MARA Takes Controlling Stake in Exaion

MARA Holdings has completed the purchase of a majority stake in French computing infrastructure operator Exaion, deepening its push into artificial intelligence and cloud services. The deal, first agreed in August 2025 with EDF Pulse Ventures, gives MARA France a 64% stake after required regulatory approvals were secured.

EDF will remain a minority shareholder and continue as a customer, and MARA shares are down 17% year-to-date. The investment also creates a broader alliance: NJJ Capital, the investment vehicle of telecom entrepreneur Xavier Niel, will acquire a 10% stake in MARA France as part of the partnership.

Governance will reflect the new ownership, with Exaion’s board including three representatives from MARA, three from EDF Pulse Ventures and one from NJJ, alongside the company’s chief executive and co-founder. Niel and MARA CEO Fred Thiel will both hold board seats.

France

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