Ionic Digital, the digital infrastructure company formed from the remnants of Celsius Mining's bankruptcy estate, has increased its Bitcoin treasury to 2,882 BTC following the addition of 21 BTC.

While the increase is modest in size, it reflects a deliberate policy: the company does not sell any of the Bitcoin it mines. That full-retention approach places Ionic within the growing cohort of publicly traded companies that hold Bitcoin as a balance-sheet treasury asset, and it effectively makes the AI leasing business the company's operating cash engine. The holdings were valued at approximately $168.7 million as of June 30, 2026. For a company that only began operations in January 2024, building a reserve of nearly 2,900 BTC while simultaneously developing an AI infrastructure business marks a notable trajectory.

AI leasing drives the revenue

The Bitcoin holdings attract the headlines, but the revenue picture tells a different story. Ionic Digital's Q2 2026 results show that AI and high-performance computing leasing generated $43.8 million, or 90% of the company's total revenue of $48.6 million — a figure that represents 31% year-over-year growth.

That revenue mix situates Ionic inside one of the defining shifts in the Bitcoin mining sector. Since the April 2024 halving cut the block reward from 6.25 BTC to 3.125 BTC and squeezed margins for pure-play miners, operators holding powered land, substations and cooling infrastructure have increasingly repurposed their sites toward AI and high-performance computing, where compute demand has translated into multi-year lease commitments. Ionic's arrangement with Nscale fits squarely within that pattern.

On the mining side, the company produced 24.77 BTC in May 2026, a 21.1% increase month-over-month. Ionic has also signed a 10-year lease agreement with AI cloud provider Nscale for its Texas site, a deal that could generate $2 billion in revenue over its lifetime.

Q2 adjusted EBITDA came in at $37.6 million. For full-year 2026, the company has guided revenue between $190 million and $195 million — roughly four times its Q2 figure.

From Celsius collapse to Nasdaq listing

Ionic Digital was created through the acquisition of Celsius Mining's assets in January 2024, inheriting roughly 540 BTC in the process. Celsius was the crypto lending platform that filed for Chapter 11 protection in July 2022, in a summer that also brought down several other major crypto lenders, leaving creditors scrambling and prompting a wave of regulatory scrutiny across the industry.

From that starting point of 540 BTC, Ionic has grown its holdings to 2,882 BTC without purchasing any Bitcoin on the open market. The company carries zero debt and holds $415.7 million in cash reserves.

Ionic completed its direct listing on Nasdaq on July 28, 2026, trading under the ticker IOND. Unlike a traditional IPO, a direct listing involves no underwritten offering of new shares, allowing existing holders to trade from the first session. Shares jumped nearly 25% on the first day of trading, and the reference valuation at debut was approximately $2.4 billion. As a newly public company, Ionic's progress — the ramp of the Nscale lease against its full-year guidance and the steady accrual of mined BTC to the treasury — will now be visible in quarterly filings.