Celsius-Linked Miner Ionic Digital Makes Splash on Nasdaq

Ionic Digital, a Bitcoin miner linked to Celsius, made its Nasdaq debut on Tuesday and saw its shares climb around 26% from their opening price. The company's stock opened at $50 and closed at $62.90, giving it a market capitalization of approximately $2.8 billion based on around 44.9 million shares outstanding.

Ionic was formed in 2024 to acquire Celsius Mining's assets through the bankrupt crypto lender's restructuring process. Since then, it has expanded into AI and high-performance computing infrastructure.

Renaissance Capital described Ionic's $2.4 billion implied market value at Nasdaq's reference price as making it the largest US direct listing since 2021.