Ionic Digital Sets Nasdaq Debut Valued at $2.4 Billion

Ionic Digital, the restructuring vehicle for Celsius Mining's assets through Celsius Network's bankruptcy, is set to debut on the Nasdaq Global Select Market under the ticker IOND on July 28. The company expects $190 million to $195 million in revenue for 2026, with second-quarter revenue forecast at $47.5 million to $48.5 million and adjusted EBITDA of $36 million to $37 million.

According to its registration statement, Ionic generated $44 million in digital infrastructure leasing revenue in the first quarter from a single large contract at its 234 MW facility in Ward County, Texas, leased to Nscale under a 126-month triple-net agreement. Residual bitcoin mining continues only at smaller sites in Reagan and Glasscock Counties, Texas.

Ionic emerged from Celsius Mining's bankruptcy in January 2024 and is based in Washington, D.C. The company booked $152 million in revenue for the twelve months ended March 31, 2026. Existing shareholders will see their shares trade on the Nasdaq, but Ionic will not raise new proceeds through this listing.

The company separately raised $400 million last month from institutional investors who purchased Series A convertible preferred stock at $53.00 per share, implying a valuation of roughly $2.4 billion for Ionic's debut.