Crypto
Home›Crypto›Market Structure›Ionic pivots toward AI leasing as Bitcoin losses widen…
Ionic pivots toward AI leasing as Bitcoin losses widen to $35.3M
In Q2, the Ward County AI infrastructure lease supplied $43.8 million of $48.6 million revenue, while Ionic’s Bitcoin holdings drove a $28.2 million noncash fair value loss.
Bitcoin miner Ionic Digital said its revenue mix in the second quarter leaned heavily on leasing rather than mining, even as crypto price moves continued to pressure reported results, according to its latest filing reviewed by CryptoSlate.
Ionic reported $48.6 million of Q2 operating revenue, with $43.8 million coming from a Ward County lease tied to AI infrastructure provider Nscale and $4.8 million from mining, reflecting an uneven transition as the company shifts its power sites for AI workloads.
The company also flagged a timing mismatch between when lease revenue is recognized and when cash is expected to arrive. Ionic said it recorded lease revenue on a straight-line basis even though Nscale’s scheduled base rent started Aug. 1 after the quarter ended, following a $45.6 million advance payment in November 2025.
Bitcoin still shaped the quarter’s bottom line, with Ionic recording a $28.2 million noncash fair value loss on its Bitcoin holdings, which contributed to a GAAP net loss of $35.3 million. The filing also showed Ionic held 2,882 BTC valued at $168.7 million as of June 30.
Latest closeBitcoin $71,707.39 ▲3.5%