Celsius Creditors Get Exit as Ionic Digital Lists on Nasdaq
Ionic Digital (IOND) made a strong debut on the Nasdaq, surging 26% to close at $62.90 and achieving a valuation of approximately $2.8 billion. The direct listing marked one of the largest in recent years but did not involve issuing new shares or raising capital. Ionic was formed from Celsius Network’s bankruptcy restructuring process after it collapsed during the crypto downturn in 2022. Celsius creditors received 37 million Class A shares as part of their compensation, and the Nasdaq listing now provides them with a public market to sell these assets. As of March 31, Ionic held over $192 million worth of Bitcoin and had no debt. The company is transitioning from mining toward AI infrastructure leasing. Ionic signed a long-term lease agreement for its Texas data center site with Nscale, securing about $1.95 billion in contracted revenue. It expects most 2026 revenue to come from this new business model rather than Bitcoin mining.
Topics: AI infrastructure Bitcoin mining Celsius Network bankruptcy IPO