Celsius creditors now hold control over a $2.8 billion public company. Shares of Ionic Digital under the ticker IOND officially debuted and began trading on Nasdaq on July 28, 2026. The stock opened its first day at $50 and surged 25.8% by the closing bell to finish at $62.90.
The first-day rally pushed Ionic’s equity valuation past the $2.83 billion mark, based on 44.9 million outstanding Class A shares. According to data from research firm Renaissance Capital, the corporate action ranks as the largest direct listing on a US exchange since 2021. The initial reference price was set at $53, implying a market value of $2.4 billion. J.P. Morgan served as financial adviser to oversee the Nasdaq opening process.
Unlike a traditional initial public offering, this market debut was designed purely as an exit for victims of Celsius’s collapse. Around 37 million Class A shares were distributed to 82,000 shareholders before trading commenced. Celsius itself had previously distributed a third round of payouts worth $220.6 million in August 2025. That disbursement brought the cumulative recovery rate for creditors to 64.9%, prior to factoring in the added value of Ionic shares.
Shifting from Bitcoin to AI Infrastructure
Ionic Digital’s history traces back to January 2024, when the entity was created to acquire the mining assets of Celsius, which had entered Chapter 11 restructuring in November 2023. However, Ionic’s primary business direction has now shifted away from simply minting new coins.
The flagship asset underpinning its valuation centers on a 234-megawatt facility in Ward County, Texas. Rather than using it for mining, the facility is leased to artificial intelligence infrastructure provider Nscale. The 126-month lease agreement projects a revenue stream of around $1.95 billion through January 2037. If an additional 89 megawatts of capacity is approved, potential revenue could reach up to $2.6 billion.
This pivot in revenue generation is evident in its first-quarter 2026 financial report. Revenue from digital infrastructure leasing reached $44 million. Over the same period, revenue from Bitcoin mining plummeted 82% year-over-year to $7.4 million. Although its mining operations slowed down, producing 95.7 BTC, the company’s treasury still held 2,815.6 BTC as of March 31.
After-Hours Selling
The initial first-day enthusiasm was quickly utilized by some shareholders to cash out. Once regular trading hours closed, IOND shares dipped 6.5% to $58.80.
Such selling patterns are typical when tens of thousands of individuals finally gain access to a liquid instrument after having their funds locked up for years. The ultimate recovery value of their remaining funds now hinges on Ionic’s ability to secure AI contract revenue and manage its Bitcoin treasury.
Reported by crypto.news.
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Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
