Ionic Digital Valued at $2.25 Billion in Tepid Nasdaq Debut

Ionic Digital, a bitcoin miner and AI infrastructure provider, made its Nasdaq debut on Tuesday, securing a valuation of about $2.25 billion.

The company's shares opened at $50 apiece, down nearly 5.7% from the reference price of $53 set by the exchange on Monday.

This tepid debut underscores the volatility in global markets, with investors scrutinizing the need for aggressive spending to build out AI capabilities.

'Ionic is expected to be the largest direct listing since 2021, having recently raised money at a roughly $2.4 billion valuation,' said Matt Kennedy, senior strategist at Renaissance Capital.