Genesis Digital Assets, the Bitcoin miner that took more than $1 billion from Alameda Research before FTX imploded, is getting a second act. It is no longer a Bitcoin mining story.
SWI Group, an Amsterdam-based digital infrastructure company that trades under the ticker SWICH, has taken control of the company, renamed it SWI Digital, and plans to turn its power-connected sites into high-performance computing infrastructure for AI. The machines that once hashed blocks are being shown the door. The electrical hookups they plugged into are staying.
How SWI took the keys
The takeover happened in stages. SWI made an initial investment of $500 million in June 2026 and had secured majority voting rights by August.
The June deal gave SWI roughly 38.3% of GDA’s shares and about 77.2% of the liquidation preference. SWI ultimately ended up with more than 70% voting control.
A lawsuit tied to Alameda’s investment, brought by the FTX estate, was dismissed on June 15, 2026. That dismissal coincided with SWI finalizing its stake, clearing the most obvious legal cloud hanging over the company.
On October 12, 2026, SWI announced an institutional capital raise of €800 million, or approximately $894 million, at a €6.1 billion valuation. The company said the funds are aimed at expanding data centers and strengthening power infrastructure to support its AI push.
That raise brings SWI’s total equity raised since March 2026 to more than €1 billion.
The real asset is the grid connection
GDA controls 1.3 GW of energized or approved grid connections spread across 15 facilities, primarily in the US and Sweden.
SWI plans to convert GDA’s North American and Swedish sites to high-performance computing and to divest the company’s remaining mining operations in Kazakhstan. Combined with its AiOnX platform, SWI says its total power capacity reaches 3.6 GW. The company expects to market that capacity primarily to hyperscalers.
CEO Max-Hervé George described power connectivity as “the most valuable commodity in digital infrastructure today.” He has also said SWI has “zero interest” in Bitcoin mining.
From Alameda’s portfolio to a clean slate
Alameda Research, the trading firm linked to Sam Bankman-Fried’s FTX, invested approximately $1.15 billion in Genesis Digital Assets across 2021 and 2022, ending up with about 20% ownership.
When FTX collapsed, that investment became the subject of litigation from the FTX estate. The June 2026 dismissal of that suit, coinciding with SWI finalizing its stake, cleared the legal overhang and allowed the company to be repositioned and renamed as SWI Digital.
What this means for miners and the AI buildout
SWI did not pay up for Bitcoin production, hashrate, or mining margins. It paid for 1.3 GW of grid access and the right to repurpose it.
SWI is keeping the US and Swedish sites while planning to divest Kazakhstan. Hyperscalers buying AI capacity tend to care about where their compute lives, and SWI is concentrating on the locations it believes will sell.
Converting mining facilities to high-performance computing is not a simple swap of equipment. AI workloads generally demand different cooling, networking, and reliability standards than Bitcoin mining rigs. The €800 million raise suggests SWI understands that the conversion will be capital-intensive.
Investors are pricing SWI at a €6.1 billion valuation as an AI infrastructure company with 3.6 GW of capacity to sell, not as a holding company for a former crypto miner.
Disclosure: This article was edited by John Chen. For more information on how we create and review content, see our Editorial Policy.