Key facts
- Ionic Digital, formed from Celsius Network's bankruptcy, debuted on the Nasdaq.
- The company's shares rose 26% on its first day of trading.
- Ionic Digital's direct listing is the largest on Nasdaq since 2021.
- The company holds 2,815.6 bitcoin and expects $195 million in revenue for the year.
- The listing offers an exit route for Celsius Network claimholders.
Ionic Digital, a bitcoin miner established from the bankruptcy proceedings of Celsius Network, experienced a significant surge of 26% on its Nasdaq debut. The company's shares opened at $50 and closed at $62.90, valuing the firm at $2.8 billion. This direct listing is noted as the largest since 2021 on the Nasdaq exchange. Ionic Digital is also pivoting towards powering AI calculations. The company was created in January 2024 to acquire Celsius' mining assets as part of the bankrupt lender's court-approved reorganization. As a direct listing, Ionic Digital did not sell new shares or generate income from the listing itself. The shares closed 19% above Nasdaq's reference price of $53, at which point the company was valued at $2.4 billion. Ionic issued 37 million shares of Class A common stock to eligible holders of claims against Celsius Network and its affiliates. In June, the company raised $400 million through a private placement of convertible preferred shares and warrants, with the preferred shares converting to common stock upon listing. Investors are restricted from transferring securities below $70 for six months post-listing. Ionic Digital decommissioned its bitcoin mining operations in Ward County, Texas, in December, and leased its 234 MW of capacity to Nscale for 126 months, securing $1.95 billion in contracted revenue. The company anticipates revenue of up to $195 million this year, primarily from infrastructure leasing. As of March 31, Ionic Digital held 2,815.6 bitcoin, valued at $192.1 million, and had no outstanding debt.