Bitcoin Miner Ionic Digital Climbs on Nasdaq With a Valuation Near $2.8B
TL;DR
- Market debut: Ionic Digital jumped 26% on Nasdaq, closing at $62.90 and reaching a valuation near $2.8 billion.
- Capital structure: The company issued 37 million shares to Celsius claimants and converted $400 million in preferred shares, with investors restricted from selling below $70 for six months.
- AI pivot: Ionic Digital shifted its 234 MW Texas site to a long-term Nscale lease worth $1.95 billion and expects $195 million in 2026 revenue.
Ionic Digital made a forceful entrance onto Nasdaq, surging 26% on its first trading day and securing a valuation close to $2.8 billion. The Bitcoin miner, created through Celsius Network’s bankruptcy process, is shifting its business model toward powering AI workloads while navigating a complex mix of legacy mining assets, fresh capital, and long-term infrastructure commitments.
Nasdaq Debut Signals Investor Confidence
The Washington D.C.-based company opened at $50 on Tuesday and closed at $62.90, a 19% gain over Nasdaq’s $53 reference price. At that reference level, Ionic Digital was valued at $2.4 billion, according to Renaissance Capital. The listing was executed as a direct listing rather than an IPO, meaning the company sold no new shares and generated no immediate income.
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