Ionic Digital Locks Nasdaq Debut with $53 Reference Price
Ionic Digital is set to make its debut on the Nasdaq under the ticker IOND after announcing a direct listing with a reference price of $53 per share. This valuation puts the company at roughly $2.4 billion post-money, making it one of the most significant crypto-adjacent public market debuts in recent memory.
The company was formed in January 2024 after acquiring Celsius Mining's assets and has since pivoted from pure-play Bitcoin mining to long-term leasing of digital infrastructure. The centerpiece of this transformation is a 10-year triple-net lease agreement with Nscale at Ionic's Cedarvale facility in Ward County, Texas, which covers 323 MW of total capacity and generates contracted revenues between $1.95 billion and $2 billion over the life of the agreement.
Ionic's financials are expected to see revenue between $190 million and $195 million in 2026, 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, but its Nscale lease deal positions it squarely in the AI infrastructure build-out narrative.