MARA's Exaion deal could bar EDF from Bitcoin mining, AI and cloud for two years: Report
The deal marks Marathon Digital’s strategic expansion into AI and data services, raising debate about French technology and energy sovereignty.
Key Takeaways
- Investigative journalists uncovered a hidden clause in the sale agreement between Électricité de France and MARA.
- The deal would restrict the state energy giant's ability to engage in any high-performance computing activity for two years.
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Bitcoin mining giant MARA Holdings announced in August it had acquired a 64% stake in Exaion, a subsidiary of Electricité de France (EDF), in a deal valued at approximately $168 million. The deal is part of MARA’s strategy to expand into artificial intelligence (AI) and high-performance computing (HPC) infrastructure.
According to an investigation by The Big Whale’s Gregory Raymond and Raphaël Bloch issued on Friday, if the deal goes through, EDF will be barred from engaging in any HPC activity for two years.
The restriction reportedly covers not only Bitcoin mining but also AI computing, cloud services, and even the supply of energy or support for HPC companies, potentially including France’s own AI flagship, Mistral AI.
MARA Holdings says EDF can pursue its own developments under Exaion deal
MARA spokesperson said in a statement that EDF is free to develop and operate high-performance computing infrastructure for its own internal needs under the terms of the Exaion agreement.
“The investment agreement signed between Mara, Exaion, and EDF last August includes a standard non-compete clause between EDF and Exaion (of which EDF remains a shareholder). This clause is limited to Exaion’s current activities and allows EDF to carry out any developments required for its own needs,” said the spokesperson.
[November 3, 3 p.m. ET]: This article has been updated to include clarifications from MARA.
