The French Ministry of Finance has approved the sale of Exaion, an EDF subsidiary specializing in high-performance computing, to the American giant Mara Holdings. However, a French consortium has offered to buy the subsidiary to use it for Bitcoin mining. Is France about to sell off a strategic gem?
Bercy approves the sale of French gem Exaion
Exaion, EDF’s subsidiary specializing in high-performance computing, will be sold to American giant Mara Holdings if Matignon does not object.
On Tuesday, January 20, the French Treasury, the Directorate-General for Enterprise (DGE), and the General Secretariat of the Ministry for Ecological Transition sent a letter of commitment to the American company Mara Holdings. The letter was sent via the law firm Darrois Villey Maillot Brochier, which represents the group in France.
At least, that is what La Lettre claims, saying it has consulted a document detailing the “conditions attached to the sale” of Exaion, sent to Mara Holdings.
Our colleagues contacted Bercy, which stated that “the case is still under review as part of the foreign investment control procedure.” According to their information, the government will in fact have to make a decision before January 31, the deadline set by Mara Holdings. Indeed, the case still has to be politically arbitrated by the Minister of Economy Roland Lescure and Sébastien Lecornu, the Minister of the Armed Forces.
It is also worth noting that Senator Dany Wattebled and Representative Philippe Latombe have taken up the matter, notably by referring it to the National Financial Prosecutor’s Office on suspicion of influence peddling and illegal taking of interest.
La Lettre reports that on Thursday, January 22, Dany Wattebled sent the letter of commitment from the Treasury Department to Sébastien Lecornu’s office to request an explanation. It will then be forwarded to the financial prosecutor.
What does the word “sovereignty” really mean in French?
Negotiations surrounding the sale of Exaion do not appear to have been impacted by the geopolitical and geoeconomic reality imposed by Donald Trump in recent times. The Davos Forum made technological sovereignty, particularly in the field of artificial intelligence (AI), a central issue. European leaders, such as Emmanuel Macron, have hammered home the need to strengthen European sovereignty and promote a “European preference” in the face of American giants.
The President of the Republic also appeared alongside several French AI companies (H Company, Quandela, Quobly), invited by the Élysée Palace to join the French delegation to promote French expertise.
Despite this strong political rhetoric, the letter of commitment gives Mara Holdings 64% control of the French gem. Furthermore, once under American ownership, Exaion will have to continue to update and develop its most sensitive software solutions, such as EDF Transfer.
This platform was deployed to guarantee data sovereignty and confidentiality. Under Mara Holdings, however, it would fall under the Cloud Act, which requires the transmission of communications at the request of the US Department of Justice. As pointed out by the National Bitcoin Institute (INBi), the non-competition clause prohibiting EDF from any activity related to intensive computing is a strategic aberration. At a time when AI and Bitcoin mining require massive capacities, depriving oneself of them is nonsensical.
As the international balance shifts.
As the balance of power once again becomes a political reality.
At a time when electricity grids have never been so strategic.
At a time when the global monetary system is changing before our eyes.At a time when President Macron asserts… pic.twitter.com/DtIQOxUOz6
— Institut National de Bitcoin (INBi) (@BitcoinPolicyFr) January 24, 2026
As a reminder, in response to this situation, a French consortium led by Sébastien Gouspillou, co-founder of BigBlock (a BTC mining company) and supported by INBi, presented a counter-offer of €30 million to buy part of the EDF subsidiary.
The aim is to avoid selling off the “sovereign tech gems that are growing in France,” to quote former Minister of Economy Antoine Armand. The ambition is rather to make it a pillar of sovereignty and contribute to France’s technological development.
