Despite Bitcoin’s late September correction, MARA’s operations benefited from BTC closing the month at $120,373, up 5.4 % on the month and briefly passing $120,000 for the first time since August’s all‑time high near $125,000.
The company’s position is as the second‑largest public holder of Bitcoin overall, trailing only Michael Saylor’s Strategy with 640,031 BTC ($77 billion), according to BitcoinTreasuries.
From Bitcoin blocks to AI infrastructure
In August, the company struck a $168 million deal to acquire a 64 % stake in Exaion, a French subsidiary of Électricité de France (EDF) specializing in artificial intelligence (AI) and performance computing (HPC). The deal includes an option to raise its stake to 75 % by 2027 with an additional $127 million investment, contingent on performance targets.
Exaion already collaborates with firms like Nvidia and Deloitte to build energy‑efficient HPC data centers and AI cloud services. MARA’s majority stake rely on their interest to expand into AI infrastructure, signaling a broader strategy to align Bitcoin mining with scalable computing markets.
By combining a $6 billion Bitcoin treasury with a foothold in the AI and HPC sector, Marathon is betting that miners of the future won’t just secure blockchains, they’ll also supply the computational backbone for emerging industries.
This diversification, paired with governance challenges seen across the sector, signals that treasury management in mining firms is moving closer to the model of large‑scale utilities and cloud providers.