MARA Holdings secures 64% of Exaion after France OKs deal

TLDR

• MARA acquires 64% of Exaion, gaining operational control over French data centers.
• Deal approved with conditions protecting technological sovereignty and sensitive EDF information.
• NJJ Capital required to hold 10% locally; EDF faces AI/HPC non-compete.

MARA Holdings has completed the purchase of a 64% majority stake in Exaion, the data center unit of Electricité de France (EDF), after French authorities granted final approval with conditions, as reported by The Block (https://www.theblock.co/post/390668/mara-completes-purchase-of-majority-stake-in-french-data-center-unit). This marks a pivotal European foothold for the U.S.-listed bitcoin miner.

Bloomberg added that the transaction advances a plan disclosed in August for MARA to pay $168 million in cash to acquire the stake from EDF Pulse Ventures (https://www.bloomberg.com/news/articles/2026-02-20/france-clears-sale-of-edf-data-center-unit-to-bitcoin-miner-mara). The clearance underscores how France treats data-center assets as sensitive infrastructure.

The acquisition gives MARA operational control of Exaion, a French data-center developer and operator historically housed within EDF. With 64% ownership, MARA gains a platform to deliver compute services while EDF retains an interest as a minority partner. The target sits at the intersection of energy availability and high-performance workloads.

According to Crypto-Economy, France’s Finance Ministry approved the deal subject to safeguards that preserve technological sovereignty (https://crypto-economy.com/mara-wins-french-approval-to-acquire-edf-data-center-unit-expanding-eu-footprint/). The measures include a requirement for a domestic investor, NJJ Capital linked to Xavier Niel, to hold a 10% minority interest within the local structure. Authorities also directed that Exaion not retain sensitive EDF data post-closing, and imposed operational constraints such as a non‑compete for EDF in specified areas including AI and HPC. The review proceeded under France’s foreign investment screening regime for critical infrastructure.

Why it matters now: AI/HPC expansion under sovereign safeguards

The Exaion acquisition accelerates MARA’s pivot beyond bitcoin mining into AI and high‑performance computing (HPC) under French data‑sovereignty safeguards. Exaion’s footprint can be oriented toward secure cloud and compute services while aligning with energy‑efficiency priorities in the EU. The combination positions MARA to compete for AI/HPC workloads where power sourcing and latency are decisive.

MARA leadership has consistently framed strategy around pairing electricity access with compute to reduce counterparty and power‑price risk. “The strategy centers on ‘owning electrons’, controlling energy and compute together,” said Fred Thiel, CEO of MARA Holdings.

Ownership and governance: MARA Holdings, EDF, NJJ Capital roles

Post‑closing, MARA holds 64% of Exaion, establishing majority control. EDF remains involved as a minority shareholder and operational counterpart under defined constraints. NJJ Capital, the investment vehicle of Xavier Niel, joins as a domestic minority investor to reinforce local stewardship.

Governance is expected to balance foreign investment with French oversight, reflecting the approval conditions. Local participation and data‑handling restrictions are designed to confine sensitive information and keep strategic decision‑making aligned with national priorities.

Near‑term, Exaion’s operations will be shaped by the conditions on data retention and EDF’s non‑compete, channeling focus toward compliant AI/HPC and secure cloud services within France and the EU. Timelines and capacity ramps were not disclosed in the available reports.

At the time of this writing, Bitcoin traded near $67,746, providing context for MARA’s legacy mining exposure, based on data from Yahoo Finance (https://uk.finance.yahoo.com/).