From Celsius collapse to $2.8B: Ionic Digital’s Nasdaq debut

Ionic Digital made a striking entrance on Wall Street, with shares surging 26% on its Nasdaq debut to close at $62.90 — up from an opening price of $50 — valuing the company at $2.8 billion. For the people who held claims against the collapsed Celsius Network, that move mattered in a very direct way: it handed them a liquid market for the first time.

Key takeaways

• Ionic Digital (IOND) surged 26% on its Nasdaq debut, closing at $62.90 and reaching a $2.8 billion valuation.
• The listing was the largest direct listing on Nasdaq since 2021, with no new shares issued and no capital raised through the listing itself.
• Ionic was formed in January 2024 from Celsius Network’s bankruptcy to acquire its mining assets.
• The company has pivoted away from bitcoin mining toward AI infrastructure leasing, anchored by a $1.95 billion contract with Nscale over 126 months.
• Ionic holds 2,815.6 bitcoin worth $192.1 million as of March 31 and projects up to $195 million in revenue for the year.

Ionic Digital’s Landmark Nasdaq Debut

The close at $62.90 was 19% above Nasdaq’s reference price of $53 per share, according to FactSet data cited by The Wall Street Journal. At that reference price, Renaissance Capital had pegged Ionic’s valuation at $2.4 billion — the final market price pushed it well past that mark.

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