Nasdaq Debut Drives Ionic Digital Shares Up 25%

Ionic Digital, a company formed from the assets of failed crypto lender Celsius Network, saw its shares jump by over 25% on their first day of trading on Nasdaq. The direct listing under the ticker IOND opened at $50, compared to a reference price of $53.

The surge in Ionic's shares was driven not only by its debut but also by growing investor interest in artificial intelligence infrastructure. As companies seek higher and more stable returns from their energy assets, they are repurposing their mining infrastructure for AI workloads.

Ionic has a long-term contract with cloud provider Nscale, which could generate up to $2.6 billion in revenue. The company's shift towards AI workloads has made it attractive to investors amid the broader AI boom.