Ionic Digital Debuts on Nasdaq Amid Shift to AI Infrastructure

Bitcoin miner Ionic Digital made its debut on the Nasdaq Tuesday under the ticker IOND. The company, born from the bankruptcy of Celsius Network, started trading at a reference price of $50 and climbed to a session high of $62.90, closing the day roughly at that level. This represents a gain of approximately 25.8% from the opening reference price.

Ionic Digital's market capitalization on a fully diluted basis sits near $2.75 billion, based on its pre-listing disclosures. The listing was structured as a direct listing, meaning no new shares were sold and no capital was raised. Existing shareholders, primarily former Celsius creditors who received IOND equity in the bankruptcy restructuring, gained their first opportunity to sell into a public market.

The company's pivot to AI infrastructure differentiates it from peers still primarily oriented around bitcoin mining revenue. Ionic currently operates mining facilities producing approximately 12.2 exahashes per second (EH/s) of hash rate, modest relative to Marathon Digital's roughly 30 EH/s but meaningful in the context of a company no longer exclusively a miner.