Key Takeaways:
Ionic Digital Inc., the Bitcoin miner turned AI infrastructure company created from the Celsius Network bankruptcy estate, secured SEC approval for a Nasdaq direct listing that will give former creditors their first opportunity to trade shares on a public exchange.
The company's registration statement on Form S-1 was declared effective by the Securities and Exchange Commission on July 20, the company said in a statement. Ionic Digital expects its Class A common stock to begin trading on the Nasdaq Global Select Market under the ticker IOND on July 28, subject to final listing requirements.
"The SEC's effectiveness of our registration statement marks a significant milestone for Ionic Digital and our shareholders," Andy Stewart, chief executive officer of Ionic Digital, said in the statement.
Unlike a traditional initial public offering, the direct listing will not involve the sale of new shares or raise capital for the company. Existing registered shareholders — including former Celsius creditors who received about 37 million Class A shares under the bankruptcy restructuring plan approved in January 2024 — will be able to sell their holdings once trading begins. Nasdaq will determine the opening price using buy and sell orders collected before the first trade, a process that can lead to higher price volatility without the stabilization mechanisms typical of underwritten offerings, the company said in earlier SEC filings.
Ionic Digital was created to hold Bitcoin mining assets transferred from the Celsius estate after a US bankruptcy court approved the lender's restructuring plan. Since then, the company has shifted its focus toward digital infrastructure for artificial intelligence and high-performance computing workloads. Its Cedarvale campus in Ward County, Texas, which includes about 234 megawatts of installed capacity, was partially repurposed after mining equipment was decommissioned in late 2025. The site now operates under a 126-month lease with AI cloud provider Nscale, expected to generate about $1.95 billion in contracted revenue, according to company filings.
The repositioning is reflected in the company's financial results. During the first quarter of 2026, Ionic Digital reported $44 million in digital infrastructure leasing revenue, while Bitcoin mining revenue fell 82 percent year over year to $7.4 million from $41.1 million. The company completed a roughly $400 million private equity financing earlier this year, implying a pre-money equity valuation of about $2 billion, according to SEC filings.
The listing comes as several publicly traded Bitcoin miners, including IREN, HIVE Digital and Bitdeer, have invested more heavily in AI-focused data centers as mining profitability remains under pressure. Bitcoin miners generated about $1.086 billion in revenue during May, the strongest monthly performance since January, though lower Bitcoin prices later reduced mining profitability as hashprice declined, according to industry data.
For former Celsius creditors, the Nasdaq debut represents the culmination of a process that began with the lender's bankruptcy filing in July 2022. Celsius later continued distributing funds through additional payout rounds, while some creditors also became eligible to receive equity in Ionic Digital under the restructuring plan.
This article is for informational purposes only and does not constitute investment advice.
