MARA Holdings Inc. is making its biggest strategic leap beyond cryptocurrency mining with a planned $168 million acquisition of a majority stake in EDF’s Exaion, a high-performance computing and AI infrastructure provider.
According to a filing with the U.S. Securities and Exchange Commission (SEC), MARA’s French subsidiary, MARA France SAS, will purchase 64% of Exaion through a combination of newly issued and existing shares. The deal, which still requires approval from regulators in France and Canada, is expected to close in late 2025 or early 2026.
Deal Structure and Phased Investment
MARA will acquire 4.1 million newly issued shares in Exaion for €115 million, and 1.2 million existing shares from EDF Pulse Holding and minority shareholders for €33 million. Of this, €23 million will be paid at closing and €10 million in 2027, contingent on Exaion meeting agreed performance targets.
In a second phase planned for March 2027, MARA intends to raise its stake to approximately 75% by acquiring 3.9 million additional shares for around €110 million. This phased approach keeps EDF as a minority partner while granting MARA controlling influence over Exaion’s operations.
AI Expansion Beyond Bitcoin Mining
Exaion specializes in high-performance computing, cloud platforms, and advanced data center services that power resource-intensive digital workloads, including AI applications, big data analytics, and digital sovereignty solutions.
By entering the AI infrastructure sector, MARA aims to diversify away from the volatility of cryptocurrency revenues while leveraging its expertise in managing large-scale, energy-intensive computing operations.
Unlike AI competitors such as Core Scientific and Hut 8, which focus heavily on hyperscale cloud providers, MARA plans to work directly with enterprise clients, offering customized AI inference solutions rather than resource-heavy AI training services.
Financial Impact and Strategic Positioning
The acquisition announcement boosted MARA’s market capitalization to $5.8 billion, with its shares climbing 1.8% to $15.67 during the New York trading session.
Alongside its AI push, MARA continues its aggressive Bitcoin treasury strategy—raising $950 million through equity and debt to buy and hold Bitcoin, without selling any mined coins.
With AI demand surging and Bitcoin mining remaining volatile, MARA’s dual-focus strategy positions it for long-term growth in two high-value technology sectors.
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