Bitcoin Miner Ionic Pivots to AI, Seeks Nasdaq Direct Listing

Ionic Digital emerged from the 2022 collapse of crypto lender Celsius Network, acquiring most of Celsius Mining’s assets on Jan. 31, 2024, including about $195 million in cash and 540 bitcoin. Hut 8 initially managed its mining sites under a four-year agreement, but Ionic terminated the arrangement within a year and assumed direct control. The company has since repurposed power-rich mining infrastructure for artificial intelligence and high-performance computing, seeking steadier contracted revenue while giving Celsius claimholders a tradable exit.

Ionic’s shares began trading on the Nasdaq Global Select Market under IOND on July 28, 2026, through a direct listing. They opened at $50, below Nasdaq’s $53 reference price, then climbed more than 25% to nearly $63, implying a valuation of roughly $2.75 billion. Ionic holds 2,861 bitcoin and signed a 10-year lease with AI cloud provider Nscale in October 2025, covering its Ward County, Texas, site and representing nearly $2 billion of contracted revenue, potentially rising to $2.6 billion after a February 2026 expansion.