Ionic Digital Surges 26% in Nasdaq Debut, Valuing Firm at $2.8 Billion

Woofun AI reports that Ionic Digital (IOND), the bitcoin miner emerging from Celsius Network’s bankruptcy, achieved a 26% gain on its Nasdaq debut, establishing a $2.8 billion valuation. The Washington D.C.-based entity, established in January 2024 to acquire Celsius’ mining assets under a court-approved reorganization, is now pivoting toward powering AI calculations.

The transaction structure differed significantly from a traditional initial public offering, as the company sold no new shares and received no income during this direct listing, marking the exchange’s largest such event since 2021. Shares opened at $50 and closed at $62.90, a finish 19% above the $53 reference price published by The Wall Street Journal. Per Woofun AI, Renaissance Capital valued the firm at $2.4 billion based on that reference price, highlighting the market's immediate re-pricing of the asset.

Ionic issued 37 million shares of Class A common stock to eligible holders of certain claims against Celsius Network and its affiliates, providing a strategic exit for creditors. This distribution followed a June private placement where the company raised $400 million through convertible preferred shares and warrants priced at $53 each, which converted into common stock upon listing completion. Investors agreed not to transfer these securities below $70 for six months post-listing, according to the filing.

Operationally, Ionic decommissioned bitcoin mining at its Ward County, Texas, site in December, redirecting 234 MW of capacity to Nscale under a 126-month lease with $1.95 billion in contracted revenue. The company projects up to $195 million in annual revenue, with over 90% derived from infrastructure leasing, while holding 2,815.6 bitcoin worth $192.1 million and maintaining a debt-free balance sheet as of March 31. This marks a decisive shift from speculative mining to stable infrastructure yields.