France has cleared a high-profile sale that hands U.S. bitcoin miner MARA Holdings Inc. a controlling stake in a key state energy cloud unit — but only after a months-long national security review and a series of safeguards.
Deal at a glance
- MARA, the Florida-based bitcoin miner, will buy 64% of Exaion — EDF’s subsidiary that runs high-performance computing infrastructure for digital workloads — in a transaction valued at $168 million. The deal was first announced in August 2025.
- The sale prompted concern in Paris over foreign control of critical digital infrastructure, triggering government scrutiny and conditions before approval.
What France required
- To keep a French investor involved, NJJ Capital — the investment vehicle of telecom entrepreneur Xavier Niel — will take a 10% stake in the local acquisition vehicle, Mara France.
- EDF will retain a minority stake in Exaion and continue as a client, the government said.
- The state emphasized that no sensitive EDF data will remain with Exaion after the transaction.
Governance and oversight
- Exaion’s board will include representatives from MARA, EDF and NJJ, giving France and a domestic investor continued influence over the unit’s direction.
Political framing
Finance Minister Roland Lescure framed the outcome as a balance between openness to foreign investment and protecting national technological sovereignty: “We are confirming France's attractiveness for international investment, while ensuring uncompromising protection of our strategic interests and our technological sovereignty,” he said.
Why it matters for crypto
The deal marks a notable expansion by a U.S. bitcoin miner into European energy-cloud infrastructure, tested against the backdrop of national security concerns over control of digital assets and computing platforms. With conditions attached and domestic stakes preserved, France has signaled it will permit foreign investment — but not without guarantees that core strategic interests remain protected.
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