August 12, 2025
5 min read
Fenelon LAMSASIRI
Bitcoin miner MARA Holdings buys 64% of Exaion from EDF
MARA Holdings, the American Bitcoin mining giant, plans to acquire 64% of Exaion, a subsidiary of EDF specializing in data centers and artificial intelligence. This operation, valued at 168 million dollars, reflects the group’s ambition to diversify its revenue streams while reinforcing its Bitcoin accumulation strategy.In brief
- MARA Holdings is negotiating the acquisition of 64% of Exaion for $168 million in cash.
- Exaion develops data centers and provides cloud and artificial intelligence infrastructures.
- MARA may increase its stake to 75% with an additional $127 million investment.
- This strategy contrasts with competitors focusing on hyperscalers.
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Bitcoin mining giant MARA invests in France
According to Bloomberg, MARA Holdings intends to spend $168 million to acquire 64% of Exaion from EDF Pulse Ventures. This move marks a bold strategic choice, setting MARA apart from its main competitors. While companies like Core Scientific Inc. and Hut 8 Corp. rely on partnerships with cloud giants (hyperscalers), MARA is pursuing a different path focused on artificial intelligence inference. This specialization involves running pre-trained AI models, which is attractive due to its relatively low investment costs and high profitability potential. In the context of rapidly growing AI demand, this positioning could provide MARA with a sustainable competitive advantage. The deal also includes an option for MARA to increase its ownership to 75% by investing an additional $127 million. EDF will retain a minority stake, ensuring continued French presence and valuable local expertise in the data and cloud ecosystem.Perfect timing in a favorable context
This acquisition comes at an opportune time for MARA Holdings. The company recently reported spectacular financial results, with adjusted EBITDA soaring over 1,000% year-over-year. EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) is a key indicator of operational profitability. In Q2 2024, MARA generated $808.2 million in profits, a significant turnaround from a net loss of nearly $200 million the previous year. Simultaneously, MARA is aggressively expanding its Bitcoin holdings. It recently raised $940.5 million exclusively for BTC acquisition, following a July announcement of a $1 billion fundraising project via zero-interest convertible notes, further boosting its buying power. More broadly, the Bitcoin mining sector has rebounded since the April 2024 halving. Market leaders are diversifying into growth segments like AI and high-performance computing to stabilize revenues and improve profitability. For MARA, this structural shift opens new growth avenues, leveraging its already large-scale infrastructure deployments.A strengthened leadership position
MARA Holdings is the largest Bitcoin miner by market capitalization and holds nearly 50,000 BTC in reserve, ranking second among institutional holders worldwide, just behind Strategy. The planned acquisition in France aligns perfectly with MARA’s strategic vision: diversify revenue sources while optimizing existing technological infrastructure. Exaion’s expertise in data centers and AI could create strong synergies with MARA’s massive computing capabilities. This alliance has the potential to redefine industry standards by creating a new generation of hybrid miners capable of optimizing Bitcoin mining while meeting growing market demands for AI and cloud services.Source: Bitcoin miner MARA Holdings buys 64% of Exaion from EDF by Fenelon LAMSASIRI, published on Tue, 12 Aug 2025.