SWI Group, the entity formed by the merger of Stoneweg and Icona, has acquired a 38.3% stake in the US digital infrastructure platform Genesis Digital Assets (GDA) for $500m (€431m).
SWI said the deal gives it a 77.2% share by value of the liquidation preference attached to GDA’s preferred share classes.
GDA holds 1.3GW of energised and approved grid connections, comprising 15 facilities that include multiple hyperscaler-grade locations in Texas.
SWI said it will combine GDA with its AiOnX’s 2.3 GW European platform across Ireland the UK, Denmark, Spain and Italy to give it a combined transatlantic footprint of 3.6GW of digital infrastructure capacity.
Max-Hervé George, founder and CEO of SWI Group, said: “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.
“We have been investing in power-connectivity since 2020. This is what that thesis looks like at scale.”
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