Ionic Digital Rises 26% in Nasdaq Debut After $2.8 Billion Valuation
Key Takeaways
- •Ionic Digital closed its Nasdaq debut at $62.90 after rising about 26% from its $50 opening price.
- •The company ended the session with a market capitalization of about $2.8 billion, based on its SEC filing.
- •Shares fell 6.5% in after-hours trading to $58.80 after the market close.
- •Ionic went public through a direct listing, not a traditional IPO, with no new primary shares sold.
- •Renaissance Capital said Ionic’s $2.4 billion implied value at Nasdaq’s $53 reference price made it the largest US direct listing since 2021.
Ionic Digital, the Bitcoin miner and AI infrastructure company that emerged from the bankruptcy of Celsius Network, rose about 26% in its Nasdaq debut on Tuesday, closing at $62.90 after opening at $50. Based on its registration statement filed with the US SEC, the company finished the session with a market capitalization of about $2.8 billion.
The stock gave back some of those gains in after-hours trading, falling 6.5% to $58.80, according to Yahoo Finance.
The debut came as Bitcoin gained 1.6% overnight, reclaimed the $64,000 level, and reached $64,350 ahead of the US Federal Open Market Committee rate-hike meeting. Daily trading volume for BTC USD was $24.9 billion.
NEW: Bitcoin miner Ionic Digital records 26% in Nasdaq debut. pic.twitter.com/x6pe6xu97W — Bitcoin News (@BitcoinNewsCom) July 29, 2026
NEW: Bitcoin miner Ionic Digital records 26% in Nasdaq debut. pic.twitter.com/x6pe6xu97W
— Bitcoin News (@BitcoinNewsCom) July 29, 2026
Ionic Digital Becomes the Largest US Direct Listing Since 2021
Ionic did not go public through a traditional IPO. No new primary shares were sold, and no investment bank set a book price through roadshow demand. Instead, the company used a direct listing, a structure in which existing shareholders sell shares directly into the open market.
IPO research firm Renaissance Capital said Ionic’s implied market value of $2.4 billion at Nasdaq’s $53 reference price made it the largest US direct listing since 2021, a group that previously included several high-profile technology companies.
The company was formed in 2024 to acquire Celsius Mining’s assets through the bankrupt crypto lender’s court-approved restructuring, and it has since expanded into AI and high-performance computing (HPC) infrastructure. On the same session, Bitcoin was trading near $64,480.
What the Debut Means for Bitcoin Mining Stocks
Ionic’s debut adds another data point for the Bitcoin mining sector. The direct listing structure, together with the $2.8 billion closing valuation and about 44.9 million shares outstanding, according to the SEC filing, gives investors clear reference points.
Several Bitcoin miners have been expanding into AI and HPC infrastructure alongside their core mining businesses. Ionic’s market debut reflects continued public market interest in that model, while also highlighting how these companies are being valued as they transition beyond pure mining exposure.
The Bitcoin mining sector is valued at around $69 billion, with IREN, Hut 8, and TeraWulf the most valuable names, accounting for more than $32 billion of that total. Once the table is updated, Ionic is expected to enter the top 10, replacing Bitfarms in the No. 10 position.
( SOURCE: CompaniesMarketCap.com )