Bitcoin Miner MARA Expands Into AI With $168M Exaion Acquisition
On February 20, 2026, MARA Holdings (NASDAQ: MARA) finalized its acquisition of a controlling 64% stake in French computing infrastructure operator Exaion, a subsidiary of energy giant EDF (Électricité de France).
Key Takeaways
- MARA acquired a 64% controlling stake in Exaion for $168 million in cash.
- The deal strengthens MARA’s push into AI, cloud, and HPC infrastructure.
- Post-halving margin pressure is accelerating miner diversification.
- MARA has the option to raise its stake to 75% by 2027 for an additional $127 million.
The $168 million cash deal, first announced in August 2025, received final regulatory approval from French authorities and marks one of the most decisive strategic pivots by a Bitcoin mining company into artificial intelligence infrastructure.
It’s time. MARA’s transaction to acquire a 64% stake in EDF subsidiary Exaion has been completed, with Xavier Niel and Fred Thiel joining Exaion’s Board as we scale secure HPC and AI infrastructure from France. pic.twitter.com/TqFiSs3Hub
— MARA (@MARA) February 20, 2026
The transaction reflects a broader industry transformation. As post-halving economics compress mining margins, leading operators are increasingly repurposing their energy-heavy infrastructure for higher-margin AI and high-performance computing (HPC) workloads. MARA’s move signals that the future of Bitcoin mining may lie not only in hash rate, but in hybrid energy-compute models.
Post-Halving Pressures Force Industry Evolution
The April 2024 Bitcoin halving reduced block rewards by 50%, intensifying pressure on miners already grappling with rising network difficulty and volatile hashprice metrics. Recent difficulty adjustments climbed 15% to 144.4 trillion, reversing temporary dips caused by U.S. winter power disruptions.
This dynamic has compressed margins across the mining sector, prompting companies to seek alternative revenue streams. Industry peers including Hut 8, IREN, CleanSpark, Bitdeer, TeraWulf, and HIVE have all explored AI data center deployments as a hedge against mining volatility.
AI infrastructure demand is projected to exceed 30 gigawatts globally in the coming years, offering miners an opportunity to convert power-intensive facilities into dual-purpose assets.
Who Is Exaion?
Exaion operates high-performance computing data centers and secure cloud infrastructure in France. Backed by EDF’s energy portfolio spanning nuclear and renewable power, the company specializes in localized enterprise-grade compute, edge services, and AI inference capabilities.
For MARA, the acquisition expands its AI ambitions beyond the United States, where it has already deployed inference racks in Granbury, Texas, and partnered with MPLX for low-cost natural gas power supply.
Deal Structure and Governance
The transaction gives MARA a 64% controlling stake in Exaion for $168 million in cash. EDF retains a minority position and remains an anchor customer. Telecom billionaire Xavier Niel, through NJJ Capital, acquires a 10% stake in MARA France as part of the broader strategic alignment.
The Exaion board will include three representatives from MARA, three from EDF Pulse Ventures, one from NJJ Capital, and Exaion’s CEO/co-founder.
MARA also secured an option to increase its ownership to 75% by 2027 for an additional $127 million, signaling long-term commitment to the venture.
Strategic Rationale: From Hashing to Hybrid Compute
The acquisition positions MARA to monetize its core competitive advantage: access to energy infrastructure. In the post-halving environment, miners are increasingly acting as “energy orchestrators”, redirecting excess capacity toward AI inference and cloud services.
AI and HPC workloads offer steadier, recurring revenue streams compared to the cyclical nature of Bitcoin mining. With Europe seeking secure, sovereign AI infrastructure, Exaion provides MARA with a strategic foothold in a regulated, enterprise-driven market.
The pivot mirrors broader industry shifts. HIVE recently reported strong AI revenue growth during periods of weak Bitcoin prices, while CoreWeave fully transitioned from mining to AI compute. Meanwhile, CleanSpark and Bitdeer have pursued capital raises to support infrastructure expansion.
Risks and Market Skepticism
Despite the strategic logic, execution risks remain. Integrating AI operations into a mining-focused organization requires technical alignment, enterprise sales capabilities, and operational discipline. Additionally, MARA shares are down approximately 17% year-to-date, reflecting broader miner volatility and investor caution.
Some industry purists argue diversification could dilute focus on Bitcoin’s core mission. Ultimately, the success of the Exaion acquisition depends on sustained AI demand growth and MARA’s ability to operate competitively in a capital-intensive compute sector.
The Bigger Picture: Energy, Crypto, and AI Converge
MARA’s acquisition represents more than a single corporate transaction, it reflects structural evolution within the mining sector. As block rewards decline and network difficulty climbs, the value of mining infrastructure increasingly lies in flexible energy utilization.
Hybrid models that blend Bitcoin security with enterprise AI workloads may define the next chapter of the industry. Energy abundance becomes the moat, supporting both decentralized monetary systems and next-generation compute networks.
Conclusion
MARA’s $168 million purchase of a 64% stake in Exaion marks a concrete step in the ongoing transformation of Bitcoin miners into diversified infrastructure providers. By combining mining cash flows with AI and cloud revenue, MARA aims to build resilience in a post-halving world.
As the convergence of energy, crypto, and artificial intelligence accelerates, the companies that adapt fastest may secure long-term strategic advantages. For MARA, the Exaion deal could signal the beginning of mining’s next evolution,where hash rate and high-performance computing coexist under the same roof.
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With over 6 years of experience in the world of financial markets and cryptocurrencies, Teodor Volkov provides in-depth analyses, up-to-date news, and strategic forecasts for investors and enthusiasts. His professionalism and sense of market trends make the information he shares reliable and valuable for everyone who wants to make informed decisions.
