AiOnX Completes $500 Million Genesis Digital Assets Deal and Transitions Facilities to AI

AiOnX has acquired a 77 percent stake in cryptomining firm Genesis Digital Assets for $500 million, gaining access to 15 data centers across the US and Sweden with 1.3GW of power capacity. The facilities will be converted to support AI and HPC workloads, increasing AiOnX’s total data center footprint to 3.6GW across the US and Europe, according to parent company 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," said Max-Hervé George, SWI Group’s founder and CEO. "We have been investing in power-connectivity since 2020. This is what that thesis looks like at scale."

Genesis Digital Assets operates data centers in North Carolina, South Carolina, Texas, and Sweden, while AiOnX is developing facilities in Dublin, Cambridge, Milan, Varde, and Madrid. The deal sees GDA join a growing list of former cryptomining firms, including CoreWeave and Applied Digital, that have pivoted to AI infrastructure and neocloud services.