Celsius Network Creditors Get Public Market Access via Ionic Digital Listing
Ionic Digital, formed from Celsius Network's bankruptcy restructuring, made its Nasdaq debut on July 28 with a surge of 26%, closing at $62.90 and achieving a valuation of about $2.8 billion. The direct listing allowed creditors who received Ionic shares during the reorganization to trade them publicly for the first time. Celsius Network collapsed in June 2022, freezing withdrawals before filing for Chapter 11 bankruptcy. In January 2024, Celsius Mining's assets were acquired by Ionic through a court-approved restructuring plan that issued over 37 million shares to eligible creditors as compensation. The company now operates Bitcoin mining and AI infrastructure businesses. Ionic plans to shift more of its revenue toward data center leasing after decommissioning part of its Texas-based Bitcoin mining operations in December 2025, entering a long-term lease agreement with Nscale for $1.95 billion in contracted revenue.
Topics: creditors recovery crypto bankruptcy stock market debut