SWI Group has acquired a 77% economic interest in Genesis Digital Assets for $500 million. The transaction, which closed on June 15, 2026, was structured through preferred shares. The deal follows the dismissal of a lawsuit against the operator, which had been tied to the FTX bankruptcy proceedings.
The acquisition provides SWI Group with 1.3 gigawatts of grid capacity across 15 facilities, primarily located in Texas, with additional sites in Sweden. This addition increases the company's total AI-ready capacity to 3.6 gigawatts.
The company plans to repurpose the former Bitcoin mining infrastructure for artificial intelligence and high-performance computing. CEO Max-Hervé George noted that the strategy focuses on leveraging existing power connections for digital infrastructure.
Transitioning these sites presents technical challenges, as AI clusters require more stringent cooling, networking, and uptime standards compared to mining rigs. Additionally, the concentration of assets in the Texas power market introduces specific geographic risks for the firm.
