TL;DR
- Market debut: Ionic Digital jumped 26% on Nasdaq, closing at $62.90 and reaching a valuation near $2.8 billion.
- Capital structure: The company issued 37 million shares to Celsius claimants and converted $400 million in preferred shares, with investors restricted from selling below $70 for six months.
- AI pivot: Ionic Digital shifted its 234 MW Texas site to a long-term Nscale lease worth $1.95 billion and expects $195 million in 2026 revenue.
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.
Nasdaq Debut Signals Investor Confidence
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.
Pivot Toward AI Infrastructure
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.
