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Ionic Digital Jumps 25% in Nasdaq Debut After AI Deal

The direct listing valued the former Celsius miner at about $2.75 billion, while a 10-year AI contract with Nscale underscores its move toward data center revenue.

By Finst News
• 2 min read
Ionic Digital Jumps 25% in Nasdaq Debut After AI Deal

Key Takeaways

  • Ionic Digital climbed more than 25% in its Nasdaq debut, moving from $50 to nearly $63 and implying a valuation of about $2.75 billion.
  • The company was formed out of Celsius Network’s bankruptcy and went public through a direct listing without raising fresh capital.
  • Ionic is leasing a major Texas facility to Nscale for AI infrastructure while continuing to mine Bitcoin at four sites.

Ionic Digital jumped more than 25% in its Nasdaq debut on Tuesday, opening at $50 (€44) and climbing to nearly $63 (€55). That move gave the Bitcoin miner an implied valuation of about $2.75 billion. The company reached the market through a direct listing, so it did not bring in any new capital.

From Celsius to the Public Markets

Ionic Digital emerged from the January 2024 bankruptcy of Celsius Network. As part of that process, it inherited most of Celsius Mining’s Bitcoin mining gear, along with about $195 million (€172 million) in cash and 540 BTC. For Celsius creditors, the listing replaces a private claim with a publicly tradable share.

The debut also reflects a wider shift in the company’s strategy. Hut 8 originally ran the mining sites under a four-year deal that started in February 2024, but Ionic took back control of that arrangement less than a year later. Hut 8 still holds a minority stake and has already benefited this year from similar AI-related agreements in its own stock.

More Focus on AI Infrastructure

Ionic now leases its Cedarvale site in West Texas, which has 234 megawatts of capacity, to AI cloud provider Nscale. The agreement runs for 10 years and is expected to generate about $2 billion (€1.8 billion) in contracted revenue, with a February adjustment that could lift that total to $2.6 billion (€2.3 billion). The company still mines Bitcoin at four sites in Midland, Texas.

In May, Ionic mined just under 25 BTC and held a treasury of 2,861 BTC. As more of its capacity shifts toward AI customers, that mining output is likely to decline. That makes the listing especially relevant for investors watching the overlap between Bitcoin mining and AI infrastructure, a combination that is becoming more common at companies like Hut 8, TeraWulf, and IREN.

The move also fits a broader trend in which miners are increasingly renting out power and data center space to AI clients. Riot selling Bitcoin again to fund AI data centers is another example of how long this pivot has been building.

Why This Matters

For European crypto readers, the listing is another sign that miners are trying to reduce their dependence on Bitcoin’s sharp price swings. Ionic’s strategy could also shape how the broader data center and AI hosting market is valued, since long-term contracts are becoming a bigger part of the story. Even so, the company still has exposure to Bitcoin, so it remains tied to the crypto market rather than fully moving away from it.

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