Ionic Digital Blasts Off Nasdaq with 26% Surge
Ionic Digital made its public debut on the Nasdaq stock exchange, marking a significant milestone for creditors of Celsius Network. The company's shares surged by 26% in their first day of trading, pushing the market valuation to $2.8 billion.
The strong performance of Ionic Digital is particularly important for Celsius creditors who received 37 million shares as part of the restructuring process. This means that they can now recover a portion of their lost funds through the sale of these shares on the open market.
Ionic Digital was created from the assets of Celsius Network, which filed for Chapter 11 bankruptcy in July 2022. The company took ownership of thousands of Bitcoin mining machines, mining facilities, real estate, and cash reserves, as well as a Bitcoin treasury of around 540 BTC.
As part of its expansion plans, Ionic Digital is shifting its focus to artificial intelligence, allocating part of its energy infrastructure to support AI data centers. The company has leased one of its facilities to Nscale, an AI cloud provider, under a 10-year agreement that is expected to generate nearly $2 billion in revenue.