Ionic Digital files for Nasdaq direct listing, pivots to AI

Ionic Digital filed a registration statement with the U.S. Securities and Exchange Commission to pursue a direct listing on Nasdaq under the proposed ticker IOND. The filing shows registered stockholders may sell up to 10.8 million Class A shares.

Ionic was formed in 2024 to acquire the mining assets that emerged from Celsius Network’s bankruptcy restructuring. The company reports it began repositioning itself in 2025 from a pure Bitcoin miner to a broader digital infrastructure provider focused on artificial intelligence and high‑performance computing workloads.

The proposed direct listing would not raise new capital. The registration states the listing is intended to create a public market for existing shareholders, including former Celsius creditors who received Ionic shares under the bankruptcy plan.

Central to Ionic’s business is a 234‑megawatt site in Ward County, Texas, originally developed for Bitcoin mining. Ionic leased the site in October 2025 to AI infrastructure provider Nscale under a 126‑month agreement the company values at nearly $2 billion in contracted revenue. The lease could expand by an additional 89 MW if Ionic secures required capacity and approvals, which would raise contracted revenue to about $2.6 billion.

Ionic’s reported results reflect the operational shift. In the first quarter of 2026, the company recorded $44 million in digital infrastructure leasing revenue. Bitcoin mining revenue fell 82% year over year to $7.4 million as the firm repurposed Ward County capacity and reduced the number of active miners.

The company disclosed completion of a $400 million equity private placement the week before the SEC filing. Ionic indicated the proceeds will be used for general corporate purposes. CEO Andy Stewart wrote that the funds ‘would support the continued development of its digital infrastructure assets.’

The registration clarifies that existing shareholders, rather than Ionic, would sell shares in the direct listing. The company will need SEC clearance and to meet Nasdaq listing standards before Class A shares could begin trading under the IOND ticker. Former Celsius creditors who received Ionic shares would gain a public trading venue if the listing proceeds.