Exaion: MARA Allegedly Concealed Its Mining Intentions in France, According to a Lawsuit Filed in the United States

MARA's mandate allegedly included Bitcoin mining from the outset.

On February 20, 2026, MARA finalized the acquisition of 64% of Exaion, a former EDF subsidiary specializing in secure cloud services, artificial intelligence, and high-performance computing (HPC). The American company invested €148 million in this operation, including €115 million in new shares and €33 million to buy existing securities.

However, a lawsuit filed on July 22 in the Southern District of New York federal court presents a different interpretation of this acquisition. François Garcin and several companies linked to him are suing MARA to obtain payment for fees related to its establishment in France.

According to the document, the mandate signed on June 22, 2025, concerned the acquisition of Exaion and potential partnerships with major energy companies. It allegedly also covered the development of data centers intended for Bitcoin mining and HPC, while mining was not mentioned in the public communication surrounding the operation.

Garcin claims to have organized exchanges with EDF, TotalEnergies, Engie, RTE, and other players to develop computing and Bitcoin mining infrastructures. His contract stipulated a fee of €2.4 million, paid in 12 monthly installments of €200,000, as well as a commission representing 4% of MARA's investments in Exaion.

The plaintiffs are now demanding €11.32 million excluding interest and VAT. This amount includes €6.92 million that they already consider owed and an additional €4.4 million, contingent on a new investment of €110 million planned for 2027.

The narrative of AI allegedly served to make MARA's arrival in France more acceptable.

Press releases published by EDF and MARA presented Exaion as a future European player in secure cloud services, AI, and high-performance computing. Although less significant than mining, these activities do exist within the company, but the lawsuit suggests that it may have also provided a politically more acceptable narrative by deliberately sidelining Bitcoin.

Garcin claims to have been tasked with convincing Emmanuel Macron and several French officials that MARA's arrival did not constitute an American "Trojan horse." His efforts reportedly involved the Élysée, Matignon, Bercy, the Treasury, and the agency responsible for monitoring foreign investments in France.

The lawsuit states:

Thiel asked Garcin to "close the door" on other candidates wishing to partner with France, "with a huge bang," and to convince President Emmanuel Macron and other French stakeholders that the arrival of an American company like MARA was not a Trojan horse but rather a strategic advantage.

Gérard Mestrallet, former CEO of Engie recruited as an advisor, allegedly mentioned to a senior French official an investment of €4 billion in data centers over three years, followed by €10 billion over five to seven years. A draft letter intended for EDF also presented MARA's strategy as ranging from electrons to "Token Economics," directly linking French electricity to Bitcoin usage.

The lawsuit reveals:

On June 29, 2025, Garcin drafted the main elements of a diplomatic letter intended for EDF's management, stating that "EDF represents a major strategic partner for MARA, both in Europe and in France as well as in other markets," and that MARA wished to establish "a global partnership, ranging from electrons to tokenomics." Garcin also coordinated the strategy related to the application to Exaion, recommending that the letter of intent be "signed by [Khan and Thiel] in their respective roles as president [...] and CEO [...] of MARA France."

Fred Thiel, the CEO of MARA, allegedly asked Garcin to "close the door" on competing companies wishing to work with France. After several meetings held in Paris, he reportedly congratulated him on the "conquest of Gaul" before calling for the consolidation of these relationships to prevent other players from accessing the same partners.

What will the French state do if MARA truly concealed its project?

When asked by Cryptoast, Bastien Desteuque, president of the National Bitcoin Institute (INBi), expressed skepticism about the real impact these revelations could have on the Exaion case. According to him, a government reaction will largely depend on the political and media echo of the affair:

"Will they just ignore the case?" It will depend on the echo. When the entire political class mobilized against the acquisition, notably with the non-compete clause [...] the government had this clause removed, saying it was thanks to its action.

A controversy is not enough to annul a finalized sale, and nothing currently suggests that the conditions of the authorization were violated, but if MARA did indeed present its arrival in France while deliberately minimizing the role of Bitcoin mining, the question becomes as much political as it is legal. Before even discussing a sanction, the French state will first need to state whether it was aware of this strategy and whether it still believes that the operation was validated on sufficiently clear bases.