Key facts
- Ionic Digital, a Bitcoin miner and AI infrastructure firm, has filed for a direct listing on the Nasdaq.
- The company was formed in January 2024 to acquire cryptocurrency mining assets from Celsius Mining.
- Registered stockholders plan to sell up to 10.8 million shares of common stock.
- Ionic Digital recently raised $400 million at a $2 billion pre-money valuation.
- The company intends to list under the ticker symbol "IOND".
Ionic Digital, a company formed in January 2024 to acquire the cryptocurrency mining assets of Celsius Mining, has filed for a direct listing on the Nasdaq under the symbol "IOND". The company, which also operates in AI infrastructure, aims to list its existing shares without creating new ones, allowing current stockholders to sell their holdings. Registered stockholders plan to sell up to 10.8 million shares as part of the process. Ionic Digital was established following Celsius' restructuring, which received U.S. bankruptcy court approval in November 2023. Celsius itself filed for Chapter 11 protection in July 2022.
Ionic Digital has begun repositioning itself from a pure-play Bitcoin miner into a broader digital infrastructure company serving artificial intelligence and high-performance computing workloads. Its AI pivot centers on a 234-megawatt property in Texas, originally for Bitcoin mining, which was leased to AI infrastructure provider Nscale in October 2025. This agreement, representing nearly $2 billion in contracted revenue over 126 months, could expand to include an additional 89 MW, potentially increasing contracted revenue to about $2.6 billion.
The shift is reflected in Ionic’s financial results, with $44 million in digital infrastructure leasing revenue recorded in the first quarter of 2026, while Bitcoin mining revenue fell 82% year over year to $7.4 million. The company recently completed a $400 million equity private placement at a $2 billion pre-money valuation, with investments from Attestor, Oaktree Capital Management, and Sachem Head Capital Management. The proceeds are earmarked for general corporate purposes and continued development of digital infrastructure assets. J.P.Morgan, Jefferies, and BTIG are serving as financial advisors for the direct listing.