline additionally stays undetermined. SWI has not specified which facility shall be transformed first, the megawatt capability of the preliminary section, or when the capability will begin producing income. GPU funding plans and funding allotted to particular person initiatives haven’t but been disclosed.
SWICH shares closed on October 12 at €12.80, up 16.4% following the capital enhance announcement. Buying and selling quantity reached 36,155 shares, in comparison with 5,944 shares within the earlier session. The subsequent milestones for the AI technique will depend upon buyer contracts, development financing, and the precise megawatts introduced into operation.
