Ionic Digital jumps 26% in Nasdaq debut, giving Celsius Network claimholders an exit route
Reported by CoinDesk · AI-assisted summary by ChikoCorp AI News Desk
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Ionic Digital, a bitcoin mining company formed from Celsius Network’s bankruptcy reorganization, made its Nasdaq debut with a direct listing on July 29, 2026, surging 26% above its reference price. The stock opened at $50 and closed at $62.90, giving the company a valuation of approximately $2.8 billion. This marked the largest direct listing on Nasdaq since 2021. Ionic did not raise new capital through the listing, as direct listings do not involve the sale of new shares.
The company was established in January 2024 to acquire and manage Celsius Network’s mining assets as approved by the bankruptcy court. It issued 37 million shares of Class A common stock to eligible claimholders against Celsius, providing these investors with an exit route. In addition, Ionic raised $400 million in June 2026 via a private placement of convertible preferred shares and warrants, priced at $53 per share, which automatically converted to common stock upon listing. Investors in that round agreed not to transfer their shares below $70 for six months.
Ionic is pivoting its business focus toward supporting AI calculations and holds 2,815.6 bitcoins valued at $192.1 million as of March 31, 2026. The company decommissioned bitcoin mining operations at its Ward County, Texas site in December and leased its 234 MW capacity to Nscale under a 126-month contract valued at $1.95 billion. It projects revenue of up to $195 million for the year, with more than 90% coming from infrastructure leasing, and it reported having no debt at the end of Q1 2026.
This development is notable as it gives Celsius Network’s former claimholders a tangible asset through Ionic’s stock while signaling a strategic shift from bitcoin mining to infrastructure leasing and AI-related activities. The direct listing on Nasdaq reflects confidence in Ionic’s business model as it transitions away from its origins in cryptocurrency mining toward broader technology infrastructure services.