Ionic Digital Reaches $2.75B Valuation After Nasdaq Debut
Ionic Digital Inc. (NASDAQ: IOND) surged over 25% on its Nasdaq debut, reaching an implied valuation of approximately $2.75 billion. The company, formed in January 2024 from Celsius Network's bankruptcy restructuring, took control of Celsius Mining's assets including bitcoin mining equipment, $195 million in cash, and 540 BTC. Ionic has shifted focus toward AI infrastructure, signing a 10-year triple-net lease with AI cloud provider Nscale for its 234-megawatt Cedarvale facility in West Texas, carrying up to $2.6 billion in contracted revenue. The company still operates four mining sites in Midland, Texas, producing just under 25 BTC in May and holding 2,861 BTC on its balance sheet. The direct listing provided Celsius creditors with a public market for shares distributed through the reorganization.
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