Ionic Digital Trades on Nasdaq Following Reference Price Set at $53
Ionic Digital, a bitcoin miner and cloud infrastructure provider formed from Celsius Mining's assets, began trading on Nasdaq today. The company's reference price was set at $53 ahead of its direct listing, giving it a market value of $2.4 billion. This makes Ionic Digital the largest direct listing since 2021.
The Washington D.C.-based firm owns and operates a 234 MW data center in Texas, leasing it to Nscale under a 126-month agreement. Ionic Digital also has residual bitcoin mining operations at smaller sites in Reagan and Glasscock Counties, Texas. The company holds a bitcoin treasury that will support its growth strategy.
Ionic Digital emerged from Celsius Mining's bankruptcy in January 2024. As a direct listing without underwriters, J.P. Morgan served as the company's financial advisor.