Ionic Digital, Celsius's Mining Successor, Debuts on Nasdaq with a 25% Rise

Ionic Digital debuted on the Nasdaq exchange with a valuation of $2.25 billion, according to Reuters. It was established in 2024 to purchase the mining equipment of the bankrupt Celsius Network.

Ionic Digital's shares began trading on the Nasdaq under the ticker IOND on July 28, 2026. The starting price was $50, slightly below the benchmark level of $53.

The company used a direct listing on the exchange, without conducting an additional issuance or raising capital. Essentially, the organization's stakeholders gained the opportunity to sell their shares.

By the market close, the share price had jumped to $62.9 — 25.8% above the initial value. However, later, in the pre-market, it partially retreated.

"Ionic is expected to become the largest direct listing since 2021, recently raising funds at a valuation of approximately $2.4 billion [based on a reference price of $53]," Matt Kennedy, a senior strategist at Renaissance Capital, said in a comment to Reuters.

How is Ionic Digital Connected to Celsius?

The company was created in January 2024 to acquire the bitcoin mining assets and part of the liabilities of Celsius Mining. The latter was part of Celsius Network, a crypto lender that collapsed in 2022.

The asset transfer was part of a restructuring plan approved by the U.S. bankruptcy court in November 2023. Under this plan, Ionic issued approximately 37 million Class A shares to Celsius creditors. The company received substantial physical assets: ASICs, real estate, cash, and 540 $BTC.

Initially, the organization was under the management of the miner Hut8, but it terminated the agreement early and is now operating independently.

Ionic owns and operates a flagship facility with a capacity of 234 MW in Ward County, Texas, which it leases to the global hyperscaler Nscale under a 126-month contract. It is expected to generate up to $2 billion in revenue.

At the same time, the company continues to operate cryptocurrency mining activities. It also controls four sites in Midland, Texas, holding 2,861 $BTC on its balance sheet.

Ionic Digital is not the only miner that has shifted from cryptocurrency mining to computing for the AI sector. Previously, we published a summary of an interview with MARA CEO Fred Thiel, who explained why companies are switching to this new sector.