Ionic Digital gains 26% in Nasdaq debut after Celsius mining spinout

Jul 28, 2026

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.