Data center developer AiOnX has acquired a majority stake in US-based cryptomining firm Genesis Digital Assets (GDA) for $500 million, and plans to pivot the business to provide neocloud services to the hyperscalers.

SWI Group, AiOnX’s parent company, announced the deal today, and said it now has a 77 percent holding in GDA, which operates 15 crypto data centers in the US and Sweden, with a footprint of 1.3GW of available power.

These data centers will now be converted for AI and HPC workloads. The acquisition means AiOnX has access to 3.6GW of data center capacity in the US and Europe, the company said.

DCD reported last month that SWI Group was in talks with a cryptomining firm about acquiring its data centers, and now the deal has come to fruition.

“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.”

According to its website, GDA has data centers in North Carolina, South Carolina, and Texas, as well as its two sites in Sweden. Its Texas data centers are said to be “hyperscaler-grade.”

AiOnX is developing a data center in Dublin, which is already leased to a hyperscaler, reportedly Amazon.

It is also building a data center park in Cambridge, UK, and has projects in Milan, Italy; Varde, Denmark; and Madrid, Spain.

Amsterdam Euronext-listed SWI is an alternative investment conglomerate. Formed from the merger of Stoneweg and Icona Capital last year, the company has some €11 billion ($12.7bn) in assets under management, including SERT and AionX.

As a result of the deal, GDA will become the latest cryptomining firm to pivot to AI. Recent years have seen the likes of CoreWeave, Iren, and Applied Digital move away from mining digital currencies to become so-called neoclouds, offering GPU access to the hyperscalers.