Ionic Digital (Nasdaq: IOND) surged 26% in its Nasdaq debut on July 28, giving the Bitcoin miner and AI infrastructure company a valuation of about $2.8 billion. The stock opened at $50 and c
Ionic Digital (Nasdaq: IOND) surged 26% in its Nasdaq debut on July 28, giving the Bitcoin miner and AI infrastructure company a valuation of about $2.8 billion. The stock opened at $50 and closed at $62.90. Its direct listing was the largest on a U.S. exchange since 2021, according to IPO research firm Renaissance Capital.
Ionic was created from the bankruptcy of crypto lender Celsius Network, and the listing now gives creditors who received Ionic shares a public market where they can sell. Unlike a traditional initial public offering, Ionic did not issue new shares or raise capital through the debut.
Related: Michael Saylor warns Bitcoin's biggest threat is here
Celsius froze customer withdrawals in June 2022 as the crypto market entered a sharp downturn, and filed for Chapter 11 bankruptcy protection the following month. Ionic was formed in January 2024 to acquire Celsius Mining's assets through the lender's court-approved restructuring.
As part of the recovery process, Ionic issued 37 million Class A shares to eligible Celsius claimholders — shares that represented part of the compensation owed to creditors. The company has since kept running its Bitcoin mining business while expanding into AI and high-performance computing infrastructure.
As of March 31, Ionic held 2,815.6 Bitcoin, then worth about $192.1 million, along with $34.9 million in cash and no debt. It raised another $400 million through a private placement of convertible preferred shares and warrants on June 26.
The Nasdaq listing lets Celsius creditors publicly trade the Ionic shares they received during the bankruptcy restructuring — another step in a recovery process that has already returned billions of dollars to former Celsius users through crypto and cash distributions.
Ionic is now shifting more of its business toward data center leasing. It decommissioned Bitcoin mining at its Ward County, Texas, site in December 2025, then committed the site's 234 megawatts of capacity to AI infrastructure provider Nscale under a 126-month lease — an agreement that carries about $1.95 billion in contracted revenue.
The company expects revenue of up to $195 million in 2026, with more than 90% projected to come from infrastructure leasing rather than mining.
Ionic shares traded at $60.10 at the time of writing, down 4.45% on the day, but still about 20% above their $50 opening price.
Related: Analysts hike Robinhood stock price target ahead of July 29 earnings
