Ionic Digital surged to nearly $63 during its Nasdaq debut

Bitcoin mining company and AI infrastructure company Ionic Digital today went public on Nasdaq through a direct listing, with the stock code IOND, opening at $50, a reference price of $53, and rising over 25% during the day to nearly $63, implying a valuation of approximately $2.75 billion.

Ionic Digital was established in January 2024 and acquired most of the mining assets from the bankruptcy restructuring of the cryptocurrency lending platform Celsius Network, including mining machines, infrastructure, approximately $195 million in cash, and 540 BTC. Currently, Ionic Digital holds 2,861 BTC and is redirecting more power capacity towards long-term AI leasing contracts.