TL;DR
Ionic Digital made a forceful entrance onto Nasdaq, surging 26% on its first trading day and securing a valuation close to $2.8 billion. The Bitcoin miner, created through Celsius Network’s bankruptcy process, is shifting its business model toward powering AI workloads while navigating a complex mix of legacy mining assets, fresh capital, and long-term infrastructure commitments.
The Washington D.C.-based company opened at $50 on Tuesday and closed at $62.90, a 19% gain over Nasdaq’s $53 reference price. At that reference level, Ionic Digital was valued at $2.4 billion, according to Renaissance Capital. The listing was executed as a direct listing rather than an IPO, meaning the company sold no new shares and generated no immediate income.
Ionic Digital issued 37 million Class A shares to eligible Celsius claimants, reflecting its origins in the lender’s court-approved restructuring. The company also raised $400 million in June through a private placement of convertible preferred shares and warrants. Those preferred shares, priced at $53, converted into common stock once the listing went live. Investors agreed not to transfer the securities below $70 for six months, a restriction designed to stabilize early trading activity.
Ionic Digital decommissioned Bitcoin mining at its Ward County, Texas, site in December and redirected its 234 MW of capacity to Nscale under a 126‑month lease. The agreement carries $1.95 billion in contracted revenue, positioning infrastructure leasing as the company’s primary business line.
Ionic Digital expects up to $195 million in revenue this year, with more than 90% coming from leasing rather than mining. As of March 31, the company held 2,815.6 bitcoin valued at $192.1 million and reported no debt, giving it financial flexibility as it transitions away from mining and into AI‑focused compute services.
