• MARA buys 64% of Exaion to expand from Bitcoin mining into AI data centers.
• The deal gives MARA control of secure cloud and high performance computing in France.
• Rising mining difficulty pushes MARA to seek stable revenue through AI infrastructure.

MARA Holdings has completed the purchase of a 64% stake in French computing firm Exaion. The move takes the Bitcoin miner deeper into artificial intelligence and cloud infrastructure. MARA France closed the deal after regulators approved the transaction. As a result, MARA now holds majority control of Exaion. The company shifts its focus beyond pure Bitcoin mining.

MARA signed the agreement in August 2025 with EDF Pulse Ventures. Reports valued the transaction at about $168 million in cash. EDF will keep a minority stake in Exaion. It will also continue using Exaion’s services. Therefore, the relationship between the companies remains active.

MARA Expands Into AI and Secure Cloud Infrastructure

MARA built its business on large scale Bitcoin mining. However, mining economics have changed. The 2024 halving cut block rewards in half. At the same time, network difficulty keeps rising. These pressures reduce margins for miners.

Now MARA is building a second revenue path. Exaion develops and runs data centers focused on high performance computing. It also provides secure cloud services to enterprise clients. Through this deal, MARA gains direct access to AI infrastructure in Europe. Consequently, the company moves into a steadier computing business.

MARA aims to combine its energy expertise with data center operations. Mining facilities already rely on power management and cooling systems. These strengths support AI workloads and cloud services. Therefore, the transition builds on existing operational experience. MARA expands its role from miner to infrastructure operator.

Governance Structure Reflects New Ownership

The acquisition changes Exaion’s governance structure. MARA will appoint three board members. EDF Pulse Ventures will appoint three members as well. NJJ Capital will appoint one representative. Exaion’s chief executive and co-founder will remain on the board.

NJJ Capital, led by Xavier Niel, will take a 10% stake in MARA France. This step forms part of a broader partnership. In addition, MARA CEO Fred Thiel will sit on Exaion’s board. French authorities reviewed the deal for sovereignty concerns. After examination, regulators approved the transaction.

This structure gives each partner oversight. At the same time, it keeps Exaion’s leadership involved. The companies now share responsibility for expansion plans.

Mining Pressure Drives Diversification

The difficulty of bitcoin mining has recently increased by approximately 15% to $144.4 trillion. In the past, winter storms were causing a lot of miners in the United States to go offline. That disruption briefly reduced hash rate and difficulty. However, the rebound increases competition again. Higher difficulty raises the computing effort needed to mine new blocks.

As costs rise, miners look for alternatives. Several public companies now operate hybrid models. They continue mining but also build AI and data center businesses. HIVE, Hut 8, TeraWulf, and IREN have followed this path. MARA now joins them through Exaion. Bit Digital recently exited Bitcoin mining to focus on Ethereum staking and AI infrastructure for steady long term yield. Additionally, Bitfarms also began a major shift in its business model as it prepares to convert its Bitcoin mining portfolio into AI and high-performance computing sites.

MARA reported a record quarterly profit of $123 million. It paired mining revenue with new power and AI assets. Still, its shares fell about 40% last year. By expanding into AI data centers, MARA seeks steadier revenue beyond Bitcoin mining.