MARA Holdings Acquires Majority Stake in Exaion, EDF’s Data Center Subsidiary in France
📋 En bref (TL;DR)
- MARA Holdings becomes majority shareholder: The American Bitcoin mining giant acquires majority ownership of Exaion, EDF’s cloud and HPC subsidiary.
- Xavier Niel joins the deal: Through NJJ Capital, the Free founder takes 10% of MARA France and joins Exaion’s board of directors.
- An unprecedented Franco-American partnership: EDF Pulse Ventures remains shareholder and client, creating a strategic alliance between energy and tech.
- State-of-the-art AI infrastructure in France: Exaion operates 1,250 GPUs, 37 PB of storage, and 4 data centers powered by low-carbon energy.
- European ambitions: The goal is to build a European champion in digital infrastructure from France.
- EDF Group stays involved: Three EDF representatives will serve on Exaion’s board of directors.
A Major Strategic Shift for MARA Holdings
The Bitcoin mining industry has just witnessed a historic turning point. MARA Holdings, one of the largest publicly traded cryptocurrency miners in the United States, has officially announced the acquisition of a majority stake in Exaion, the high-performance data center subsidiary of French utility giant EDF.
This transaction, announced on February 20, 2026 in a joint press release from EDF Pulse Ventures, MARA, and NJJ Capital, marks a decisive step in the convergence between the crypto mining industry and artificial intelligence. It also positions France as a strategic hub for next-generation digital infrastructure.
Who Are the Players in This Alliance?
MARA Holdings: From Bitcoin Mining to AI
MARA Holdings (formerly Marathon Digital Holdings) is an American company listed on the NASDAQ under the ticker MARA. Founded in 2010, it pivoted to Bitcoin mining in the late 2010s to become one of the two largest corporate holders of Bitcoin worldwide, with over 50,000 BTC on its balance sheet.
The company, led by Fred Thiel, generated $388 million in revenue in 2023 and holds total assets of $6.8 billion. MARA operates large-scale mining facilities across the United States and is actively seeking to diversify into high-performance computing (HPC) and artificial intelligence.
Exaion: French Sovereign Cloud
Exaion is an EDF subsidiary specializing in high-performance cloud infrastructure. The company develops and operates intensive computing (HPC) data centers and offers secure cloud solutions for artificial intelligence.
Exaion’s infrastructure is impressive:
- 1,250 GPUs of latest generation
- 37 petabytes of storage
- 4 operational data centers
- 99.9% availability
- 24/7 technical support
What particularly sets Exaion apart is its environmental commitment. The company uses immersion cooling, waste heat recovery to heat buildings, refurbished equipment, and low-carbon energy — a compelling argument in a context where data center environmental footprints are under increasing scrutiny.
NJJ Capital: Xavier Niel Bets on French AI
NJJ Capital, the family office of Xavier Niel, founder of Free and one of France’s most influential tech entrepreneurs, takes a 10% stake in MARA France. This personal involvement of the French billionaire in an American crypto company sends a strong signal.
Xavier Niel will sit on Exaion’s board of directors alongside Fred Thiel, MARA’s CEO. This presence illustrates the commitment to building bridges between the French and American tech ecosystems.
Deal Details
Shared Governance
EDF’s press release outlines Exaion’s new governance structure following this transaction:
- 3 representatives appointed by MARA Inc
- 3 representatives appointed by EDF Pulse Ventures
- 1 representative appointed by NJJ
- Exaion’s CEO and co-founder
This distribution ensures a balance between American and French interests while maintaining the company’s entrepreneurial DNA.
EDF Stays in the Game
Importantly, the EDF Group remains both shareholder and client of Exaion. This continuity ensures Exaion’s access to EDF’s decarbonized energy — a crucial competitive advantage for energy-intensive data center operations.
Why Is MARA Investing in France?
Diversification Into AI
For MARA Holdings, this acquisition is part of a diversification strategy beyond Bitcoin mining alone. The company seeks to leverage its expertise in managing intensive computing infrastructure to position itself in the booming artificial intelligence market.
Data centers used for Bitcoin mining and those required for training AI models share common characteristics: massive energy requirements, efficient cooling needs, and robust network infrastructure. This technical synergy makes the pivot natural.
The Appeal of French Energy
France has a major asset: its largely decarbonized energy mix thanks to nuclear power. For a crypto industry often criticized for its carbon footprint, establishing operations in a country where over 70% of electricity is produced without CO2 emissions is a powerful marketing and ethical argument.
