Ionic Digital filed to go public through a direct listing on Nasdaq on June 29, 2026, just three days after closing a $400 million private funding round that valued the company at $2 billion pre-money.
The company plans to list under the ticker IOND with registered stockholders selling up to 10.8 million shares. Unlike a traditional IPO, a direct listing does not create new shares or raise capital for the company. Existing shareholders simply begin trading their stock on a public exchange. JPMorgan, Jefferies and BTIG are serving as financial advisors.
Ionic was formed in January 2024 specifically to acquire the cryptocurrency mining assets of Celsius Mining following a bankruptcy court's approval of Celsius' restructuring plan in November 2023. As part of that reorganisation, Ionic issued approximately 37 million Class A shares to Celsius creditors, converting a bankruptcy claim into publicly tradable equity.
Celsius, a New Jersey-based cryptocurrency lender, filed for Chapter 11 protection in July 2022 after freezing customer accounts to prevent withdrawals. The bankruptcy process ultimately allowed creditors to become shareholders in Ionic, which inherited approximately 127,000 Bitcoin mining units and associated power infrastructure across US facilities.
The company has since pivoted its business model. While Ionic maintains residual bitcoin mining operations at smaller sites in Reagan and Glasscock Counties, Texas, it is primarily shifting toward leasing powered digital infrastructure to hyperscalers and enterprise customers for artificial intelligence and high-performance computing workloads.
The flagship asset is a 234 megawatt facility in Ward County, Texas, which is fully leased to Nscale under a 126-month triple-net agreement. The site has the potential to scale to approximately 700 megawatts subject to regulatory approvals. Additionally, Ionic holds 2,815.6 Bitcoin in treasury reserves that management intends to deploy in support of broader growth strategy.
For the 12 months ended March 31, 2026, Ionic generated $152 million in revenue. Digital infrastructure leasing produced $44 million in revenue during the quarter ended March 31, 2026, while bitcoin mining revenue declined to $7.4 million as mining operations were scaled back.
The $400 million Series A funding round was led by Attestor, Oaktree Capital Management and Sachem Head Capital Management, with participation from Citadel and Weiss Asset Management. The funding will support investment in infrastructure development and expansion of AI and HPC leasing capacity.
CEO Andy Stewart brings 25 years of digital infrastructure experience, having previously led Evoque Data Center Solutions and TierPoint. The company's pivot from mining to data centre leasing reflects broader industry trends as operators with large-scale power infrastructure reassess business models amid rising demand for AI computing capacity.
The direct listing remains subject to SEC review and market conditions.
