MARA Finalizes Strategic Stake in French Tech Firm to Bolster AI and Cloud Infrastructure
Las Vegas, Sunday, 22 February 2026.
MARA secures a 64% stake in Exaion to expand into high-performance computing. Analysts project a potential 163% stock upside as the miner diversifies revenue ahead of February 26 earnings.
Strategic Expansion into European Tech
MARA Holdings (NASDAQ: MARA) is executing a decisive pivot toward high-performance computing (HPC) and artificial intelligence infrastructure. On February 20, 2026, the company announced that the conditions for its acquisition of a 64% majority stake in Exaion, a subsidiary of the EDF Group, have been satisfied, with the transaction expected to close in the coming days [1]. This strategic move, initially structured through an agreement in August 2025, positions MARA to diversify its revenue streams beyond cryptocurrency mining by integrating Exaion’s secure cloud capabilities [1]. Reports indicate the acquisition involves a cash payment of $168 million, granting MARA a controlling interest with an option to increase its stake to 75% for an additional $127 million [2].
Partnership Structure and Governance
The finalized deal establishes a robust tripartite partnership involving significant European players. While MARA assumes majority control, EDF Pulse Ventures will retain a minority stake and remain a client, and NJJ—controlled by Xavier Niel—is acquiring a 10% interest in MARA France [1]. The governance structure reflects this collaboration, with Exaion’s Board of Directors set to include Fred Thiel, MARA’s CEO, alongside representatives from EDF and NJJ [1]. The objective is to leverage this coalition to accelerate Exaion’s expansion and establish it as a premier European player in digital infrastructure [1].
Market Performance and Investor Outlook
Despite this forward-looking expansion, MARA’s stock has faced recent headwinds. As of the market close on February 20, 2026, shares were trading at $7.97, reflecting a year-to-date decline of -11.247% from the opening price of $8.98 in early January [3]. However, market analysts remain bullish on the company’s long-term value. The consensus price target currently stands at $21.00, suggesting a significant potential upside of 163.488% for investors willing to weather the current volatility [3]. The company currently holds a market capitalization of $3.01 billion [3].
Upcoming Earnings and Operational Scale
Investor sentiment is currently mixed, evidenced by a high short interest of 30.49% of the float [3]. The market is now turning its attention to the upcoming earnings report for signs of operational efficiency. MARA has scheduled its fourth-quarter and fiscal year 2025 financial results conference call for Thursday, February 26, 2026, at 5:00 p.m. ET [4]. While the company missed earnings estimates in November 2025, projections for the coming year show an improvement in earnings per share from ($1.04) to ($0.56) [3]. Beneath the financial metrics, MARA continues to scale its core mining operations aggressively; by the third quarter of 2025, the company had increased its energized hash rate to 60.4 exahashes per second (EH/s) and reported holdings of 52,850 Bitcoin [2].