The French Ministry of Finance (Bercy) 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 proposed purchasing the subsidiary to use it for Bitcoin mining. Is France about to sell off a strategic gem?
Bercy approves the sale of the French gem Exaion
Exaion, the EDF subsidiary specializing in high-performance computing, will be sold to the American giant Mara Holdings if the Prime Minister’s Office does not object.
On Tuesday, January 20, the General Directorate of the Treasury, the General Directorate for Enterprises (DGE), and the General Secretariat of the Ministry of Ecological Transition sent a letter of commitment to the American company Mara Holdings. The letter was forwarded through the law firm Darrois Villey Maillot Brochier, which represents the group in France.
At least that is what La Lettre reports, stating that it has reviewed a document detailing the “conditions attached to the sale” of Exaion, which was sent to Mara Holdings.
Our colleagues contacted the Ministry of Finance (Bercy), which indicated that “the case is still under review as part of the foreign investment screening process.” 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 matter still requires political approval from Economy Minister Roland Lescure and Defense Minister Sébastien Lecornu.
Furthermore, it is 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 regarding suspicions of influence peddling and illegal conflict of interest.
La Lettre reports that on Thursday, January 22, Dany Wattebled forwarded the letter of commitment from the Treasury Directorate General 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 be affected by the geopolitical and geoeconomic reality imposed by Donald Trump in recent times. The Davos Forum has made technological sovereignty—particularly in the field of artificial intelligence (AI)—a central issue.
European leaders, including Emmanuel Macron, have stressed 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), which were invited by the Élysée Palace to join the French delegation to showcase French expertise.
Despite this strong political rhetoric, the letter of commitment grants Mara Holdings 64% control over the French startup. Furthermore, once it comes under American ownership, Exaion will be required to continue providing updates and developing its most sensitive software solutions, such as EDF Transfer.
This platform was deployed to guarantee data sovereignty and confidentiality. Under Mara Holdings’ control, however, these would fall under the Cloud Act, which requires the transmission of communications at the request of the U.S. Department of Justice.
As the National Bitcoin Institute (INBi) points out, the non-compete clause prohibiting EDF from any activity related to high-performance computing is a strategic aberration. At a time when AI and Bitcoin mining require massive computing power, forgoing it makes no sense.
As the international balance of power shifts.
As the balance of power once again becomes a political reality.
At a time when power grids have never been more strategic.
At a time when the global monetary system is changing before our very eyes.At a time when President Macron asserts… pic.twitter.com/DtIQOxUOz6
— National Bitcoin Institute (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, submitted a counteroffer of 30 million euros to acquire a portion of the EDF subsidiary.
The goal is to avoid “selling off the ‘sovereign tech gems that are growing in France,’” to quote former Minister of the Economy Antoine Armand. Rather, the ambition is to make it a pillar of sovereignty and contribute to France’s technological development.
