Ionic Digital Jumps 26% in Nasdaq Debut, Giving Celsius Network Claimholders an Exit Route

The bitcoin miner reached a market valuation of roughly $2.8 billion based on its 44.9 million shares outstanding.

Ionic Digital (IOND), the bitcoin mining company formed out of Celsius Network's bankruptcy proceedings, surged 26% in its Nasdaq debut on Tuesday, marking the exchange's largest direct listing since 2021. The strong opening provides a long-awaited liquidity pathway for creditors who received equity in the company as part of Celsius's court-approved reorganization plan, roughly four years after the crypto lender collapsed in mid-2022 and filed for Chapter 11 protection.

Listing Details and Valuation

The Washington, D.C.-based company's shares opened at $50 and closed at $62.90, finishing 19% above Nasdaq's $53 reference price, according to FactSet data published by The Wall Street Journal. At the reference price, Ionic was valued at approximately $2.4 billion, according to Renaissance Capital. The closing price brought the company's market capitalization to roughly $2.8 billion based on 44.9 million shares outstanding.

Because Ionic opted for a direct listing rather than a traditional initial public offering, the company sold no new shares and received no proceeds from the transaction — a structure that allowed existing shareholders, primarily Celsius claimholders, to trade their shares publicly from day one.

Origins in Celsius Bankruptcy

Ionic Digital was established in January 2024 to acquire Celsius Network's mining assets under the bankrupt crypto lender's court-approved reorganization plan. According to its registration statement, the company issued "37 million shares of Class A common stock to eligible holders of certain claims against Celsius Network and its affiliates," effectively converting creditor claims into tradeable equity.

The SEC registration statement details the full distribution framework.

Capital Raise and Lock-Up Terms

In June, Ionic raised $400 million through a private placement of convertible preferred shares and warrants. The preferred shares, priced at $53 each, automatically converted into common stock upon completion of the listing. Investors in the private placement agreed not to transfer the securities below $70 per share until six months after the listing date, according to the filing.

Strategic Pivot to AI Infrastructure

Ionic has been repositioning itself from pure bitcoin mining toward powering artificial intelligence computations, joining a broader wave of publicly traded bitcoin miners — including Core Scientific, Hut 8, and Iris Energy — that have redirected power capacity toward AI and high-performance computing to capture demand from cloud and AI service providers. In December, the company decommissioned bitcoin mining operations at its Ward County, Texas facility and committed the site's 234 megawatts of capacity to Nscale under a 126-month lease agreement carrying $1.95 billion in contracted revenue, according to the registration statement.

The company said it expects as much as $195 million in total revenue this year, with more than 90% generated from infrastructure leasing rather than mining operations.

Balance Sheet and Bitcoin Holdings

As of March 31, Ionic held 2,815.6 bitcoin, valued at approximately $192.1 million at the time, and reported no outstanding debt. The company's registration statement provides additional financial details.

Source: CoinDesk