Overview

• The agreement would give Marathon a 64% controlling stake in Exaion for about $168 million, leaving EDF with a minority share
• An SEC filing shows Marathon can increase its ownership to 75% by investing an additional $127 million if agreed conditions are met
• Marathon plans to repurpose Exaion’s high-performance computing and sovereign-cloud facilities to serve AI inference workloads rather than model training
• The move reflects a wider trend of bitcoin miners diversifying into AI and HPC services as mining margins shrink and energy costs rise
• Marathon’s AI push runs alongside its aggressive bitcoin treasury strategy, having raised nearly $1 billion this year to expand its digital currency holdings