France has approved the sale of a majority stake in Exaion — a high-performance computing arm of state-owned Electricité de France (EDF) — to U.S. bitcoin miner MARA Holdings Inc. after an extended national security review, marking a high-profile intersection of crypto capital and state digital infrastructure.
What happened
- MARA, a Florida-headquartered bitcoin miner, will acquire 64% of Exaion in a deal valued at $168 million. The transaction was first announced in August 2025 and cleared government scrutiny this year.
- To address national security concerns about foreign control of critical digital assets, Paris imposed conditions before signing off. NJJ Capital — the investment vehicle controlled by telecom billionaire Xavier Niel — will take a 10% stake in Mara France, the local entity executing the purchase, satisfying a requirement for French investor participation.
- EDF will remain a minority shareholder in Exaion and continue to be a client of the unit. The company says no sensitive EDF data will remain with Exaion following the sale.
- Exaion’s board will now include representatives from MARA, EDF and NJJ.
Why it matters for crypto and cloud infrastructure
The deal underscores a broader trend: crypto-focused firms expanding into data center and high-performance computing services as they diversify beyond pure mining. For European regulators and policymakers, it also highlights the balance they’re trying to strike between attracting international investment and protecting technological sovereignty.
France’s position
Finance Minister Roland Lescure framed the approval as a dual win: keeping France open to foreign investment while safeguarding strategic interests. “In this operation, the State is advancing on two fronts: we are confirming France's attractiveness for international investment, while ensuring uncompromising protection of our strategic interests and our technological sovereignty,” he said in a statement.
What to watch next
Industry observers will be watching how MARA integrates Exaion’s HPC capabilities with its existing operations, whether Exaion’s service offerings shift under new ownership, and how European policymakers handle similar cross-border deals involving crypto and critical digital infrastructure going forward.
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