Ionic Digital

Bitcoin Mining · AI Infrastructure · Data Centers

IPO

Ionic Digital debuts on Nasdaq at $2.8B in direct listing

The listing hands Celsius bankruptcy claimholders a long-awaited exit as the miner pivots to AI infrastructure.

• Ionic Digital's Class A shares began trading on Nasdaq under "IOND" via direct listing on July 28, closing up 26% at $62.90 for a market value near $2.8 billion.
• The Washington D.C.-based company was formed in 2024 to hold Celsius Network's bitcoin-mining assets after the lender's bankruptcy, and it has since pivoted toward leasing power capacity to AI cloud providers.
• Ahead of the listing, Ionic raised $400 million in June through a private placement of convertible preferred shares at a roughly $2 billion valuation, which converted into common stock at the debut.
• Ionic decommissioned bitcoin mining at its 234MW Ward County, Texas site and committed the capacity to AI cloud provider Nscale under a 126-month lease worth about $1.95 billion in contracted revenue.
• The company guided to $190-195 million in 2026 revenue, $36-37 million in adjusted EBITDA, and held 2,815.6 bitcoin with no debt as of March 31.
• About 37 million of Ionic's shares were distributed to Celsius creditors under the bankruptcy reorganization plan, giving them a market exit through the listing.
• The debut was Nasdaq's largest direct listing since 2021 and underscores how bitcoin miners are repositioning stranded power assets as AI data-center capacity to escape crypto-price volatility.