Ionic Digital has filed for a Nasdaq Global Select Market direct listing under the ticker IOND, giving existing shareholders a possible public trading venue.
Summary
- Ionic Digital’s direct listing gives former Celsius creditors a possible public market for bankruptcy shares.
- The company is shifting from Bitcoin mining toward AI and high-performance computing infrastructure leases.
- Ionic’s Texas lease with Nscale could deliver nearly $2 billion in contracted revenue over time.
The company said registered stockholders may sell shares after the registration statement becomes effective, and Ionic will not receive proceeds from those sales.
Reuters reported that registered stockholders plan to sell up to 10.8 million shares through the listing. The company was formed in January 2024 to acquire Celsius Mining assets after Celsius received U.S. bankruptcy court approval for its restructuring.
Celsius creditors gain possible liquidity
The listing matters for former Celsius creditors because they received Ionic shares under the bankruptcy plan. Ionic issued about 37 million Class A shares to Celsius creditors, making them shareholders in the new company.
Celsius began distributing more than $3 billion in crypto, fiat and other assets to creditors in 2024. That plan also created Ionic Digital as a Bitcoin mining company owned by creditors, with Hut 8 initially set to manage mining operations.
As reported by crypto.news, Celsius later began a third payout round of $220.6 million in August 2025. That report said total creditor recovery had reached 64.9%, while some creditors could also receive equity in Ionic Digital.
AI lease changes revenue mix
Ionic is no longer presenting itself as only a Bitcoin miner. Its SEC filing says the company has shifted part of its infrastructure toward high-performance computing and AI data-center use, led by its Ward County property in Texas.
The Ward County site has 234 MW of installed capacity and now anchors the AI plan. Ionic said it decommissioned mining assets at Ward County in December 2025 and is converting the property for Nscale’s use during the lease term.
Ionic entered the Nscale agreement in October 2025. The company said the lease covers 126 months and is expected to provide about $1.95 billion in contracted revenue, with a possible extra 89 MW if approvals and capacity arrive.
The shift already shows in its accounts. Ionic reported $44 million in digital infrastructure leasing revenue for the first quarter of 2026, while crypto mining revenue fell 82% to $7.4 million from $41.1 million a year earlier.
Funding supports infrastructure buildout
Ionic completed a $400 million equity private placement before filing for the direct listing. The company said the deal implied a $2 billion pre-money equity valuation and that proceeds would support general corporate purposes, including digital infrastructure development.
“This financing strengthens Ionic Digital’s capital base and supports the continued development of our digital infrastructure platform,” CEO Andy Stewart said.
The company said Attestor, Oaktree Capital Management, Sachem Head Capital Management, Citadel and Weiss Asset Management took part in the funding round.
The direct listing will not raise new cash for Ionic, unlike an underwritten IPO. It mainly creates a market for existing shares, including holdings linked to the Celsius recovery process.
Ionic’s filing warns that direct listings can bring price swings because no underwriters set an offering price. The company also said trading may face selling pressure because many shareholders have not had a public way to sell their shares before.
The filing places Ionic inside a broader mining-sector shift toward AI and data-center demand. For Celsius creditors, the key test is whether IOND trading creates useful liquidity after years of bankruptcy recovery work.
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