Ionic Digital's Nasdaq debut saw a 26% rise, providing an exit for Celsius investors with a market cap of $2.8 billion.
Ionic Digital, a bitcoin mining firm, saw its shares jump 26% in its first trading day on Nasdaq, marking the exchange's largest direct listing since 2021.
The company's market capitalization reached about $2.8 billion with 44.9 million outstanding shares.
This listing serves as an exit opportunity for investors holding shares from Celsius Network's bankruptcy proceedings.
Founded in January 2024, Ionic Digital was created to acquire mining assets from Celsius as part of the lender's court-approved restructuring plan. Instead of a traditional IPO, the firm chose a direct listing, allowing it to avoid issuing new shares or raising additional funds.
The stock debuted at $50 and closed at $62.90, exceeding Nasdaq's reference price of $53, which had initially set Ionic's valuation at $2.4 billion, according to data from Renaissance Capital.
In its registration documents, Ionic disclosed that it issued 37 million shares of Class A common stock to holders of specific claims against Celsius and its affiliates.
Earlier in June, Ionic raised $400 million via a private placement of convertible preferred shares and warrants, priced at $53 each, which converted to common stock upon the listing. Investors agreed to hold these securities for six months, with a selling price no lower than $70.
Furthermore, Ionic halted its bitcoin mining operations in Ward County, Texas, in December, leasing its 234 MW capacity to Nscale for 126 months, projected to yield $1.95 billion in revenue. The company anticipates revenues of up to $195 million this year, primarily from infrastructure leasing, and reported holding 2,815.6 bitcoin worth $192.1 million with no outstanding debt as of March 31.
