Ionic Digital Debuts on Nasdaq with $2.4B Valuation
Ionic Digital, a digital infrastructure company born from the ashes of Celsius Mining's bankruptcy, is set to debut on the Nasdaq under the ticker IOND with a reference price of $53 per share. This direct listing values the company at roughly $2.4 billion post-money and marks one of the more unusual crypto-adjacent public market debuts in recent memory.
The company's origin story is a tale of transformation, having pivoted from pure-play Bitcoin mining to long-term leasing of digital infrastructure. A 10-year triple-net lease agreement with Nscale at Ionic's Cedarvale facility in Ward County, Texas, covers 323 MW of total capacity and is expected to generate contracted revenues between $1.95 billion and $2 billion over the life of the agreement.
Ionic Digital expects 2026 revenue between $190 million and $195 million, with adjusted EBITDA landing in the $36 million to $37 million range. The company maintains Bitcoin mining operations in Texas and holds Bitcoin on its treasury, giving it crypto exposure. However, the Nscale lease deal positions it squarely in the AI infrastructure build-out narrative.