Ionic Digital Inc., the Bitcoin (BTC) miner assembled from the assets of the collapsed crypto lender Celsius, is heading for the public markets. The company filed a Form S-1 with the United S
Ionic Digital Inc., the Bitcoin (BTC) miner assembled from the assets of the collapsed crypto lender Celsius, is heading for the public markets.
The company filed a Form S-1 with the United States Securities and Exchange Commission (SEC) on June 29, seeking to list its Class A common stock on the Nasdaq Global Select Market under the ticker IOND.
The move is a direct listing rather than a traditional initial public offering. Ionic is registering the resale of up to 10.8 million shares held by existing stockholders. This means the company will not raise capital from the listing itself.
J.P. Morgan is serving as the designated financial advisor, with Jefferies and BTIG also advising.
Related: Celsius Bankruptcy Filing Hits Boiling Point on Social Media
Ionic was formed in January 2024 to acquire the mining assets of Celsius Mining LLC out of the Celsius Network Chapter 11 bankruptcy case, which is why much of its stock traces back to the lender's creditors.
Celsius, once one of crypto's largest lenders, froze withdrawals in 2022 before collapsing into bankruptcy.
As per the filing, as of March 31, Ionic held 2,815.6 BTC worth about $192.1 million, alongside $34.9 million in cash and no debt. It mined an average of 111.4 BTC a month in 2025 while selling 84.1 BTC to fund operations. In the first quarter of 2026, it mined roughly 31.9 BTC a month and sold none.
Like peers IREN and Hut 8, Ionic is repositioning from pure-play mining toward leasing data-center capacity for high-performance computing and artificial intelligence.
Its anchor is a 126-month lease of its Ward County, Texas site to hyperscaler Nscale, carrying roughly $1.95 billion in contracted revenue, or up to $2.6 billion if added power is energized. Ionic decommissioned mining at Ward County in December.
First-quarter revenue reached $51.4 million, led by leasing rather than mining, against a $12.98 million net loss. The company lost $247.7 million in 2025.
Separately, Ionic raised $400 million through a June 26 private placement of convertible preferred stock. It describes its Bitcoin treasury as a capital-allocation asset to fund the pivot, not a holding to accumulate indefinitely.
