Bitcoin mining company MARA Holdings has completed its acquisition of a majority stake in Exaion, a French firm specializing in data centers, cloud services, and artificial intelligence infrastructure. MARA France secured a 64% stake in Exaion, with the transaction receiving final approval and announced on Friday, February 20, 2026. Former parent company EDF Pulse Ventures retains a minority ownership position.
The agreement was initially reached in August 2025, when MARA offered $168 million in cash to EDF Pulse Ventures for the controlling interest. The deal underwent review by the French government due to sovereignty considerations related to foreign investment in strategic infrastructure.
As part of the transaction, MARA France and NJJ Capital, associated with billionaire Xavier Niel, have established a strategic partnership. NJJ will acquire a 10% stake in MARA France. This collaboration aims to support Exaion’s growth ambitions in Europe.
Exaion’s Board of Directors will now feature balanced representation: three members appointed by MARA, three by EDF Pulse Ventures, one by NJJ Capital, plus Exaion’s CEO and co-founder. Both MARA CEO Fred Thiel and Xavier Niel will serve as board members.
The involved parties described the alliance as a means to accelerate Exaion’s expansion, enhance its expertise in secure cloud services and high-performance computing, and position the company as a leading European provider of digital infrastructure. EDF Group, which continues as a minority shareholder and customer of Exaion, is a major energy provider serving around 41 million customers and reporting €113.3 billion in consolidated sales for 2025.
Nasdaq-listed MARA, whose stock declined approximately 40% in the previous year, is preparing to release its quarterly earnings next week. The company recently reported a record $123 million profit in its latest quarter, driven by its Bitcoin mining operations combined with new power generation and AI-related assets.
