Ionic Digital Inc. completed its Nasdaq debut on Tuesday under the ticker symbol IOND, with shares opening at $50 and climbing to nearly $63, representing a gain exceeding 25% from the opening price. The company’s market valuation reached approximately $2.75 billion following the direct listing, which did not involve new share issuance or proceeds to the company.
Ionic Digital emerged from Celsius Network’s bankruptcy restructuring in January 2024, inheriting the majority of Celsius Mining’s operational assets. The initial asset package comprised bitcoin mining equipment and infrastructure alongside roughly $195 million in cash and 540 BTC. The company initially contracted with Hut 8 to manage mining operations under a four-year agreement, but terminated that arrangement in 2024 and assumed direct control of its facilities, with Hut 8 retaining a minority ownership position.
The company has increasingly redirected its power portfolio toward artificial intelligence and high-performance computing applications. Its Cedarvale facility in West Texas, with 234-megawatt capacity, operates under a 10-year triple-net lease with AI cloud provider Nscale. The agreement originally carried approximately $2 billion in contracted revenue, with a February amendment potentially raising the total to $2.6 billion. Company leadership indicated this arrangement demonstrates Ionic’s positioning to support major players in AI and high-performance computing while generating revenue independent of bitcoin mining operations.
Bitcoin mining continues as part of Ionic’s business model, with the company operating four sites in Midland, Texas. The company produced just under 25 BTC in May and maintains 2,861 BTC on its balance sheet. Production from mining operations is expected to decline as additional infrastructure undergoes reallocation to AI workloads. The public debut provided Celsius creditors with a liquid market for shares distributed through the reorganization process.
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