Inside France’s strict rules for selling majority stake of its state energy cloud to U.S. bitcoin miner

France has approved the sale of a majority stake in a key data center unit of state-owned Electricité de France (EDF) to U.S.-based bitcoin miner MARA Holdings Inc., after months of national security review.

MARA, headquartered in Florida, is acquiring a 64% stake in Exaion, a subsidiary that operates high-performance computing infrastructure for digital workloads. The deal, first announced in August 2025, is valued at $168 million.

The transaction raised concerns in Paris about potential foreign control over digital infrastructure. In response, the French government imposed conditions before signing off.

NJJ Capital, an investment firm controlled by telecom billionaire Xavier Niel, will take a 10% stake in Mara France, the local entity handling the acquisition, in exchange for a requirement that a French investor step in. EDF will keep a minority stake and continue as a client of Exaion.

Finance Minister Roland Lescure called the outcome a sign that France remains open to international investment while still defending its strategic interests.

“In this operation, the State is advancing on two fronts: we are confirming France's attractiveness for international investment, while ensuring uncompromising protection of our strategic interests and our technological sovereignty,” the Minister said. A government statement added that no sensitive EDF data will remain with Exaion following the sale.

Exaion’s board of directors will now include representatives from MARA, EDF, and NJJ.