SWI Group, (SWICH) a global conglomerate and investment program, has acquired a significant stake for US$ 500 million in Genesis Digital Assets Limited (GDA), a privately held digital infrastructure company which controls 1.3 GW of energized and approved grid connections across 15 facilities, including several hyperscaler-grade sites in Texas.
Following the acquisition, SWI Group plans to transition GDA’s infrastructure from cryptocurrency mining to high-performance computing (HPC) and artificial intelligence (AI) workloads.
Through this transaction SWI Group will expand its digital infrastructure portfolio and apply experience from its AiOnX data center platform in Europe which combines AiOnX’s 2.3 GW platform across Ireland, the United Kingdom, Denmark, Spain and Italy, the company will have a total of 3.6 GW of AI-ready infrastructure capacity across Europe and North America as detailed in a press release.
According to Max-Hervé George, Founder and CEO, SWI Group, “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.”
Upon completion of the deal, SWI Group is expected to hold approximately 77.2 percent by value of the US$ 1.124 billion liquidation preference attached to GDA’s preferred share classes and about 38.3 percent of the company’s total equity.
The acquisition reflects a broader trend in the data center industry, where operators are repurposing cryptocurrency mining facilities and their associated power infrastructure to support growing demand for AI computing capacity.