SWI Group has announced an €800 million institutional capital increase to accelerate a shift from cryptocurrency-mining infrastructure toward artificial-intelligence computing. The Euronext Amsterdam-listed group said the transaction values it at €6.1 billion and will support data-center and AI projects in Europe and the United States. The announcement makes the capital raise concrete, but it does not show that every planned conversion, customer contract or new facility is already operating.

New shares fund a transatlantic buildout

The company said new ordinary shares will be issued in several series, increasing total share capital to 558,399,385 shares. SWI reported that it has now raised more than €1 billion in equity since March 2026. It plans to direct the latest proceeds toward power infrastructure, compute deployments and its development pipeline on both sides of the Atlantic. The company also expects the transaction to lift its free float to about 20%, broadening the institutional shareholder base and potentially improving trading liquidity.

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The structure still carries qualifications. SWI said certain investors received options linked to their shares and conditional on equity-capital-market milestones. Its release did not name the incoming investors, provide a settlement timetable for each share series or quantify how much of the €800 million will be assigned to individual data centers. Those omissions leave execution, dilution and deployment pace as important questions for shareholders.

A former Bitcoin miner becomes the bridge

The crypto connection runs through Genesis Digital Assets, a Bitcoin-mining company that received more than $1 billion from Alameda Research before FTX collapsed. CoinDesk reported that SWI bought roughly 40% of Genesis Digital for $500 million in June and completed the acquisition in August with 70% of the voting rights, renaming the business SWI Digital. SWI’s own capital announcement does not detail that history, so the ownership and conversion context comes from independent reporting.

SWI intends to repurpose Genesis Digital’s sites in the United States and Sweden for AI workloads while selling facilities in Kazakhstan, according to CoinDesk and The Wall Street Journal. The Journal reported that disputes involving FTX and other shareholders have been settled, clearing a legal overhang that had complicated the assets’ future. The transition reflects a broader calculation across the mining sector: grid connections, power capacity and data-center real estate can be more valuable than the mining machines themselves when demand for AI computing is strong. Converting a mining site is not automatic, however. AI customers generally require different networking, cooling, reliability and hardware standards.

What investors still need to see

For SWI, the capital increase supplies balance-sheet capacity, not proof of future revenue. The company has not disclosed named AI customers, contracted utilization, project-level returns or completion dates for the converted sites. Investors will need to track how quickly capital becomes usable compute capacity, whether power and construction schedules hold, and how much legacy mining infrastructure can be adapted rather than replaced. They will also need to separate SWI’s stated valuation from realized operating performance: new equity can fund construction, but customer demand, uptime and energy costs will determine whether the projects produce durable cash flow. The transaction nevertheless shows how assets built for Bitcoin mining are being financed for a second life in the AI infrastructure race.

Sources

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