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SWI puts Genesis Digital's last Kazakh mines up for sale after an €800 million raise

SWI Group raised €800 million at a €6.1 billion valuation and is selling the last three Kazakh bitcoin mines of Genesis Digital. The cash is new equity, Cryptopolitan reported, and the mines' sale price was not disclosed.

The Investor · Invest desk

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Illustration accompanying SWI puts Genesis Digital's last Kazakh mines up for sale after an €800 million raise
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SWI's raise sold part of the firm and lifted its float Share of SWI sold in the €800 million round if the €6.1 billion valuation is post-money, the free float after the raise, and the round's valuation.

Key figures: the €800 million round sold about 13% of SWI if the €6.1 billion valuation is post-money; the raise lifts SWI's free float to about 20% of share capital; the round valued SWI at €6.1 billion.

SWI's raise sold part of the firm and lifted its float
FigureValueNoteClaim
Share of SWI the round sold, if post-money13% about20
Free float, about20% of capital10
Round valuation€6.1 billion2

What happened

  • SWI wants the grid connections and power-hungry sites Genesis Digital built in Texas, North Carolina, South Carolina and Sweden, and is aiming at hyperscalers such as Amazon Web Services and Google Cloud as tenants.
  • The US and Swedish sites move to AI workloads under a new name, SWI Digital, with proceeds earmarked for power infrastructure, compute deployments and the development pipeline.
  • The FTX estate's roughly $1.15 billion suit against Genesis Digital was dropped on June 15, 2026, the same day SWI announced it would buy about 40% of the miner for $500 million.
  • SWI closed the Genesis Digital deal in August, and chief executive Max-Hervé George said disputes with FTX and other shareholders are settled.

Why it matters

  • constraint The €6.1 billion price now depends on turning grid connections into leases with hyperscalers that the report lists only as target tenants.
  • cost Listed miners spent roughly $10,000 to $12,000 more to mine a coin than it sold for at the cited levels, a sector average that sets the backdrop for selling small sites.
  • exposure If the valuation is post-money, the round sold about 13% of SWI while only about 20% of shares float, so a small slice of the register sets the price for the rest.
  • precedent Buying control of a miner for its power is a second route beside the conversions in the more than $70 billion of AI and computing deals public miners have announced.

Rotation is a loose word for what the report describes. A rotation needs the old asset to fund the new one, and here the sites on sale are the last three small ones in Kazakhstan [1] while the money coming in is €800 million of fresh equity from institutional investors [2], taking the total injected since March 2026 above €1 billion [3]. The conversion plan covers the US and Sweden [4]; Kazakhstan gets a sale. Cryptopolitan reported that chief executive Max-Hervé George wants no part in bitcoin mining [11]. "This transaction is about keeping up to speed with the compute and data center markets," George said in a press release [6].

The sharper evidence is the entry price. Alameda Research put in more than $1 billion from 2021 for about 20% of Genesis Digital [7]. That implies at least $5 billion for the whole company [14]. SWI's $500 million for about 40% implies $1.25 billion [15], a markdown of at least 75% [16].

The comparison is loose. The 40% counted here is the June announcement, and SWI closed in August with 70% of the voting rights [9], so the sum uses only one of two measures. Alameda also bought into a miner that had by then become one of the world's biggest [12], while the report says SWI wants the grid connections and power-hungry sites [5].

We think the strategy is coherent and the valuation is untested. A signed hyperscaler lease at a Texas, Carolina or Swedish site would be the first evidence that €6.1 billion is a value and not only the price paid in one round. A Kazakh sale price that turns out to be material against €800 million would show the mines funded more of the pivot than the report suggests.

What to watch

  • Whether SWI names a buyer and a price for the three Kazakh sites, and whether the figure is material against the €800 million raised.
  • Whether SWI Digital announces a signed lease with a hyperscaler at any of its Texas, Carolina or Swedish sites.
  • Where SWI prices its next equity raise relative to the €6.1 billion valuation.

Clarity's read

What the record supports and how the coverage leans. The claims behind it follow.

Reality

Evidence45
Adoption
Insufficient
Hype gap
Insufficient
Incentives40
Confidence50
Why these scores

Claim ledger

Ranked by verification strength, evidence, and original report placement.

  1. [1]

    SWI Group is selling the last three small Kazakhstan mining sites of Genesis Digital Assets, the former FTX-backed miner it controls.

    ReportedSupportedSource: CryptopolitanView cited source
  2. [2]

    SWI raised €800 million, about $894 million, from institutional investors on Monday in a round that valued the firm at €6.1 billion.

    ReportedSupportedSource: CryptopolitanView cited source
  3. [3]

    The raise brings equity injected into SWI since March 2026 to more than €1 billion.

    ReportedSupportedSource: CryptopolitanView cited source

Sources

1 independent publisher whose own reporting we read for this story.

  1. cryptopolitan.com

    1 article · October 13, 2026

    Genesis Digital, once backed by FTX, puts its last Kazakh bitcoin mines up for sale

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