Finance Ionic Digital, a bitcoin mining company, experienced a remarkable 26% increase on its debut on Nasdaq, marking the exchange's largest direct listing since 2021.
The bitcoin miner achieved a market valuation of approximately $2.8 billion with 44.9 million shares in circulation.
By Francisco Rodrigues | Edited by Sheldon Reback July 29, 2026, 9:22 a.m. 2 min read
Ionic Digital surged 26% on its Nasdaq debut. (Anne Nygård/Unsplash)This listing provides a way for investors who received shares after Celsius Network's bankruptcy to exit their positions.
Formed in January 2024, Ionic Digital was established to acquire Celsius’ mining assets as part of the bankrupt lender's court-sanctioned restructuring. Instead of pursuing a traditional initial public offering (IPO), the company opted for a direct listing, which meant it did not issue new shares or raise new capital.
The stock opened at $50 and closed at $62.90, representing a 19% increase over Nasdaq’s reference price of $53, as reported by FactSet data published by The Wall Street Journal. At this reference price, Ionic's valuation stood at $2.4 billion, according to Renaissance Capital.
In its registration statement, Ionic indicated that it issued 37 million shares of Class A common stock to eligible holders of specific claims against Celsius Network and its affiliates.
In June, the company secured $400 million through a private placement of convertible preferred shares and warrants. The preferred shares, priced at $53 each, converted to common stock upon the completion of the listing. Investors agreed not to sell these securities below $70 for six months post-listing, as detailed in the filing.
Additionally, Ionic ceased bitcoin mining operations at its facility in Ward County, Texas, in December and dedicated its 234 MW capacity to Nscale through a 126-month lease, which is expected to generate $1.95 billion in contracted revenue, according to the registration statement.
The company projects revenues of up to $195 million this year, with over 90% anticipated to come from infrastructure leasing. As of March 31, Ionic held 2,815.6 bitcoin valued at $192.1 million and reported no debt.