MARA Holdings, one of the leading publicly traded bitcoin miners, announced plans to acquire a 64% majority interest in Exaion, the high-performance computing (HPC) subsidiary of French utility giant EDF. The deal, disclosed in a research report by broker H.C. Wainwright, includes an option for MARA to raise its stake to 75% by 2027.
The transaction represents a strategic diversification from pure-play bitcoin mining toward the $169 billion cloud infrastructure market spanning AI, HPC and sovereign cloud services. H.C. Wainwright analyst Kevin Dede highlighted that HPC applications driven by artificial intelligence demand can generate higher margins and more predictable revenue streams compared to the volatile returns inherent in cryptocurrency mining.
The report reiterated an outperform rating on MARA stock with a $28 price target, citing synergies between existing mining operations and data center capabilities. MARA’s balance sheet, bolstered by recent bitcoin price appreciation and ETF adoption momentum, positions it to finance both expansion and operational upgrades in Exaion’s data center portfolio.
While MARA has explored grid-balancing services for power operators, this acquisition marks the company’s most significant direct entry into non-mining compute. Exaion’s infrastructure includes modular data center assets optimized for low-latency AI workloads and private enterprise deployments, aligning with sovereign cloud requirements for data privacy and regulatory compliance.
The pivot echoes a broader industry trend of mining firms converging with AI infrastructure providers. Core Scientific’s partnership with CoreWeave and subsequent acquisition by an AI cloud provider exemplify similar strategic realignments. Investors view such moves as hedges against bitcoin halving cycles and network difficulty surges expected through 2032.
Risks include integration challenges, capital expenditure demands for data center scaling, and potential dilution from equity issuances. However, MARA’s sustained exposure to bitcoin price upside and growing demand for compute power underpin positive long-term fundamentals.
Comments (0)