Ionic Digital Listed on Nasdaq at $2.25 Billion Valuation

Ionic Digital, a bitcoin miner and AI infrastructure provider, made its Nasdaq debut on Tuesday at a valuation of about $2.25 billion.

The company's shares opened at $50 apiece, down nearly 5.7% from the reference price of $53 set by the Nasdaq on Monday.

This tepid debut underscores the volatility in global markets, with investors scrutinizing the need for aggressive spending to build out AI capabilities, said Matt Kennedy, senior strategist at Renaissance Capital.

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