The French government has imposed strict conditions on the sale of a controlling stake in the key data center division of the state-owned energy company Electricité de France to the American Bitcoin miner MARA Holdings Inc., demonstrating that Paris is willing to allow foreign capital into strategic sectors only under clear compliance with national security and technological sovereignty requirements.
The transaction concerns the sale of a 64% stake in Exaion, an EDF subsidiary specializing in high-performance computing infrastructure and digital workloads, including blockchain and cloud solutions. The deal, first announced in August 2025, is valued at $168 million. However, its approval required several months of thorough national security review, reflecting the growing sensitivity of European states to issues of control over digital infrastructure.
MARA Holdings Inc., headquartered in Florida and recognized as a significant player in industrial Bitcoin mining, will obtain a controlling stake but not absolute autonomy. French authorities insisted on mandatory restrictions before signing the agreement. The key condition was the participation of a national investor: NJJ Capital, an investment firm controlled by telecommunications billionaire Xavier Niel, will acquire a 10% stake in Mara France, the local entity through which the deal will be executed. This requirement secures the presence of French capital in the asset’s governance and creates an additional mechanism of influence over strategic decisions.
EDF, for its part, will retain a minority stake in Exaion and continue cooperating with the company as a client. This structure allows the state to preserve a certain level of control and access to technological infrastructure without obstructing the involvement of external investors and private capital.
The deal raised concerns in Paris at the discussion stage. Exaion manages computing capacities that may be used to process sensitive digital data and implement projects related to energy and industry. The potential transfer of control to a foreign company associated with the cryptocurrency sector required additional safeguards. The government statement explicitly emphasized that, following the transaction, Exaion will have no access to EDF’s confidential data, minimizing the risks of strategic information leakage.
Finance Minister Roland Lescure described the final agreement as a balance between investment openness and the protection of national interests. According to him, the state is acting on two fronts simultaneously: confirming France’s attractiveness for international investors while ensuring uncompromising protection of strategic assets and technological sovereignty. This wording reflects the country’s broader economic policy aimed at strengthening its position as a European digital hub without losing control over critical infrastructure.
The new board of directors of Exaion will include representatives of MARA, EDF, and NJJ Capital. This establishes a multi-layered governance system in which the foreign investor gains operational control, but strategic decisions will be made with consideration of French interests.
For MARA, the transaction provides access to the European high-performance computing market and energy infrastructure, particularly important amid intensifying competition among mining companies and rising energy-efficiency requirements. For France, it represents an opportunity to attract capital and technology while building safeguards against excessive dependence on foreign players.
In a broader context, the agreement reflects a global trend: states increasingly view data centers and computing capacities as strategic assets comparable in importance to energy or telecommunications. In the era of the digital economy, control over data-processing infrastructure becomes a factor of sovereignty, and transactions involving foreign investors inevitably pass through a national security filter.
Thus, the sale of 64% of Exaion to the American company MARA is not merely a corporate transaction worth $168 million, but an illustration of how France seeks to combine economic pragmatism with firm protection of its strategic interests.
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