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Inside France’s stringent regulations for transferring majority ownership of its state energy cloud to an American bitcoin mining firm.
The French government established prerequisites, including a 10% stake held by NJJ Capital, to mitigate concerns regarding national interests.
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Key points:
- MARA Holdings has obtained a 64% interest in Exaion, a subsidiary of EDF focused on high-performance computing infrastructure, for $168 million.
- The French government set conditions, including a 10% stake for NJJ Capital, to allay concerns regarding national interests.
- The arrangement mandated that a French investor participate, which is NJJ, with EDF retaining a minority share and continuing as a client of Exaion.
France has sanctioned the sale of a controlling stake in a significant data center division of state-owned Electricité de France (EDF) to U.S.-based bitcoin miner MARA Holdings Inc., following an extensive national security examination.
MARA, based in Florida, is acquiring a 64% share in Exaion, a subsidiary that provides high-performance computing infrastructure for digital tasks. This transaction, initially revealed in August 2025, is valued at $168 million.
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The transaction sparked apprehensions in Paris regarding potential foreign dominance over digital infrastructure. Consequently, the French government enforced conditions prior to approval.
NJJ Capital, an investment firm owned by telecom magnate Xavier Niel, will acquire a 10% share in Mara France, the local entity overseeing the acquisition, as a stipulation for the involvement of a French investor. EDF will maintain a minority interest and will remain a client of Exaion.
Finance Minister Roland Lescure characterized the conclusion as indicative of France’s openness to global investment while simultaneously safeguarding its strategic interests.
“In this operation, the State is progressing on two fronts: we are affirming France’s appeal for international investment while ensuring uncompromising safeguarding of our strategic interests and our technological sovereignty,” the Minister stated. A government announcement also clarified that no sensitive EDF data will be retained by Exaion following the transaction.
Exaion’s board of directors will now include members from MARA, EDF, and NJJ.
