By the end of the year, Bitcoin (BTC) mining giant MARA Holding is set to acquire 64% of EDF subsidiary Exaion. We take a look at this historic deal, which could, however, spell a loss of sovereignty for France.
MARA Holding to acquire 64% of Exaion, EDF’s subsidiary
On Monday, EDF and MARA Holdings made a major announcement regarding a massive investment by the Bitcoin (BTC) mining giant in Exaion.
As a reminder, Exaion is registered as a digital asset service provider (PSAN) and provides cloud services. More specifically, the company is known for operating several validation nodes on Proof-of-Stake (PoS) blockchains such as Tezos (XTZ) and Chiliz (CHZ).
Specifically, the agreement involves an investment of $168 million, which would allow MARA to acquire a 64% stake in Exaion by the last quarter of this year. Provided certain targets are met, an additional $127 million could be invested to increase the stake to 75%.
Fred Thiel, MARA’s CEO, expressed his enthusiasm about the merger:
Our partnership with Exaion would bring together two global leaders in data center development and digital energy. As data protection and energy efficiency become top priorities for governments and businesses, the combined expertise of MARA and Exaion would enable us to provide secure and scalable cloud solutions designed for the future of AI.
For Julien Villeret, EDF’s Chief Innovation Officer, the finalization of this agreement would mark the beginning of a new chapter:
Since its creation in 2020, EDF Pulse Ventures has supported Exaion’s growth and the development of its cutting-edge digital technologies. This transaction would mark a new chapter, as Exaion would join forces with an experienced global technology partner while maintaining a collaborative relationship with the EDF Group. It would be a major opportunity for Exaion to accelerate its technological and international development.
With this investment, MARA intends to expand its international activities in the field of infrastructure dedicated to artificial intelligence and high-performance computing (HPC) data centers. Although this still needs to be verified and considered with caution, the announcement suggests Bitcoin mining for this long-standing EDF subsidiary.
However, questions may also be raised about the loss of sovereignty. While MARA’s expertise is likely to enable Exaion to move to the next level, the governance of this French champion will come under US control by the end of the year if the agreement is finalized.
To date, MARA Holding has 58.9 EH/s of computing power deployed worldwide and holds 50,639 bitcoins in reserve. The company is valued at $5.8 billion on the stock market, with a share price of $15.66.
