Ionic Digital, a Bitcoin miner spun out from the assets of bankrupt crypto lender Celsius, saw its shares surge 26% in its Nasdaq debut. The company, which is also expanding into AI and high-performance computing infrastructure, closed with a market capitalization of approximately $2.8 billion. The direct listing was reportedly the largest in the U.S. since 2021.
Nasdaq debut performance
- ▪The company's shares opened at $50 and closed at $62.90 on their first day of trading
- ▪According to IPO research firm Renaissance Capital, Ionic Digital's debut was the largest U.S. direct listing since 2021
- ▪Ionic Digital's closing price resulted in a market capitalization of approximately $2.8 billion
- ▪Ionic Digital's shares climbed about 26% in their Nasdaq debut on July 28, 2026
Celsius Mining spinout origins
- ▪After its formation, Ionic Digital took direct control of its mining sites from Hut 8
- ▪Ionic Digital was formed in 2024 to acquire the assets of Celsius Mining as part of the bankrupt crypto lender's restructuring
AI infrastructure expansion
- ▪The company is pursuing a strategy of AI leasing, a business shift also made by Hut 8
- ▪Ionic Digital has expanded its business from Bitcoin mining into AI and high-performance computing infrastructure
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