Shares of Ionic Digital (Nasdaq: IOND), the Bitcoin mining company forged from Celsius Network’s bankruptcy estate, surged 25.8% in their Nasdaq direct listing on July 28, closing at $62.90 after opening at a $50 reference price. The debut gave the company an equity value of approximately $2.83 billion, based on 44.9 million fully diluted shares, and immediately focused investor attention on its pivot to high‑performance computing (HPC) and AI infrastructure.
The listing was a direct listing with no new shares sold and no capital raised. Instead, it provided the first liquid public market for roughly 37 million shares that former Celsius creditors received under the bankruptcy restructuring plan. The $50 opening price was below Nasdaq’s $53 reference level, which had been set to match the price paid by institutional investors in a $400 million private placement completed in June. The stock then climbed to a session high of $62.90, ending nearly 19% above that reference price.
Ionic was created in January 2024 to hold Celsius Mining’s assets, including mining hardware, data centre facilities, a 540 BTC treasury, and cash. Today, it operates mining facilities with approximately 12.2 EH/s of hash rate — moderate by industry standards — but the market’s enthusiasm centered on its 234‑megawatt Texas facility leased to AI cloud provider Nscale. That lease is forecast to generate roughly $195 million in revenue in 2026 and up to $1.95 billion over its 10.5‑year term, radically reshaping Ionic’s revenue mix. In the first quarter, digital infrastructure leasing revenue reached $44 million, while Bitcoin mining revenue tumbled 82% to $7.4 million as the company deliberately shifted focus.
The move mirrors a wider trend among public Bitcoin miners — including Core Scientific, Marathon Digital and Riot Platforms — that are betting on dollar‑denominated HPC contracts to counter volatile crypto margins. At Tuesday’s closing price, Ionic trades at about 14 times its 2026 forecast revenue, a premium that suggests investors are pricing in both the direct‑listing cleanup and the potential of its AI infrastructure business, though execution risk remains as hyperscalers and rival data‑centre operators aggressively expand capacity.
For the former Celsius creditors, the listing finally answers the recovery question two years after the lender’s collapse. Those creditors received Ionic shares as part of their bankruptcy payout, and Tuesday’s trading gave them their first chance to exit. The company has warned that potential selling by legacy holders could trigger sharp price swings. Ionic expects full‑year 2026 revenue of $190‑195 million and a second‑quarter net loss of $34‑35 million, with adjusted EBITDA of $36‑37 million. J.P. Morgan acted as the financial adviser for Nasdaq’s opening process.
