SWI Group, the Amsterdam-listed digital infrastructure investor that now controls Genesis Digital Assets, has put the bitcoin miner's last remaining Kazakhstan mines up for sale. Genesis Digital, once a high-profile portfolio company of FTX backer Alameda Research, is being repositioned as its parent steers €800 million, roughly $894 million, of fresh capital into AI data centers.

SWI raises €800 million at a €6.1 billion valuation

SWI is an investment firm focused on digital infrastructure, listed on Euronext Amsterdam under the ticker SWICH. It raised the €800 million from institutional investors on Monday in a round that valued the company at €6.1 billion. The raise lifts the equity injected since March 2026 to more than €1 billion and increases the free float to about 20% of share capital.

Chief Executive Max-Hervé George has made clear he wants no part of bitcoin mining. "This transaction is about keeping up to speed with the compute and data center markets," George said in a press release.

Last Kazakh sites listed as US and Swedish assets pivot to AI

Genesis Digital once relied on extensive Kazakh operations, but it has now placed three small mines — its last in the country — on the market. Kazakhstan's slide down the mining rankings frames the exit: the country became the industry's refuge after China banned the practice in 2021, at one point ranking second only to the United States in global hashrate, before blackouts and sharply higher mining taxes pushed operators out.

SWI is keeping the grid connections and power-hungry sites Genesis Digital built in Texas, North Carolina, South Carolina and Sweden. The target tenants are hyperscalers such as Amazon Web Services and Google Cloud, cloud giants that require vast computing power to run AI services. Grid connections like the ones SWI is retaining have become the industry's chokepoint, since new power hookups can take years to secure while AI demand keeps climbing.

The US and Swedish facilities will shift to AI workloads under a new name, SWI Digital, with proceeds used to fund power infrastructure, compute deployments and the development pipeline on both sides of the Atlantic. Who ends up buying the three Kazakh mines, and how quickly the retained US and Swedish sites convert from mining rigs to hyperscaler contracts, are the near-term markers for the pivot.

Alameda-era shareholder disputes are settled, George says

Alameda Research, the trading firm founded by Sam Bankman-Fried, invested more than $1 billion in Genesis Digital from 2021 in exchange for a stake of about 20%. Founded in 2017, Genesis had by then grown into one of the world's largest bitcoin miners.

In November 2022, after FTX filed for bankruptcy, the estate's administrators sued Genesis Digital for about $1.15 billion, calling the investment one of Bankman-Fried's most reckless and alleging that some assets had been wildly overvalued. The suit was dropped on June 15, 2026. On the same day, SWI announced it would acquire roughly 40% of Genesis Digital for $500 million, a deal finalized in August that gave SWI 70% of the voting rights.

Disputes with FTX and other shareholders have been settled, George said.

The industry-wide pivot from mining to AI

The sale fits into a broader industry shift. Public miners have announced more than $70 billion worth of AI and high-performance computing deals as they work to offset mining losses, Cryptopolitan reported. The weighted-average cash cost of producing one bitcoin for listed miners was about $79,995 in the fourth quarter of 2025, when bitcoin's price ranged between $68,000 and $70,000, according to a report cited by Cryptopolitan.

That squeeze has pushed companies including Cipher, TeraWulf, MARA Holdings, Core Scientific and Hut 8 to rework power capacity for AI tenants. MARA agreed in April to buy Long Ridge Energy & Power, a 505 MW natural gas plant in Hannibal, Ohio, for $1.5 billion, Cryptopolitan reported. SWI is going further than offsetting losses — it is exiting mining altogether.