Bitcoin miner Ionic gets 90% of revenue from AI lease as BTC drives $35M loss

Ionic Digital, a Bitcoin miner repositioning its power sites for AI infrastructure, generated 90% of its second-quarter revenue from leasing. Its Q2 accounts show an uneven transition: operating revenue has shifted away from mining faster than reported earnings have shifted away from Bitcoin.

The Ward County lease with AI infrastructure provider Nscale produced $43.8 million of Ionic's $48.6 million in Q2 revenue, while mining contributed $4.8 million, according to the company's second-quarter filing. Ionic recognized that lease revenue on a straight-line basis even though recurring base rent began after the quarter, making cash collection the next measure of the shift.

However, Bitcoin still shaped the entire quarter. Ionic recorded a $28.2 million noncash fair value loss on its Bitcoin holdings, contributing to a GAAP net loss of $35.3 million. The charge reflected remeasurement of its holdings. Ionic reported no realized gain or loss from crypto sales and held 2,882 BTC valued at $168.7 million on June 30.

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