MARA Holdings has just formalized a major acquisition, a 64% stake in Exaion, an EDF subsidiary specializing in IT infrastructure and artificial intelligence. A strategic maneuver which confirms the transition of Bitcoin miners towards more stable activities, such as AI and cloud computing.
In brief
- MARA finalizes the acquisition of 64% of Exaion, an EDF subsidiary specializing in IT infrastructure and AI.
- Redesigned governance with Xavier Niel and Fred Thiel on the board to accelerate MARA's transition to AI.
- MARA's acquisition of Exaion reduces reliance on bitcoin and positions MARA as a key player in data centers and cloud computing.
MARA takes over Exaion, EDF's AI subsidiary
The announcement came on February 20, 2026. MARA Holdings has finalized the acquisition of 64% of Exaion, after obtaining the necessary regulatory approvals. This operation, initiated in August 2025 with EDF Pulse Ventures, allows MARA to establish itself massively in Europe and to diversify its activities beyond Bitcoin mining.
Exaion's board of directors will now be composed of three representatives from MARA, three from EDF Pulse Ventures, and one from NJJ Capital, Xavier Niel's investment vehicle. Fred Thiel, CEO of MARA, and Xavier Niel will also serve on the board, strengthening the synergy between the partners.
This acquisition follows a clear logic. Indeed, the goal is to reduce dependence on bitcoin, the margins of which are reduced with the increase in the difficulty of mining. By banking on Exaion, MARA is positioning itself in a growing market, that of data centers and AI. This, while benefiting from EDF's expertise in energy and infrastructure.
Bitcoin miners turn to AI
MARA’s transition to AI and data centers represents both an opportunity and a risk. On the one hand, this diversification could stabilize revenues and attract new capital, in particular thanks to solid partnerships with EDF and NJJ. On the other hand, transition costs and increased competition in data centers could weigh on profitability.
The MARA share price, down 12% over one year, reflects these uncertainties. However, the prospects remain interesting. If Exaion's integration strategy succeeds, MARA could become a key player in AI, with more stable dividends and an increased valuation.
On a larger scale, this transition questions the future of Bitcoin mining. Players who know how to diversify will survive, while those who remain dependent on pure mining could disappear. A revolution is underway, and its consequences on the crypto market will be major.
With the acquisition of Exaion, MARA proves that the future of bitcoin miners lies in AI and data centers. A bold strategy, but necessary in the face of falling BTC margins. This transition could well redefine the industry, between opportunities and challenges. What if Bitcoin mining was just a chapter in their history?
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