Ionic Digital Debuts on Nasdaq with $2.25 Billion Valuation

Bitcoin miner and AI infrastructure provider Ionic Digital made its Nasdaq debut on Tuesday, securing a valuation of about $2.25 billion after opening at $50 apiece.

The shares fell nearly 5.7% from the reference price of $53 set by the Nasdaq on Monday, indicating volatility in global markets.

Investors are scrutinizing Ionic's aggressive spending to build out AI capabilities, according to Matt Kennedy, senior strategist at Renaissance Capital.

Kennedy noted that Ionic is expected to be the largest direct listing since 2021, having recently raised money at a roughly $2.4 billion valuation.

Ionic Digital was formed in 2024 to acquire Celsius Mining's bitcoin mining assets and has since pivoted to AI and high-performance computing infrastructure.