Moreover, industrial energy rates in France remain competitive compared to many regions of the United States, particularly thanks to long-term contracts available with EDF.
A Foothold in Europe
With the MiCA (Markets in Crypto-Assets) regulation now in effect across Europe, having an operational presence in the EU becomes strategic for American crypto players. Exaion offers MARA a privileged gateway to the European market, with an already established legal and regulatory framework.
Partnership Ambitions
Building a European Champion
EDF’s press release is explicit about the objectives: « The goal of the partnership between MARA, EDF, and NJJ is to accelerate Exaion’s deployment, strengthen its capabilities in secure cloud and high-performance computing, and build a European player in digital infrastructure from France through Exaion. »
This ambition comes at a time when Europe is seeking to reduce its dependence on American cloud giants (AWS, Microsoft Azure, Google Cloud). Exaion, now backed by MARA’s financial firepower and Xavier Niel’s network, could become a credible player in this European digital sovereignty push.
Open Source Infrastructure as a Differentiator
Exaion relies on a 100% open source technology stack (OpenStack, Kubernetes), ensuring compatibility, scalability, and freedom from vendor lock-in. This approach appeals to organizations concerned about depending on a single provider.
What This Means for the Crypto Ecosystem
The Mining-AI Convergence Accelerates
This acquisition confirms a fundamental trend: Bitcoin miners are repositioning toward AI. The explosive demand for computing capacity needed for training and running AI models creates opportunities for companies that master high-performance data center management.
MARA thus joins players like Core Scientific and Hive Digital, which have also announced pivots toward AI in recent months.
A Positive Signal for France
The establishment of an American mining giant in France sends a positive signal to international investors. Despite a sometimes ambiguous reputation toward cryptocurrencies, France attracts top-tier players thanks to its structural advantages: clean energy, tech talent, and a regulatory framework now clarified by MiCA.
Challenges Ahead
Several questions remain unanswered:
- Will Exaion be used for Bitcoin mining operations, or exclusively for AI?
- What is the exact amount of MARA’s investment?
- How will shared governance work in practice?
The coming months will provide answers to these questions as the partners begin operational integration.
📚 Glossary
- Bitcoin: The first and leading decentralized cryptocurrency, created in 2009. MARA is one of the world’s largest corporate miners and holders of Bitcoin.
- Mining: The process of validating transactions and creating new bitcoins by solving complex cryptographic problems, requiring significant computing power.
- HPC (High-Performance Computing): High-performance computing using supercomputers or server clusters to process massive data volumes, particularly for AI applications.
- Artificial Intelligence (AI): Technologies enabling machines to perform tasks that normally require human intelligence. Training AI models requires enormous computing capacity.
- Data center: A facility housing the servers and equipment needed for storing and processing digital data.
- Cloud: Computing infrastructure that provides access to computing and storage resources via the Internet, without physically owning the servers.
Frequently Asked Questions
What is Exaion and why did MARA acquire it?
Exaion is an EDF subsidiary specializing in high-performance data centers and secure cloud services. MARA Holdings acquired it to diversify into artificial intelligence and benefit from French decarbonized energy.
Did Xavier Niel invest in this deal?
Yes, through NJJ Capital, Xavier Niel takes 10% of MARA France’s capital and will serve on Exaion’s board of directors alongside MARA CEO Fred Thiel.
Does EDF maintain a role in Exaion?
Yes, the EDF Group remains both shareholder and client of Exaion. EDF Pulse Ventures has 3 representatives on the board of directors, ensuring shared governance.
What are Exaion’s advantages for MARA?
Exaion offers 1,250 GPUs, 37 PB of storage, 4 data centers with low-carbon energy, and 99.9% uptime. This infrastructure allows MARA to position itself in the European AI market.
Does this acquisition mean MARA will mine Bitcoin in France?
The press release does not specify whether Exaion will be used for Bitcoin mining. The focus is on secure cloud and high-performance computing for AI, suggesting diversification rather than mining expansion.
📰 Sources
This article is based on the following sources:
- EDF Press Release – Official partnership announcement, February 20, 2026
- MARA Holdings – Official company website
- Exaion – Infrastructure and services overview
- Wikipedia – MARA Holdings – Company history and financial data
How to cite this article: Fibo Crypto. (2026). MARA Holdings Acquires Majority Stake in Exaion, EDF’s Data Center Subsidiary in France. Retrieved February 21, 2026 from https://fibo-crypto.fr
