MARA Holdings Secures Controlling Interest in French AI‑Focused Data‑Center Operator Exaion
The acquisition marks a deeper foray by the Bitcoin miner into artificial‑intelligence and cloud‑service markets, while cementing a new partnership with telecom entrepreneur Xavier Niel’s NJJ Capital.
Deal overview
On Friday, MARA Holdings announced that it has completed the purchase of a 64 % equity stake in Exaion, a French company that provides high‑performance computing (HPC) infrastructure and AI‑focused data‑center services. The transaction, originally disclosed in August 2025, was concluded after securing the required regulatory clearances.
The seller, EDF Pulse Ventures— the venture arm of France’s energy giant EDF—will retain a minority holding and will continue to act as a customer of Exaion’s facilities. In parallel, NJJ Capital, the investment vehicle of telecom mogul Xavier Niel, will acquire a 10 % share of MARA’s French subsidiary, MARA France, as part of a broader strategic alliance.
Governance of Exaion will be reshaped to reflect the new ownership. Its board will comprise three representatives appointed by MARA, three by EDF Pulse Ventures, and one from NJJ Capital, alongside the company’s CEO and co‑founder. Both Niel and MARA chief executive Fred Thiel are slated to take board seats.
Strategic rationale
MARA, best known for operating large‑scale Bitcoin mining farms, has been diversifying its revenue streams amid tightening margins in the mining sector. By taking control of Exaion, the firm gains immediate access to a suite of AI and cloud‑computing assets in Europe, a region where demand for high‑density GPU workloads is accelerating.
“The acquisition gives us a foothold in a fast‑growing market while leveraging the excess power capacity that our mining operations generate,” MARA’s spokesperson said in a statement. “It also aligns with the broader industry shift of turning cryptomining infrastructure into multi‑purpose data centers.”
Exaion’s existing clientele, which includes EDF itself, provides MARA with a ready pipeline of contracts and a stable cash flow that can counterbalance the volatility inherent in Bitcoin mining earnings.
Industry context: miners pivot to AI
MARA’s move mirrors a trend among publicly listed Bitcoin miners that are repurposing their energy‑intensive facilities for AI and high‑performance computing services. After the 2024 block‑reward halving and a subsequent rise in network difficulty, many miners faced squeezed margins and began exploring hybrid business models.
Companies such as HIVE Digital Technologies and CoreWeave have reported robust performance by expanding AI operations, while others—including TeraWulf, Hut 8, IREN and MARA—are converting mining rigs and power contracts into AI‑ready data‑center capacity. In late 2025, CleanSpark announced a multi‑billion‑dollar financing round to fund a combined Bitcoin mining and AI‑infrastructure expansion, underscoring the sector’s pivot.
Bitcoin mining difficulty spikes
Concurrently, Bitcoin’s mining difficulty rose by roughly 15 % to 144.4 trillion, reversing a brief decline that followed severe winter storms in the United States. The increase reinforces the network’s security but also adds further pressure on miners’ profitability, intensifying the incentive to diversify into steadier revenue sources such as AI cloud services.
Analysis
MARA’s acquisition of a controlling stake in Exaion positions the company at the intersection of two high‑growth tech segments: cryptocurrency mining and artificial intelligence. The deal provides several strategic advantages:
- Geographic diversification – Exaion’s European base mitigates MARA’s exposure to U.S. regulatory and energy‑price risks.
- Revenue stability – AI and cloud services generate recurring income, cushioning the firm against Bitcoin’s price volatility.
- Synergy with existing assets – Excess power from mining farms can be redirected to AI workloads, improving overall asset utilisation.
- Partnership with established players – Retaining EDF as a customer and aligning with NJJ Capital brings technical expertise and access to telecom infrastructure.
However, the integration will require careful management of operational differences between crypto mining and enterprise AI services, as well as navigating European data‑privacy and energy‑regulation landscapes.
Key takeaways
- MARA now holds 64 % of Exaion, gaining decisive control over a European AI‑focused data‑center platform.
- EDF Pulse Ventures remains a minority shareholder and client, ensuring continuity of existing contracts.
- NJJ Capital acquires 10 % of MARA France, solidifying a partnership that brings telecom expertise into the mix.
- The move reflects a broader industry trend of Bitcoin miners diversifying into AI and cloud computing to offset margin pressure from rising mining difficulty.
- Analysts view the acquisition as a strategic hedge, offering MARA a more resilient revenue mix amid a volatile cryptocurrency market.
As Bitcoin’s network difficulty continues to climb and regulatory scrutiny on mining intensifies, MARA’s expansion into AI infrastructure could serve as a template for other miners seeking sustainable growth beyond blockchain rewards.
Source: https://cointelegraph.com/news/mara-majority-stake-exaion-ai-data-centers-bitcoin-miner?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
