Ionic Digital surges 25% in Nasdaq debut, valued at 2.75 billion dollars

Ionic Digital, formed from Celsius Mining's assets, surged over 25% to nearly 63 dollars in its Nasdaq debut, giving it an implied valuation of approximately 2.75 billion dollars. The company went public via a direct listing under the ticker IOND, opening at 50 dollars against a 53 dollar reference price. Ionic was established in January 2024 to acquire most of Celsius Mining's assets during its bankruptcy proceedings, gaining bitcoin mining equipment, roughly 195 million dollars in cash, and 540 BTC, valued at about 35 million dollars at that time. Initially managed by Hut 8 under a four-year agreement, Ionic terminated the arrangement within a year and took direct control of its mining sites, while Hut 8 retained a minority stake. In 2025, Ionic began expanding into AI and high-performance computing infrastructure, signing a 10-year lease with AI cloud provider Nscale for its Ward County site in West Texas, representing nearly 2 billion dollars in contracted revenue, potentially increasing to 2.6 billion dollars. Ionic continues to mine bitcoin from four sites in Midland, Texas, having mined just under 25 BTC in May, bringing its total to 2,861 BTC, ranking it 28th among publicly traded corporate bitcoin holders.

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