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Ionic Digital jumps in Nasdaq debut after Celsius restructuring
The company listed via direct listing after opening below Nasdaq’s reference price, and it targets AI and high-performance computing contracts backed by a 10-year lease tied to about $2.0 billion in revenue.
Ionic Digital Inc. surged more than 25% in its Nasdaq debut on Tuesday, giving the former Celsius mining business an implied valuation of roughly $2.75 billion as investors evaluated its shift toward AI infrastructure, according to Yahoo Finance.
The shares opened at $50 in a direct listing, below Nasdaq’s $53 reference price, and climbed to nearly $63. Ionic did not issue new stock and will receive no proceeds from sales by existing shareholders, the report said.
Ionic was formed in January 2024 through Celsius Network’s bankruptcy restructuring, taking control of most of Celsius Mining’s assets. That package included bitcoin mining equipment and infrastructure, approximately $195 million in cash, and 540 BTC valued near $35 million at the time, Yahoo Finance reported.
The company is also reframing its power portfolio for AI and high-performance computing, including its 234-megawatt Cedarvale facility in West Texas, which is covered by a 10-year triple-net lease with AI cloud provider Nscale and carries about $2 billion in contracted revenue, with a February amendment that could lift total revenue to $2.6 billion. Ionic continues to mine as well, operating four sites in Midland, Texas, producing just under 25 BTC in May and listing 2,861 BTC on its balance sheet, Yahoo Finance added.
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