Bitcoin Miner MARA Expands Beyond Mining With $168M Exaion Acquisition

Bitcoin mining company MARA Holdings Inc. has finalized its acquisition of a 64% majority stake in Exaion, the digital infrastructure and cloud subsidiary of French state-owned utility EDF.

The deal signals a strategic pivot for MARA beyond traditional Bitcoin mining and into high-performance computing (HPC) and artificial intelligence infrastructure.

Deal Structure and Terms

MARA paid $168 million in cash for the initial 64% stake in Exaion.

The agreement also includes an option allowing MARA to increase its ownership to 75% by 2027 for an additional $127 million.

As part of the approval process by French authorities, local participation was required to preserve what officials described as “technological sovereignty.” NJJ Capital, owned by French billionaire Xavier Niel, acquired a 10% stake in MARA France to satisfy this condition.

Exaion’s board structure will include three representatives from MARA, three from EDF Pulse Ventures, and one from NJJ Capital.

Strategic Shift Toward AI and Sovereign Cloud

The acquisition represents a significant expansion of MARA’s business model. Rather than focusing solely on Bitcoin mining, the company plans to leverage Exaion’s infrastructure to provide sovereign cloud services and AI inference solutions internationally.

The transaction includes a two-year non-compete clause that prevents EDF from entering commercial HPC, AI, or Bitcoin mining markets. However, EDF may continue supplying electricity to companies operating in those sectors.

EDF will remain both a minority shareholder in Exaion and an ongoing client.

Regulatory Review and Clearance

The deal underwent review by the French Ministry of Finance under France’s foreign investment control regime. The transaction briefly paused in early February 2026 due to national security concerns.

French authorities ultimately approved the acquisition after governance safeguards were implemented to ensure protection of domestic digital infrastructure and sovereignty.

The move positions MARA at the intersection of digital assets and enterprise computing, reflecting a broader industry trend where Bitcoin mining firms diversify into AI and data center services.

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