The acquisition of Exaion by MARA continues to raise questions several months after its completion. A lawsuit filed in the United States now challenges the presentation of this operation to t
The acquisition of Exaion by MARA continues to raise questions several months after its completion. A lawsuit filed in the United States now challenges the presentation of this operation to the French authorities. According to this legal document, the development of Bitcoin mining was part of the project from the beginning, while public communications mostly highlighted artificial intelligence and high-performance computing. This new procedure thus opens both a legal and political debate.
On February 20, 2026, MARA finalized the acquisition of 64% of Exaion, a former EDF subsidiary specializing in secure cloud, artificial intelligence, and high-performance computing. The operation represents a total investment of 148 million euros. This amount includes 115 million euros injected into new shares and 33 million euros dedicated to the purchase of existing shares.
However, a lawsuit filed on July 22 before the federal district court of Southern New York provides a different reading of this transaction. François Garcin and several related companies, including Athanor, LLC, Argenthal Global Holdings Ltd (Malta), Argenthal Sansovino SAS (France), demand payment of fees related to the company’s development in France.
Excerpt from the lawsuit filed against MARA before the New York federal court concerning the Bitcoin mining project related to the acquisition of Exaion. Source: JUSTIA Dockets & Filings.According to this document, the mandate signed in June 2025 was not only about the acquisition of Exaion and energy partnerships. It also included the creation of data centers intended for Bitcoin mining, an objective that was not highlighted during discussions with EDF and the French authorities.
The document also states that François Garcin, founder and CEO of Argenthal, organized discussions with EDF, TotalEnergies, Engie, and RTE, as well as other major players in the energy sector. His contract included a compensation of 2.4 million euros spread over twelve monthly payments of 200,000 euros. He was also supposed to receive a commission equal to 4% of the investments made by MARA in Exaion. The plaintiffs now demand 11.32 million euros, part of which would depend on a new investment planned for 2027.
Start your crypto adventure safely with OKXThis link uses an affiliate program.The official communications published by EDF and MARA at the time of the acquisition presented Exaion as a European player in secure cloud, artificial intelligence, and high-performance computing. These activities do exist within the company. However, the lawsuit argues that this presentation also helped make the operation more politically acceptable by deliberately leaving out Bitcoin mining.
According to statements from François Garcin, his mission was notably to convince Emmanuel Macron and several French officials that MARA’s arrival represented a strategic advantage for the country. His efforts allegedly involved the Élysée, Matignon, Bercy, and the Treasury, as well as services in charge of controlling foreign investments in France.
The lawsuit also indicates that “Fred Thiel allegedly asked François Garcin to convince the French authorities that the American company was not a “Trojan horse.” It also specifies that “the executive sought to prevent other competing companies from developing similar partnerships with French players.”
The legal file also describes several exchanges about future investments in France. Gérard Mestrallet, former CEO of Engie turned advisor to MARA in August 2025, reportedly mentioned to a senior French official a program that could reach 4 billion euros over three years, then up to 10 billion euros over a period between five and seven years.
The document also mentions a draft letter intended for EDF. This document presented the group’s strategy as a partnership ranging from electrical infrastructure to “token economics.” According to the plaintiffs, this wording directly established a link between electricity produced in France and future uses related to Bitcoin.
Still according to the lawsuit, François Garcin reportedly drafted the main elements of this diplomatic letter to emphasize the strategic nature of the partnership with EDF. He also coordinated the strategy related to the application with Exaion and recommended that the letter of intent be signed by the executives of MARA France. After several meetings organized in Paris, Fred Thiel then allegedly congratulated him for the progress of the discussions before encouraging him to strengthen these relationships.
In a statement given to Cryptoast, Bastien Desteuque, president of the National Bitcoin Institute (INBi), believes the consequences will mainly depend on the extent this case takes in the public debate. According to him, a controversy is not enough to automatically challenge a transaction that is already completed. Political and media attention will therefore play an important role in the future of the case.
Will they just ignore the case? It will depend on the impact. 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.
Bastien Desteuque, president of the National Bitcoin Institute (INBi). Source: Cryptoast.
At this stage, no element allows to affirm that the conditions authorizing the acquisition of Exaion were violated. However, if the accusations that MARA deliberately downplayed the place of Bitcoin mining are confirmed, the question would go beyond the simple contractual framework. The French government would then need to specify whether it knew about this strategy at the time of authorization and whether it still considers that the operation was based on sufficiently complete information.
The next steps will now depend on the evolution of the procedure initiated in New York as well as potential reactions from the French authorities. If the elements advanced by the plaintiffs are examined more closely, the case could evolve beyond financial litigation and fuel a debate on the conditions under which foreign investments related to BTC are presented and assessed in France.
