Ionic Digital Surpasses $2.75 Billion Valuation on Nasdaq Debut
Ionic Digital Inc., formerly part of Celsius Network's mining business, achieved a valuation of approximately $2.75 billion following its debut on the Nasdaq. Shares opened at $50 and rose to nearly $63 during trading, reflecting strong investor interest in the company’s pivot toward AI infrastructure. The firm was established through Celsius' bankruptcy restructuring process in January 2024, acquiring mining equipment, cash reserves, and a significant Bitcoin holding. Ionic Digital has shifted focus from cryptocurrency mining by entering into long-term contracts with AI cloud provider Nscale at its Cedarvale facility in Texas. This move is expected to generate up to $2.6 billion over the lease term. While still engaged in BTC production, Ionic anticipates reduced output as more resources are allocated toward high-performance computing and AI workloads.
Topics: ai infrastructure cryptocurrency ipo/debut valuation