Celsius claimholders get liquidity as Ionic Digital jumps 26% in Nasdaq debut

The bitcoin miner reached a market valuation of roughly $2.8 billion based on its 44.9 million outstanding shares.

Celsius claimholders get liquidity as Ionic Digital jumps 26% in Nasdaq debut

Finance

Ionic Digital jumps 26% in Nasdaq debut, giving Celsius Network claimholders an exit route

The bitcoin miner reached a market valuation of roughly $2.8 billion based on its 44.9 million shares outstanding.

By

Francisco Rodrigues

|

Edited by

Sheldon Reback

Jul 29, 2026, 9:22 a.m.

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Ionic Digital surged 26% on its Nasdaq debut. (Anne Nygård/Unsplash)

Summary

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Bitcoin miner Ionic Digital surged 26% on its Nasdaq debut following the exchange’s largest direct listing since 2021.

The listing gives an exit route to investors who received stock in the company following Celsius Network’s bankruptcy.

Ionic, which is pivoting to AI, completed a direct listing rather than an IPO and holds 2,815.6 bitcoin. It projected $195 million in revenue for the year.

Ionic Digital (IOND), the bitcoin miner formed out of Celsius Network’s bankruptcy, rose 26% on its Nasdaq debut, valuing the company at $2.8 billion following

the exchange’s largest direct listing since 2021

.

The Washington D.C.-based company, which is pivoting to power AI calculations, was created in January 2024 to acquire Celsius’ mining assets under the bankrupt lender’s court-approved reorganization. As a direct listing rather than an initial public offering, the company sold no new shares and received no income.

The shares opened at $50 on Tuesday and closed at $62.90. The close was 19% above Nasdaq’s $53 reference price, according to

FactSet data published by The Wall Street Journal

. At the reference price, Ionic was valued at $2.4 billion, according to

Renaissance Capital

.

Ionic issued “37 million shares of Class A common stock to eligible holders of certain claims against Celsius Network and its affiliates,” according to its

registration statement

.

It raised $400 million in June through a private placement of convertible preferred shares and warrants. The preferred shares, priced at $53 each, converted into common stock upon completion of the listing. Investors agreed not to transfer the securities below $70 until six months after the listing, according to the filing.

Ionic decommissioned bitcoin mining at its Ward County, Texas, site in December and committed its 234 MW of capacity to Nscale under a 126-month lease carrying $1.95 billion in contracted revenue, according to the registration statement.

The company

said it expects

as much as $195 million in revenue this year, with more than 90% coming from infrastructure leasing. It held 2,815.6 bitcoin worth $192.1 million and had no debt as of March 31.

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