MARA’s acquisition of 64% of Exaion, completed in February 2026 with a 148 million euro investment, is now under legal scrutiny. A lawsuit filed in July in New York claims that Bitcoin mining was part of the deal from the start but was kept hidden from French authorities, who were told the focus was on AI and high-performance computing.
The legal action, brought by François Garcin and associated companies, alleges that the initial contract from June 2025 included plans for data centers dedicated to Bitcoin mining, despite public statements emphasizing other technologies. Garcin’s contract reportedly involved 2.4 million euros over a year plus a 4% commission on MARA’s investments in Exaion. The plaintiffs are demanding 11.32 million euros in fees connected to the project.
This dispute raises questions about the transparency of MARA’s dealings and the awareness of French authorities about the true intent of the acquisition. Garcin had been involved in negotiations with major energy players like EDF, TotalEnergies, and Engie, which adds complexity to the case.
