MARA Completes Acquisition of AI Infrastructure Provider Exaion

MARA Holdings, a U.S.-based mining company, has successfully acquired a 64% stake in the French data center operator Exaion, marking a significant expansion into AI 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.

— MARA (@MARA) February 20, 2026

While the financial details of the acquisition remain undisclosed, reports from August 2025 indicated that MARA proposed a $168 million cash offer to the investment arm of EDF, Exaion’s former owner, which retains a minority stake in the company.

As part of the acquisition, MARA has entered into a strategic partnership with NJJ Capital, owned by French billionaire Xavier Niel, who will acquire a 10% stake in MARA's financial division. The new board of Exaion will consist of members from MARA, EDF Pulse Ventures, and NJJ, alongside Exaion's CEO and Fred Thiel, the CEO of MARA.

MARA Faces Market Challenges

Despite this growth, MARA has recently experienced a decline in its competitive standing, losing its position as the leading public mining company by total Bitcoin hashrate to Bitdeer. As of now, MARA ranks eighth in market capitalization within the sector, valued at approximately $3 billion, down from $8.5 billion in mid-October. Competitors like IREN and TeraWulf have surpassed MARA, actively expanding into AI services.

Currently, MARA holds 53,250 BTC, valued at around $3.6 billion, making it the second-largest corporate holder of Bitcoin, trailing only Strategy. Notably, mining firm Cango recently sold a significant portion of its holdings to pivot towards AI, highlighting the increasing trend in the industry towards artificial intelligence integration.