Ionic Digital Soars 9% on Nasdaq Debut, Valued at $2 Billion
Ionic Digital made its debut on Nasdaq on July 28 and saw investors flock to the stock, sending it soaring 9% by the end of the first trading session. The company's ticker is IOND, and its shares opened at a reference price of $53.
The remarkable turnaround for Ionic Digital can be attributed to its origins from Celsius Network's bankruptcy wreckage in July 2022. Among the assets swept up during the restructuring was Celsius Mining LLC, a Bitcoin mining operation with substantial physical assets, including real hardware and power contracts.
Ionic Digital was formed in January 2024 to house these mining assets, which included approximately 540 BTC. The company is now developing high-performance computing (HPC) data center sites, including a 234 MW facility in Texas, and has targeted revenue of $195 million for 2026.
The direct listing structure allowed no new capital to be raised during the process, and Ionic Digital closed a $400 million financing round ahead of its listing, securing a valuation of around $2 billion. This significant milestone offers liquidity to former Celsius creditors who received IOND shares as part of the bankruptcy resolution.