MARA Holdings Bets Big on AI with $64% Stake in Exaion: A Game-Changing Move in the Tech Race

In a bold strategic maneuver that signals the evolving landscape of cryptocurrency mining and artificial intelligence, MARA Holdings has officially completed its acquisition of a majority stake in French computing infrastructure giant Exaion. This landmark deal, first announced in August 2025 in partnership with EDF Pulse Ventures, marks a pivotal moment in the tech industry as Bitcoin miners pivot toward AI and cloud computing to secure their future in an increasingly competitive market.

The acquisition grants MARA France a commanding 64% ownership of Exaion, following the successful navigation of regulatory approvals. French energy titan EDF will retain a minority stake and continue as a key customer, ensuring a seamless transition and continuity of operations. This move not only strengthens MARA’s position in the AI and cloud services sector but also underscores the growing convergence between cryptocurrency mining and high-performance computing.

A Strategic Alliance with Global Implications

The deal goes beyond a simple acquisition, creating a broader alliance that includes NJJ Capital, the investment vehicle of telecom entrepreneur Xavier Niel. NJJ will acquire a 10% stake in MARA France, solidifying a partnership that brings together some of the most influential players in the tech and energy sectors. This collaboration is poised to drive innovation and expand the capabilities of Exaion, positioning it as a leader in the AI and cloud infrastructure space.

Governance of Exaion will reflect this new ownership structure, with a balanced board comprising three representatives from MARA, three from EDF Pulse Ventures, and one from NJJ. Exaion’s CEO and co-founder will also hold a seat, ensuring continuity and leadership. Notably, both MARA CEO Fred Thiel and Xavier Niel will serve on the board, bringing their extensive expertise and vision to the table.

The Broader Context: Bitcoin Miners Embrace AI

MARA’s move is part of a larger trend sweeping the cryptocurrency mining industry. As Bitcoin mining economics face mounting pressure—exacerbated by the 2024 halving, which cut block rewards, and rising network difficulty—miners are increasingly diversifying into AI and data center computing. This shift is not just a survival strategy but a proactive step toward building more sustainable and profitable business models.

Companies like HIVE Digital Technologies have already demonstrated the viability of this approach, reporting strong results even during periods of weaker Bitcoin prices, thanks to their expanding AI operations. Similarly, CoreWeave has transitioned from crypto mining to become a major AI infrastructure provider, capitalizing on the growing demand for GPU-based computing.

Other industry players, including TeraWulf, Hut 8, IREN, and MARA, are following suit, repurposing their mining facilities and energy capacity to support AI data centers. This hybrid model allows them to maintain Bitcoin mining as a source of cash flow while tapping into the lucrative and rapidly growing AI market.

The Financial Stakes: A Billion-Dollar Bet on the Future

The financial implications of this shift are staggering. In November 2025, CleanSpark announced plans to raise approximately $1.13 billion—potentially up to $1.28 billion if additional notes are purchased—through a senior convertible note offering. These funds will be used to expand its Bitcoin mining and data center operations, further cementing the industry’s pivot toward AI and cloud services.

This trend is not without its challenges. Bitcoin mining difficulty recently surged by 15%, reaching 144.4 trillion, the steepest increase since China’s 2021 mining ban. This rise, which reversed an earlier 11% drop, underscores the growing computational effort required to mine new blocks and adds further margin pressure on operators already grappling with rising costs.

What This Means for the Future of Tech

MARA’s acquisition of Exaion is more than just a business deal—it’s a statement about the future of technology. As the lines between cryptocurrency, AI, and cloud computing continue to blur, companies that can adapt and innovate will be the ones that thrive. This move positions MARA at the forefront of this convergence, leveraging its expertise in energy and infrastructure to drive the next wave of technological advancement.

For the broader industry, this deal signals a new era of collaboration and diversification. By combining the strengths of MARA, EDF, and NJJ, Exaion is poised to become a powerhouse in AI and cloud services, setting the stage for a future where technology is more interconnected and impactful than ever before.

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