Bitcoin: MARA accused of secretly conducting bitcoin mining projects in France

MARA's acquisition of Exaion has made waves again: U.S. litigation accuses it of concealing bitcoin mining plans.

MARA's acquisition of Exaion continues to raise questions several months after it was completed. A new lawsuit filed in the United States now challenges the way the deal was presented to French authorities. According to this legal document, Bitcoin mining has been part of the project from the beginning, while public information mainly emphasizes artificial intelligence and high-performance computing. This new lawsuit thus opens up a dual debate at the legal and political levels.

Brief

The lawsuit alleges that MARA concealed its Bitcoin mining project.

The authorization letter signed in 2025 already mentions a data center dedicated to Bitcoin.

Artificial intelligence and high-performance computing were the main reasons presented to the French authorities.

The plaintiff claimed MARA to pay a fee of 11.32 million euros.

The French government may need to clarify its understanding of the initial project.

The MARA project is said to have included Bitcoin mining since its initial negotiations

On February 20, 2026, MARA completed the acquisition of a 64% stake in Exaion. Exaion was a former subsidiary of EDF (EDF), focusing on security cloud, artificial intelligence and high-performance computing. The total investment in the transaction is 148 million euros, including 115 million euros in new shares and 33 million euros in existing share purchases.

However, a lawsuit filed July 22 in the Federal District Court for the Southern District of New York provides a different interpretation of the deal. Plaintiff François Garcin and his affiliates (including Athanor, LLC, Argentine Global Holdings Ltd (Malta), Argentine Sansovino SAS (France)) claimed payment of fees related to the company's development in France.

According to the document, the authorization letter signed in June 2025 not only involved the acquisition of Exaion and the establishment of an energy partnership, but also included the creation of a data center for Bitcoin mining-a goal that was not highlighted in discussions with EDF and French authorities.

document also states that François Garcin, founder and CEO of Argenthal, organized discussions with EDF, Total Energy, Engie, RTE and other major players in the energy sector. His contract includes a remuneration of 2.4 million euros, payable over 12 months at 200,000 euros per month. He should also receive a commission equivalent to 4% of MARA's investment in Exaion. The plaintiffs are now demanding payment of 11.32 million euros, with part of the amount dependent on new investments planned for 2027.

Communication strategy focuses on artificial intelligence rather than Bitcoin

Official statements issued by EDF and MARA at the time of the acquisition described Exaion as a player in Europe's secure cloud, artificial intelligence and high-performance computing fields. These businesses do exist. However, the lawsuit argued that this presentation was also intended to make the transaction more politically acceptable by deliberately ignoring Bitcoin mining.

According to François Garcin, one of his tasks was to persuade Emmanuel Macron and several French officials that the arrival of MARA was a strategic advantage for France. His efforts involve the Elysee Palace, the Palais Matignon, the Ministry of Economy and Finance and the department responsible for regulating foreign investment in France.

The lawsuit also states that "Fred Thiel allegedly asked François Garcin to convince French authorities that the American company was not a 'Trojan horse.'" The lawsuit also made clear that "the executive tried to prevent other competing companies from establishing similar partnerships with French participants."

Investment statements surrounding energy infrastructure

Legal documents also describe multiple exchanges about future investment in France. Gérard Mestrallet, former CEO of Engie who became an advisor to MARA in August 2025, allegedly mentioned to a senior French official a plan that could reach € 4 billion over three years, followed by € 10 billion in five to seven years.

The document also mentions a draft letter to EDF. The document describes the group's strategy as a partnership that ranges from power infrastructure to "token economics." The plaintiff claimed that the wording directly established a link between electricity produced in France and future bitcoin-related uses.

Also based on the lawsuit, François Garcin allegedly drafted the main elements of the diplomatic letter to emphasize the strategic nature of the partnership with EDF. He also coordinated application strategies related to Exaion and recommended that a letter of intent be signed by senior executives from MARA France. After organizing several meetings in Paris, Fred Thiel allegedly then congratulated him on the smooth progress of the negotiations and encouraged him to consolidate those relationships.

How is the French government likely to react?

Bastien Desteuque, Chairman of the French National Bitcoin Institute (INBi), argued in a statement to Cryptoast that the consequences will mainly depend on the impact of the case in public debate. In his view, controversy alone is not enough to automatically overturn a completed deal. Therefore, political and media attention will play an important role in the future development of the case.

"Will they ignore the case? This depends on its impact. When the entire political class opposed takeovers, especially regarding the non-compete clause... the government revoked the clause and claimed it was the result of its actions." -- Bastien Desteuque, Chairman of the French National Bitcoin Institute (INBi). Source: Cryptoast.

Currently, there is no evidence that the conditions for approving the acquisition of Exaion have been violated. However, if allegations that MARA deliberately downplayed Bitcoin's mining status are confirmed, the problem will go beyond a simple contractual framework. At that time, the French government will need to explain whether it was aware of the strategy at the time of approval and whether it still believes the deal is based on sufficient information.

The next steps will depend on the progress of the legal process in New York and the likely response of French authorities. If the evidence presented by the plaintiffs were subject to more rigorous scrutiny, the case could go beyond financial litigation and spark debate about how foreign investments related to bitcoin are presented and assessed in France.