Bitcoin mining companies are shaking things up. They are looking for new ways to make money beyond just digging for digital gold. One big player, MARA Holdings, is making a major move. They plan to buy a large part of a French technology company called Exaion.
This deal is worth $168 million. MARA will take control of 64% of Exaion. The news comes from Bloomberg, which cited anonymous sources close to the deal.
Exaion isn’t just any company. It’s currently owned by EDF Pulse Ventures, the innovation arm of the giant French energy company EDF. Exaion specializes in running data centers and providing infrastructure for cloud computing and artificial intelligence.
A Strategic Shift Towards AI
If this deal goes through, it will mark a big change for MARA. The company wants to diversify its business. It aims to move beyond just mining and holding Bitcoin. According to Bloomberg, MARA plans to focus on building infrastructure for AI inference.
AI inference is a specific part of artificial intelligence data processing. It uses existing AI models to make predictions or decisions. This is different from training new AI models, which usually needs more expensive computer hardware. This approach sets MARA apart from other industry players. Companies like Core Scientific Inc. and Hut 8 Corp. often focus on serving “hyperscalers.” These are huge tech companies that demand massive processing power.
EDF will keep a smaller share in Exaion. This setup suggests that both companies want to work together. They aim to combine French tech know-how with MARA’s ability to grow globally.
More Control on the Horizon
The agreement also gives MARA an option to increase its ownership. They could raise their stake to 75% for an additional $127 million. If this happens, it would give MARA even more control over the French company. It would also strengthen their position in Europe’s high-performance computing sector.
This move fits a wider trend among crypto mining companies. After Bitcoin’s fourth halving in April 2024, many are searching for new profit sources. They are cashing in on the growing need for high-speed computing and AI services.
Strong Financials and Bitcoin Reserves
Alongside this move into AI, MARA has been building up its Bitcoin savings. The company recently raised about $940.5 million. This money is earmarked to boost its Bitcoin reserves. This follows a trend of large corporations stocking up on the digital currency.
Less than two weeks ago, MARA reported impressive financial results. Their adjusted EBITDA, a key measure of profit, jumped over 1,000% compared to the previous year. In the second quarter of this year, MARA brought in $808.2 million in revenue. This is a sharp contrast to a net loss of nearly $200 million during the same time last year.
Currently, MARA is the largest Bitcoin miner when measured by its market value. It also holds the second-largest amount of Bitcoin among public companies, just behind Strategy. This strong financial position gives MARA the muscle to make big acquisitions and find new ways to earn money.
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