Bitcoin mining giant MARA Holdings (formerly Marathon Digital) has finalized the acquisition of a majority stake in French high-performance computing company Exaion, in a deal valued at approximately $168 million. The transaction positions MARA as a key player in Europe’s artificial intelligence and high-performance computing (HPC) infrastructure market, signaling a broader strategic pivot beyond Bitcoin mining.
Deal Details
On February 20, 2026, MARA France officially completed the purchase of a 64% controlling stake in Exaion from EDF Pulse Ventures, the venture capital arm of French state-owned utility EDF Group. The French government granted formal regulatory approval for the acquisition. Meanwhile, NJJ Capital—controlled by telecom billionaire Xavier Niel—acquired a 10% minority stake in MARA France. EDF Group retains a minority interest in Exaion and will continue as a key anchor customer on the platform.
The transaction was executed entirely in cash, with total consideration of approximately $168 million, according to the joint announcement. Exaion currently operates four specialized data centers in France, equipped with over 37 petabytes of storage capacity, and provides HPC and secure cloud services primarily to enterprise clients across Europe.
Strategic Rationale
The acquisition is a cornerstone of MARA's “digital infrastructure diversification” strategy. CEO Fred Thiel has previously indicated that the company intends to convert a portion of its mining capacity into AI computing power. Exaion’s existing data center portfolio, located near low-carbon nuclear and hydroelectric power sources, offers MARA a ready-made platform to enter the European AI market without the lengthy permitting and construction timelines required for greenfield projects.
The joint statement emphasized that “the purpose of the partnership is to accelerate Exaion’s expansion and enable Exaion—based in France—to emerge as a European leader in digital infrastructure.” By leveraging Exaion’s relationships with EDF and other French financial institutions, MARA can quickly tap into the surging demand for sovereign cloud and AI compute services in the region.
Infrastructure and Growth Prospects
Exaion has historically focused on serving large French enterprises such as EDF with HPC and secure cloud solutions. Its data centers benefit from France’s nuclear-heavy power grid, offering low-cost and low-carbon energy—a critical advantage for energy-intensive AI workloads. MARA plans to expand Exaion’s HPC capacity by more than threefold over the next two years, utilizing the company’s expertise in large-scale compute deployment and energy management developed through Bitcoin mining operations.
The move comes amid a global surge in AI compute demand. European policymakers are pushing for domestic cloud infrastructure that complies with strict data sovereignty regulations, making local providers highly attractive. Analysts view MARA’s acquisition as part of a growing trend among Bitcoin miners pivoting to AI compute services—following examples like Core Scientific and Hive Blockchain. By acquiring a French company outright, MARA also mitigates geopolitical risks associated with cross-border data flows and gains direct access to the European single market.
Going forward, Exaion will operate as a subsidiary of MARA France, with NJJ Capital providing additional strategic guidance. EDF remains a minority shareholder and a primary client, ensuring continued collaboration on energy supply and computing services. MARA expects the acquisition to be accretive to its non-mining revenue stream within the next 12 to 18 months.