Ionic Digital jumps 26% in Nasdaq debut after Celsius-linked direct listing

Ionic Digital shares surged 26% in their Nasdaq debut Tuesday, as the Bitcoin miner and AI infrastructure company completed a direct listing that valued the Celsius Mining successor at about $2.8 billion.

The shares opened at $50 and closed at $62.90, giving Ionic a market capitalization of roughly $2.8 billion based on approximately 44.9 million shares outstanding, according to a registration statement filed with the US Securities and Exchange Commission. The stock pared gains after the closing bell, falling 6.5% to $58.80 in after-hours trading, data from Yahoo Finance show.

"The strong debut reflects investor appetite for companies that bridge digital asset infrastructure and AI computing," said Tom Brennan, IPO and M&A analyst at Edgen. "Ionic's direct listing structure allowed existing shareholders to sell without the dilution of a traditional IPO."

Ionic was formed in 2024 to acquire Celsius Mining's assets through the bankrupt crypto lender's restructuring and has since expanded into AI and high-performance computing infrastructure. IPO research firm Renaissance Capital said Ionic's $2.4 billion implied market value at Nasdaq's $53 reference price made it the largest US direct listing since 2021.

The successful listing marks a milestone for the Celsius bankruptcy estate, which used Ionic as a vehicle to return value to creditors. The company's pivot into AI infrastructure — a sector drawing heavy capital expenditure from hyperscale cloud providers — gives it a dual revenue stream beyond Bitcoin mining. The last crypto-mining company to pursue a direct listing was Core Scientific, which emerged from bankruptcy in early 2024 and has since seen its market capitalization fluctuate between $1 billion and $4 billion as it similarly diversified into AI hosting services.

Ionic's debut comes as publicly traded Bitcoin miners face a shifting landscape following the April 2024 halving, which cut block rewards by 50 percent and compressed margins for operators with higher power costs. Companies such as Marathon Digital and Riot Platforms have reported narrower margins in subsequent quarters, pushing several miners to repurpose data center capacity for AI workloads. Ionic's 26 percent first-day gain suggests investors are rewarding that strategy, at least for companies with access to low-cost power and existing infrastructure.

The direct listing structure also avoided the typical 20 percent to 30 percent dilution associated with underwritten IPOs, a factor that likely supported the after-market price. Nasdaq's $53 reference price was set based on private transactions in Ionic's shares prior to listing, Renaissance Capital noted. With about 44.9 million shares outstanding, the company's enterprise value stands at roughly $2.8 billion — a multiple that positions it between pure-play Bitcoin miners trading at 8 to 12 times forward earnings and AI data center operators commanding 20 to 30 times.

This article is for informational purposes only and does not constitute investment advice.