Ionic Digital jumps 26% in Nasdaq debut, giving Celsius Network claimholders an exit route
Ionic Digital, a company formed to acquire Celsius Network's mining assets, debuted on the Nasdaq via a direct listing, closing 19% above its reference price. The firm is shifting its business model from bitcoin mining to providing infrastructure for AI calculations through a long-term lease of its Texas facility.
Why it matters
This listing provides a liquidity exit for former Celsius Network creditors while highlighting the broader industry trend of distressed crypto-mining firms pivoting toward high-demand AI infrastructure.
The Washington D.C.-based company, which is pivoting to power AI calculations, was created in January 2024 to acquire Celsius’ mining assets under the bankrupt lender’s court-approved reorganization. As a direct listing rather than an initial public offering, the company sold no new shares and received no income.
The shares opened at $50 on Tuesday and closed at $62.90. The close was 19% above Nasdaq’s $53 reference price, according to FactSet data published by The Wall Street Journal . At the reference price, Ionic was valued at $2.4 billion, according to Renaissance Capital .
Ionic issued “37 million shares of Class A common stock to eligible holders of certain claims against Celsius Network and its affiliates,” according to its registration statement .
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