Home›Crypto›Market Structure›Ionic Digital surges 26% in Nasdaq debut via Celsius e…

Ionic Digital surges 26% in Nasdaq debut via Celsius exit route

The direct listing sold no new shares and valued Ionic at about $2.8 billion, with 2,815.6 bitcoin held as it pivots to AI infrastructure.

Reported · Written up by our desk · Market Structure

Ionic Digital jumped 26% in its Nasdaq debut after the exchange’s largest direct listing since 2021, creating an exit path for investors who received stock in connection with Celsius Network’s bankruptcy, CoinDesk reports.

The bitcoin miner, formed out of Celsius’ court-approved reorganization in January 2024 to acquire Celsius’ mining assets, completed a direct listing rather than an IPO. Because it was not an IPO, Ionic sold no new shares and raised no listing proceeds.

Ionic listed under ticker IOND, with shares opening at $50 and closing at $62.90, about 19% above Nasdaq’s $53 reference price, according to FactSet data cited by The Wall Street Journal. At the reference price, the company was valued at $2.4 billion, according to Renaissance Capital.

Ionic projected $195 million in revenue for the year, with more than 90% expected from infrastructure leasing, and said it held 2,815.6 bitcoin worth $192.1 million as of the latest figures provided, with no debt as of March 31. The company decommissioned its Ward County, Texas, mining operations and committed 234 MW of capacity to Nscale under a 126-month lease tied to $1.95 billion in contracted revenue, according to its registration statement.

Latest closeBitcoin $64,478.87 ▲0.9%|Nasdaq Comp. 24,876.91 ▼0.2%

More like this

Sources