MARA Takes 64% of French Data Center Exaion in AI Push
MARA Holdings completed its acquisition of a 64% stake in French computing infrastructure operator Exaion. The deal brings telecom entrepreneur Xavier Niel's NJJ Capital in as a 10% shareholder in the newly formed MARA France entity.
MARA Holdings completed its acquisition of a 64% stake in French computing infrastructure operator Exaion on Friday. The deal, first agreed in August 2025, hands MARA majority control while French energy giant EDF retains a minority position through its EDF Pulse Ventures subsidiary. Telecom entrepreneur Xavier Niel's investment vehicle NJJ Capital takes a 10% stake in MARA France as part of the arrangement. MARA CEO Fred Thiel and Niel will hold seats on Exaion's board alongside three representatives from MARA, three from EDF Pulse Ventures, one from NJJ Capital, and Exaion's chief executive and co-founder.
The acquisition positions MARA in the race for AI computing capacity as Bitcoin miners scramble to repurpose infrastructure. Competitors like CoreWeave pivoted from crypto mining to AI infrastructure entirely, while TeraWulf, Hut 8, and IREN are converting mining facilities to handle AI workloads. The industry is chasing 30 GW of AI capacity targets.
MARA's approach differs from rivals in one key way: the company is funding its AI transition without selling its Bitcoin holdings. MARA CEO Fred Thiel said the company remains focused on transforming MARA into a vertically integrated digital energy and infrastructure company while continuing to mine Bitcoin. MARA raised ₱116.15 billion ($2 billion) in 2024 and acquired over 22,000 BTC alongside its mining operations, making it the second-largest corporate Bitcoin holder among public companies behind MicroStrategy.
The timing is challenging for Bitcoin miners. Mining difficulty jumped 15% on Friday to 144.4 trillion, though that followed an 11% drop earlier in the month. MARA shares are down 17% year-to-date. Competitor CleanSpark raised roughly ₱65.63 billion ($1.13 billion) through a convertible note offering announced in November 2025 to fund mining and data center expansion, with proceeds reaching ₱74.34 billion ($1.28 billion) if additional notes are purchased. Bitdeer's shares tanked 17% after the company announced a ₱17.42 billion ($300 million) debt offering.
MARA operates 18 global data centers with 1,244.8 megawatts of total capacity and owns over 70% of its infrastructure, including 139 MW of wind and gas-to-power assets.
This article was written based on reporting from Cointelegraph.
