France has officially approved the sale of a majority stake in Exaion, a key data center subsidiary of state-owned energy giant Electricité de France (EDF), to U.S.-based bitcoin miner MARA Holdings Inc. The $168 million deal, first announced in August 2025, concludes after months of scrutiny tied to national security and digital sovereignty concerns.
MARA Holdings, headquartered in Florida and recognized as one of the largest publicly traded bitcoin mining companies, will acquire a 64% stake in Exaion. The subsidiary operates high-performance computing (HPC) infrastructure that supports digital workloads, including blockchain and cloud-based services. The transaction initially raised alarms in Paris over potential foreign control of strategic digital infrastructure, particularly assets linked to France’s energy sector.
To address these concerns, French authorities imposed strict conditions before granting approval. NJJ Capital, the investment firm controlled by telecom billionaire Xavier Niel, will acquire a 10% stake in Mara France, the local entity managing the acquisition. This requirement ensures French participation in the ownership structure. EDF will retain a minority stake in Exaion and remain one of its clients, maintaining a degree of operational continuity.
Finance Minister Roland Lescure described the agreement as a balanced approach that reinforces France’s openness to foreign investment while safeguarding national interests. He emphasized that the government remains committed to protecting strategic assets and technological sovereignty. Officials also confirmed that no sensitive EDF data will remain within Exaion following the completion of the sale.
Under the new structure, Exaion’s board of directors will include representatives from MARA Holdings, EDF, and NJJ Capital. The acquisition marks a significant expansion for MARA in Europe’s digital infrastructure and bitcoin mining landscape, while highlighting France’s evolving regulatory stance on foreign investment in critical technology sectors.
