Bitcoin Miner Mara Holdings is the largest AI play ever, signing a $168 million deal to buy a 64% stake in Exaion, a subsidiary of state-owned Electricity de France.
The deal, announced Tuesday, includes options that include an additional $127 million investment, subject to performance milestones, when Mara will raise its shares to 75% by 2027.
Today, Mara and @edfofficiel have signed an investment agreement for its subsidiary Exaion to expand Mara’s global AI/HPC capabilities.
Read https://t.co/mh0z6x8nwk pic.twitter.com/hhuyrxqdej
– Mara (@mara) August 11, 2025
Exaion is collaborating with Nvidia
Exaion will develop high-performance computing (HPC) data centers and work with the likes of AI heavyweight Nvidia and Big Four Accounting Firm Deloitte to deliver AI and cloud infrastructure.
Now, the deal is moving Exion to a large international expansion to serve its businesses and public sector clients, Mala said.
The transaction is expected to close in the fourth quarter subject to required approval.
Mara CEO and Chairman Fred Thiel added: “With data protection and energy efficiency becoming a top priority for both governments and businesses, the combined expertise of Mara and Exaion can provide a secure, scalable cloud solution built for the future of AI.”
The AI expansion comes as a surge in the difficulty of BTC mining
Mara’s expansion in AI puts pressure on miners’ profitability margins unless the difficulties of Bitcoin (BTC) mining rise sharply, increasing energy consumption and adapting to more efficient equipment and reduced energy costs.
Mara is the largest Bitcoin miner in Bitcoin production, network hashrates and market capitalization, but is one of the last players in the industry that makes a big push to AI.
Related: Michael Saylor isn’t sweating at the rise of Ethereum finance companies
In an additional comment on Monday via X Space, Thiel said Mara “deliberately chose to choose to the first wave” of expanding into AI and HPC data center businesses like other Bitcoin miners.
“We are not trying to remodel our mining facilities, we are investing in partners who already have expertise, have a customer base and have a proven track record in the space.
Mara’s new BTC production competitor
In July, Mara mined 703 Bitcoins. This was a rare loss for competitor Aylen, recording 728 bitcoins in the same month. The decline in Mara’s production volume may have been driven by fewer machines active in Bitcoin mining.
However, Mara, despite revenues rising 64% year-on-year to $238 million in the second quarter, holding nearly $6 billion in 50,000 Bitcoin, making it the second largest Bitcoin Treasury Ministry, following Michael Saylor’s strategy.
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