MARA Holdings Makes Significant AI Play with $168 Million Exaion Deal
Bitcoin miner MARA Holdings has signed a substantial deal to acquire a 64% stake in Exaion, a subsidiary of French state-owned energy giant Électricité de France (EDF), for $168 million. This move marks MARA’s largest AI investment to date and is expected to expand the company’s global AI and high-performance computing (HPC) capabilities. The agreement also includes an option for MARA to increase its stake to 75% by 2027 with an additional $127 million investment, contingent on performance milestones.
Exaion’s Expertise and Partnerships
Exaion specializes in developing HPC data centers and provides AI and cloud infrastructure in partnership with prominent companies like Nvidia and Deloitte. This partnership will enable Exaion to transition to larger-scale international deployment, serving enterprise and public-sector clients. The transaction is expected to close in the fourth quarter, subject to necessary approvals.
MARA’s CEO and chairman, Fred Thiel, emphasized the importance of this agreement, stating that the combined expertise of MARA and Exaion will enable the delivery of secure and scalable cloud solutions built for the future of AI. This move is particularly significant as data protection and energy efficiency become top priorities for governments and enterprises.
Expansion into AI Amid Rising BTC Mining Difficulty
MARA’s expansion into AI comes at a time when Bitcoin mining difficulty is surging, driving up energy consumption and putting pressure on miner profitability margins. As the largest Bitcoin miner by production, network hash rate, and market cap, MARA has been one of the last players in the industry to make a significant push into AI. However, the company’s deliberate approach has allowed it to invest in a partner with existing expertise and a customer base, rather than trying to retrofit mining facilities.
In recent comments, Thiel noted that MARA’s investment in Exaion will enable the company to move quickly and intelligently into the AI and HPC data center space. This strategic move is expected to have a significant impact on MARA’s operations and competitiveness in the industry.
MARA’s Performance and Competitors
In July, MARA mined 703 Bitcoin, a rare loss to competitor firm IREN, which posted a company record 728 Bitcoin in the same month. Despite this, MARA saw its revenue rise 64% year-on-year to $238 million in the second quarter, and the company still holds 50,000 Bitcoin worth nearly $6 billion, making it the second-largest Bitcoin treasury after Michael Saylor’s Strategy.
This significant investment in Exaion demonstrates MARA’s commitment to adapting to the evolving landscape of the Bitcoin mining industry and positioning itself for long-term success. As the industry continues to shift towards more efficient and sustainable practices, MARA’s expansion into AI is expected to play a crucial role in its future growth and competitiveness.
