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Bitcoin Miner MARA Steps Into HPC With Majority Stake in EDF Subsidiary: H.C. Wainwright

2025-08-12 20:02:43

Main Idea

Bitcoin miner MARA is acquiring a majority stake in Exaion, a high-performance computing (HPC) subsidiary of EDF, signaling a strategic pivot from bitcoin mining to HPC and AI services.

Key Points

1. MARA will acquire a 64% stake in Exaion, with an option to increase it to 75% by 2027.

2. The move is driven by bitcoin halving events in 2028 and 2032 and the higher margins offered by HPC compared to mining alone.

3. MARA follows other bitcoin miners like Core Scientific in pivoting to AI and HPC, with Core Scientific having announced a deal with AI cloud provider CoreWeave.

4. The acquisition positions MARA in sovereign cloud AI services, where data remains private and segregated.

5. H.C. Wainwright has an outperform rating on MARA stock with a $28 price target, and the shares were trading around $15.76 at publication time.

Description

MARA Holdings (MARA) is making a surprise pivot from its bitcoin (BTC) mining roots, announcing late Monday that it will acquire a 64% stake in Exaion, a high-performance computing (HPC) subsidiary of French energy giant EDF, broker H.C. Wainwright said in a research report Tuesday. While MARA has long floated the idea of helping power companies balance grid loads, H.C. Wainwright analyst Kevin Dede said he expected that to remain within a mining-centric strategy, not a direct plunge into HPC bu...

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