Woofun AI reports that Ionic Digital has filed for a direct listing on the Nasdaq as it transitions from Bitcoin mining to artificial intelligence and high-performance computing. The U.S. firm, which acquired assets from Celsius Network, aims to access institutional capital without underwriters.

Woofun AI data shows that digital infrastructure leasing revenue reached $44 million in the first quarter, accounting for roughly 86% of total income. Conversely, mining revenue declined 82% year-over-year to $7.4 million, highlighting the shift toward AI workloads.