Ionic Digital, a bitcoin miner built from the wreckage of Celsius Network's bankruptcy, surged more than 20% in its Nasdaq direct listing on July 28, 2026, as investors bought into the company's pivot from mining toward AI infrastructure. Trading under the ticker IOND, the stock's debut valued the company at roughly $2.25 billion to $2.8 billion depending on the pricing point measured, following an implied pre-money valuation of about $2 billion set in a roughly $400 million private equity round ahead of the listing.
Ionic was created in January 2024 to take ownership of bitcoin mining assets carved out of the Celsius Network estate after a U.S. bankruptcy court approved the lender's restructuring plan. Under that plan, former Celsius creditors received approximately 37 million Class A shares, and Tuesday's direct listing marked the first opportunity for those creditors to trade their holdings publicly. Because it chose a direct listing rather than a traditional IPO, Ionic did not issue new shares or raise fresh capital in the market debut itself.
From Mining Rigs to AI Data Centers
The listing's momentum is being driven less by bitcoin mining than by Ionic's shift into leasing infrastructure to AI cloud providers. The company signed a 126-month lease agreement with AI cloud provider Nscale at its Ward County, Texas facility, a deal expected to generate about $1.95 billion in contracted revenue over its term, with room for further expansion if additional capacity clears regulatory approval.
Ionic has also been expanding its power footprint internationally, completing an acquisition of Spain-based Nostrum Group that added roughly 490 megawatts of secured grid-connected power to support European AI cloud expansion — a sign the company is building out capacity well beyond its original Bitcoin-mining footprint.
Mining Revenue in Steep Decline
The scale of Ionic's business shift shows up clearly in its most recent financials. In the first quarter of 2026, digital infrastructure leasing generated $44 million in revenue, while bitcoin mining revenue fell 82% year-over-year to just $7.4 million, down from $41.1 million a year earlier. CEO Andy Stewart has said the company's recent financing "strengthened the company's capital base as it continued building its digital infrastructure platform," underscoring that AI leasing, not hashrate, is now the priority.
Part of a Broader Miner Pivot
Ionic's trajectory mirrors a wider trend among publicly traded bitcoin miners, many of which have redirected capital and power contracts toward AI and high-performance computing hosting as mining margins have tightened. With mining revenue now a small fraction of its total business, Ionic's Nasdaq debut serves as a market test of whether investors are willing to value former mining companies primarily as AI infrastructure plays.
The direct listing — Nasdaq's largest since 2021 — valued Ionic Digital at $2.8 billion after shares jumped 26%. Unlike a traditional IPO, the company sold no new shares and raised no fresh capital; the listing simply gave Celsius Network bankruptcy claimholders, who received Ionic stock as part of the reorganization, an actual exit route to sell their holdings. The AI pivot is already generating real revenue: a $1.95 billion, 126-month infrastructure-leasing contract with Nscale anchors the new business, while Bitcoin mining revenue fell 82% year-over-year to just $7.4 million as the company repurposed its Ward County facility away from mining rigs.
FAQ
Why didn't Ionic Digital raise money in this listing?
It was a direct listing, not an IPO — the company sold no new shares and received no proceeds. It simply let existing shareholders (mostly former Celsius Network creditors) trade their stock on a public exchange for the first time.
How big is Ionic's shift away from Bitcoin mining?
Substantial — Bitcoin mining revenue fell 82% year-over-year to $7.4 million, while its new AI infrastructure leasing business is anchored by a $1.95 billion, 126-month contract with Nscale.
Source: The Block
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