Ionic Digital Soars 26% in Nasdaq Debut

Crypto-related company Ionic Digital made its Nasdaq debut on Tuesday after completing a direct listing. Its shares rose by about 26% from their opening price, increasing to $62.90 from $50. This gave the Bitcoin miner and AI infrastructure provider a market capitalization of approximately $2.8 billion based on about 44.9 million shares outstanding.

Ionic Digital was formed in 2024 to acquire Celsius Mining's assets through the bankrupt crypto lender's restructuring. Since then, it has expanded into high-performance computing infrastructure and AI technology.

The company's market value at Nasdaq's reference price of $53 made it the largest US direct listing since 2021, according to IPO research firm Renaissance Capital. However, Ionic Digital's stock pared some of its gains after the closing bell, falling by 6.5% to $58.80 in after-hours trading.