Key Takeaways:
SWI Group's $500 million acquisition of a majority stake in Genesis Digital Assets converts one of America's largest crypto mining platforms into an AI computing powerhouse.
SWI Group acquired a majority stake in Genesis Digital Assets for $500 million, adding 1.3 GW of US grid capacity to create a 3.6 GW transatlantic AI infrastructure platform spanning two continents.
"Power connectivity is the most valuable commodity in digital infrastructure today, and converting legacy cryptocurrency mining infrastructure to AI and high-performance computing is the best and highest use of these assets," said Max-Hervé George, founder and chief executive officer of SWI Group.
GDA holds 1.3 GW of energized and approved grid connections across 15 facilities, including multiple hyperscaler-grade sites in Texas. SWI Group will hold about 77.2 percent by value of the $1.124 billion liquidation preference attaching to GDA's preferred share classes and approximately 38.3 percent of the total shareholding. The deal follows SWI Group's agreement to acquire a majority stake in Polarise, a German AI infrastructure provider and official NVIDIA Cloud Service Provider that recently launched the first industrial-scale AI Factory in Germany with Deutsche Telekom and NVIDIA.
The acquisition positions SWI Group among the largest single-firm holders of AI-ready digital infrastructure globally, with 3.6 GW of combined capacity. Converting crypto mining sites — which already have the power connections, cooling, and security that AI workloads demand — avoids the multiyear permitting delays that have slowed new data center construction across the US and Europe.
Repurposing Crypto Infrastructure for AI
GDA's portfolio was built for digital asset mining, an industry that requires massive power draw and low-cost electricity. SWI Group intends to reposition those assets through its AiOnX European data center platform, which has 2.3 GW of capacity across five sites in Ireland, the United Kingdom, Denmark, Spain, and Italy, partially leased to one of the largest hyperscalers.
The strategy mirrors a broader industry shift. Power-constrained data center developers have increasingly targeted former crypto mining sites for AI workloads, as both require high-density power delivery and industrial-scale cooling. SWI Group has been investing in power connectivity since 2020, George said.
Vertical Integration Across Five Layers
SWI Group's parallel acquisition of Polarise adds a cloud services layer to its infrastructure holdings. Polarise, an official NVIDIA Cloud Service Provider, operates the first industrial-scale AI Factory in Germany, built in partnership with Deutsche Telekom and NVIDIA. The combination gives SWI Group capabilities across what George described as the five layers of AI: land, chips, infrastructure, models and applications.
SWI Group, listed on Euronext Amsterdam under the ticker SWICH, manages about 10 billion euros in assets and employs more than 280 people across 26 offices. The stock closed at 6.00 euros on June 12, up 5.26 percent on the day.
This article is for informational purposes only and does not constitute investment advice.
