Ionic Digital Soars 26% in Nasdaq Debut with $2.8B Market Valuation

Crypto stocks got a boost on Tuesday as Ionic Digital, a Bitcoin miner and AI infrastructure company spun off from Celsius Network's bankruptcy, made its Nasdaq debut.

The company's stock climbed roughly 26% in its first day of trading, closing at $62.90 after opening at $50, according to its registration statement filed with the US SEC.

This gave Ionic a market capitalization of approximately $2.8 billion, making it the largest direct listing in the US since 2021, according to IPO research firm Renaissance Capital.

The company's debut adds a notable data point to the Bitcoin mining sector, which has seen several players expand into AI and high-performance computing (HPC) infrastructure alongside their core mining operations.