Ionic Digital, a bitcoin mining company formed from the bankruptcy restructuring of Celsius Network, gained 26% in its Nasdaq debut on July 28, with shares closing at $62.90 from an opening price of $50.
Founded in 2024, Ionic Digital acquired Celsius Mining's assets during Celsius Network's restructuring. The company has since expanded into AI and high-performance computing infrastructure.
Renaissance Capital noted that Ionic's $2.4 billion implied market value at Nasdaq's $53 reference price made it the largest U.S. direct listing since 2021.
The stock fell 6.5% to $58.80 in after-hours trading, according to Yahoo Finance. Ionic issued 37 million shares of Class A common stock to eligible holders of claims against Celsius Network.
In June, Ionic raised $400 million through a private placement of convertible preferred shares and warrants priced at $53 each, converting upon listing. Investors agreed not to sell below $70 for six months.
Ionic decommissioned bitcoin mining at its Ward County, Texas, site in December and leased 234 MW of capacity to Nscale under a 126-month lease with $1.95 billion in contracted revenue. The company expects up to $195 million in revenue this year, over 90% from infrastructure leasing. It held 2,815.6 bitcoin worth $192.1 million and had no debt as of March 31.