Ionic Digital rises 26% in Nasdaq direct listing

Ionic Digital, a Bitcoin miner and AI infrastructure company formed from the restructuring of bankrupt lender Celsius, rose about 26% in its Nasdaq direct listing on Tuesday. Shares opened at $50 and finished the regular session at $62.90, implying a market capitalization of roughly $2.8 billion based on about 44.9 million shares outstanding, figures disclosed in the company’s SEC registration statement.

In after-hours trading the stock was at $58.80, down about 6.5% from the close. At Nasdaq’s $53 reference price, Renaissance Capital calculated an implied market value of about $2.4 billion and identified the listing as the largest U.S. direct listing since 2021.

Ionic was created in 2024 to acquire and operate Celsius Mining’s assets as part of Celsius’s bankruptcy restructuring. The company has expanded beyond Bitcoin mining into AI and high-performance computing, offering compute capacity for artificial intelligence workloads alongside its mining operations.

The company used a direct listing to let existing shareholders trade publicly without issuing new shares. The registration statement filed with the U.S. Securities and Exchange Commission lists the share count and provides background on the corporate restructuring that led to Ionic’s formation.

Several crypto-mining and infrastructure firms have pursued public listings in recent months, and some operators have added AI computing services to their business models.