MARA Holdings Secures 64% Stake in French HPC Firm Exaion
Lawrence Jengar Feb 20, 2026 17:16
Bitcoin miner MARA completes acquisition of majority stake in Exaion, partnering with EDF and Xavier Niel's NJJ to expand European data center operations.
MARA Holdings has finalized its acquisition of a 64% majority stake in Exaion, the French high-performance computing subsidiary of energy giant EDF, marking a significant expansion of the Bitcoin miner's infrastructure footprint into European markets.
The deal, first announced on August 11, 2025, cleared all regulatory hurdles and is expected to close within days, according to a company statement released February 20, 2026. EDF Group will remain a minority shareholder and client of Exaion following the transaction.
Xavier Niel Takes Board Seat
The transaction includes a parallel capital partnership bringing in NJJ, the investment vehicle of French telecom billionaire Xavier Niel. NJJ will acquire a 10% minority stake in MARA France, the entity through which MARA holds its Exaion position.
Both Niel and MARA CEO Fred Thiel will join Exaion's board of directors. The eight-member board will include three MARA representatives, three from EDF Pulse Ventures, one from NJJ, and Exaion's CEO and co-founder.
Strategic Pivot to HPC and AI
Exaion operates high-performance computing data centers and provides secure cloud and artificial intelligence infrastructure. For MARA, a company built on Bitcoin mining, the acquisition represents a diversification play into adjacent computing markets where its energy procurement expertise and cooling technology could prove valuable.
The partnership's stated goal is positioning Exaion as a leading European player in digital infrastructure, with expansion plans targeting secure cloud and HPC capabilities. France offers MARA access to EDF's nuclear-powered grid, among the cheapest and lowest-carbon electricity sources in Europe.
What This Means for MARA
The deal extends MARA's strategy of leveraging mining infrastructure for broader compute applications. With AI training demand straining global data center capacity, Bitcoin miners with existing power agreements and thermal management systems have found willing buyers for their facilities and expertise.
For traders watching MARA stock, the Exaion stake adds a non-Bitcoin revenue stream that could reduce the company's correlation to crypto prices. Whether that diversification commands a premium valuation will depend on Exaion's execution in a competitive European cloud market.
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