Why France Let a U.S. Bitcoin Miner Buy Its State Energy Infrastructure

$168 million. That's what U.S. bitcoin miner MARA Holdings paid for a 64% stake in Exaion, a subsidiary of France's state-owned electricity giant EDF. But this wasn't just another tech acquisition—it was a six-month diplomatic chess match disguised as a "national security review."

The Fine Print That Matters

France didn't just say yes. They said yes, but. The government's conditions were surgical: telecom billionaire Xavier Niel's investment firm NJJ Capital must hold a 10% stake in the local entity. EDF keeps a minority position and remains an Exaion client. Most crucially, no sensitive EDF data stays with Exaion post-sale.

This isn't your typical regulatory approval. It's a masterclass in having your cake and eating it too—welcoming foreign capital while maintaining strategic control.

Digital Sovereignty Meets Market Reality

Exaion isn't just running data centers. It's operating high-performance computing infrastructure that powers AI workloads and blockchain operations—the kind of digital backbone that nations increasingly view as critical infrastructure.

Finance Minister Roland Lescure framed this as France being "open to international investment while defending strategic interests." Translation: We need your money and expertise, but we're not naive about the risks.

The timing matters too. This deal comes as European nations grapple with their dependence on U.S. and Chinese tech giants. France's approach suggests a third way—conditional engagement rather than blanket protectionism or unlimited openness.

Winners and Losers

MARA Holdings gets access to European infrastructure and regulatory approval for expansion. EDF monetizes a non-core asset while maintaining operational ties. NJJ Capital gains a foothold in the growing intersection of energy and digital infrastructure.

But the real winner might be France itself, which has created a template for other nations wrestling with similar dilemmas. The losers? Pure free-market advocates who see these conditions as barriers to efficient capital allocation.

The answer may determine how the global digital economy evolves in the coming decade.