Ionic Digital, a bitcoin miner and cloud infrastructure provider formed from the assets of Celsius Mining, is slated to begin trading today on the Nasdaq. Its reference price was set at $53; the opening public price will be determined based on buy and sell orders in the opening auction on Nasdaq.
At the reference price, the company commands a market value of $2.4 billion, making it the largest direct listing since 2021.
Ionic Digital is a digital infrastructure company focused on the development and monetization of powered data center assets. The company owns and operates a flagship 234 MW facility in Ward County, Texas, which it leases to Nscale, a global hyperscaler, under a 126-month triple-net agreement. Ionic Digital also maintains residual bitcoin mining operations at smaller sites in Reagan and Glasscock Counties, Texas, and holds a bitcoin treasury that it intends to deploy in support of its broader growth strategy. The company emerged from the bankruptcy of Celsius Mining in January 2024.
The Washington, DC-based company will trade on the Nasdaq under the symbol IOND. As a direct listing without a firm commitment offering, there are no underwriters on the deal; instead, J.P. Morgan served as financial advisor.
