Sources familiar with the negotiations say the deal, worth about $168 million, would give MARA a controlling interest and mark a turning point in the company’s diversification strategy.
Exaion, backed by Electricité de France SA through its venture arm, is known for running high-performance computing facilities and providing sovereign cloud solutions. These systems allow enterprises to keep control over critical data while developing AI-based applications. The planned takeover would see EDF remain a minority investor, while MARA could boost its stake further if certain conditions are met.
For years, MARA has been synonymous with Bitcoin mining, building one of the largest operations in the world. But the explosive growth in artificial intelligence has opened new opportunities for companies with large-scale energy access and experience in running intensive computing environments.
Unlike rivals that lease infrastructure to cloud giants, MARA is focusing on AI inference — the process of running models — which requires less capital investment than full-scale AI training but still commands strong demand.
Industry analysts point out that the move reflects a broader shift in the mining sector. With profit margins under pressure and energy costs rising, miners are increasingly exploring AI workloads to supplement their revenue streams. Global investment in AI infrastructure is expected to run into the tens of billions over the coming years, giving early entrants a head start in a highly competitive market.
MARA’s ambitions in AI are unfolding alongside its ongoing Bitcoin accumulation strategy. The company has raised nearly $1 billion this year to expand its BTC holdings, keeping every coin it mines. That approach has made MARA one of the go-to stocks for investors seeking direct Bitcoin exposure without buying the asset itself.
The company’s shares closed 1.8% higher in the latest trading session, valuing MARA at roughly $5.8 billion. If the Exaion deal is completed, it would cement MARA’s position not only as a dominant player in digital assets but also as a growing force in the race for AI computing power.
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