Celsius-Linked Bitcoin Miner Ionic Digital Gains 26% in Nasdaq Debut
Key Takeaways
- •Ionic Digital completed its direct listing on Nasdaq and began trading at $50 a share.
- •The stock closed at $62.90, about 26% above its opening price.
- •The company’s market capitalization was about $2.8 billion based on roughly 44.9 million shares outstanding.
- •Ionic was created in 2024 to acquire Celsius Mining’s assets and later expanded into AI and high-performance computing infrastructure.
- •Renaissance Capital said the deal was the largest US direct listing since 2021, and the shares fell 6.5% in after-hours trading.
Ionic Digital shares climbed about 26% from their opening price in their Nasdaq debut Tuesday after the Celsius-linked Bitcoin miner and AI infrastructure company completed its direct listing.
The shares opened at $50 and closed at $62.90, giving Ionic a market capitalization of about $2.8 billion based on approximately 44.9 million shares outstanding, according to its registration statement filed with the US Securities and Exchange Commission.
Ionic was formed in 2024 to acquire Celsius Mining’s assets through the bankrupt crypto lender’s restructuring and has since expanded into AI and high-performance computing infrastructure, reflecting how some crypto-linked firms have tried to broaden beyond Bitcoin mining as demand for computing capacity grows across data-heavy industries.
IPO research firm Renaissance Capital said Ionic’s $2.4 billion implied market value at Nasdaq’s $53 reference price made it the largest US direct listing since 2021, underscoring how unusual large direct listings remain in the current market.
The stock gave back some of those gains after the closing bell, falling 6.5% to $58.80 in after-hours trading, according to Yahoo Finance.