Ionic Digital surged more than 25% to nearly $63 in its Nasdaq debut on Tuesday, giving the bitcoin miner and AI infrastructure firm an implied valuation of roughly $2.75 billion. The company went public via a direct listing under the ticker IOND, opening at $50 against a $53 reference price. Ionic traces its roots to the 2022 collapse of crypto lender Celsius Network and was formed in January 2024 to acquire Celsius Mining's assets during bankruptcy restructuring proceedings.
Ionic Digital Opens at $50 in Direct Listing
Ionic went public via a direct listing under the ticker IOND on Tuesday. The stock opened at $50 against a $53 reference price and climbed more than 25% to nearly $63, giving the company an implied valuation of roughly $2.75 billion.
Company Acquired Celsius Mining Assets in January 2024
Ionic was formed in January 2024 to acquire mostly all of Celsius Mining's assets during the firm's bankruptcy restructuring proceedings. The acquisition gave Ionic Celsius' bitcoin mining equipment and infrastructure, roughly $195 million in cash and 540 BTC, worth roughly $35 million at the time.
Ionic Terminated Hut 8 Management Agreement
Hut 8 initially managed Ionic's mining operations under a four-year agreement. Ionic terminated the arrangement less than one year in and took direct control of its sites while Hut 8 retained a minority stake in the company.
Company Signed 10-Year Nscale Lease in October
Ionic began expanding into AI and high-performance computing infrastructure in 2025. In October, the company signed a 10-year lease with AI cloud provider Nscale covering its Ward County site in West Texas. The agreement represented nearly $2 billion in contracted revenue, with an amendment signed in February potentially increasing that figure to $2.6 billion according to an SEC filing at the time.
Ionic Mined Under 25 BTC in May
Ionic continues to mine bitcoin from four sites in Midland, Texas, although it expects production to taper off as it repurposes more of its infrastructure for AI workloads. The company mined just under 25 BTC in May, bringing its currently listed total to 2,861 BTC. That balance would place Ionic at number 28 among publicly traded corporate bitcoin holders, just behind the Asian ready-to-eat meal company DDC Enterprise Limited, according to Bitcoin Treasuries.
FAQ
What was Ionic Digital's stock performance in its Nasdaq debut on Tuesday?
Ionic Digital surged more than 25% to nearly $63 in its Nasdaq debut on Tuesday, opening at $50 against a $53 reference price under the ticker IOND, giving the company an implied valuation of roughly $2.75 billion.
What assets did Ionic Digital acquire from Celsius Mining in January 2024?
Ionic acquired mostly all of Celsius Mining's assets during bankruptcy restructuring proceedings in January 2024, including bitcoin mining equipment and infrastructure, roughly $195 million in cash and 540 BTC worth roughly $35 million at the time.
What is the value of Ionic Digital's 10-year lease agreement with Nscale signed in October?
The 10-year lease agreement signed in October with AI cloud provider Nscale covering Ionic's Ward County site in West Texas represented nearly $2 billion in contracted revenue, with a February amendment potentially increasing that figure to $2.6 billion according to an SEC filing.
