Ionic Digital Inc. shares rose 25.8% from their opening level on their first day of Nasdaq trading Tuesday, closing at $62.90 after beginning the session at $50. The move valued the company at approximately $2.8 billion based on about 44.9 million Class A shares outstanding following the conversion of Series A preferred stock.

Trading under the ticker IOND, the shares finished roughly 19% above Nasdaq’s $53 reference price used for the opening auction. That reference level had implied a $2.4 billion valuation and marked the largest U.S. direct listing since 2021. In after-hours trading the stock pulled back 6.5% to $58.80.

Direct Listing Structure and Share Details

Unlike a traditional initial public offering, the transaction involved no newly issued shares and raised no capital for the company. Existing holders gained a public market in which to trade. Up to 10.8 million shares were registered for potential resale by named stockholders, with the company receiving no proceeds from any such sales. J.P. Morgan served as designated financial adviser for the Nasdaq opening process.

Nasdaq opened the stock at 11:58 a.m. Eastern Time through a cross of 149,252 shares. The $53 reference price matched the level paid by institutional investors in a $400 million private placement of convertible preferred shares completed in June. Those preferred shares converted into common stock upon the listing. Participants in that placement agreed not to transfer the securities below $70 until six months after the listing.

Origins in Celsius Network Restructuring

Ionic Digital was formed in January 2024 to acquire Bitcoin mining assets and selected liabilities from Celsius Mining as part of Celsius Network’s court-approved Chapter 11 reorganization plan. Under that plan, the company issued approximately 37 million Class A shares to eligible holders of certain claims against Celsius Network and its affiliates. The listing therefore provides a public trading venue for equity that many creditors received as part of their recovery.

At emergence the company took control of most of Celsius Mining’s equipment along with about $195 million in cash and 540 bitcoin. It initially engaged Hut 8 to manage the inherited mining sites under a four-year agreement signed in February 2024. Ionic later terminated that arrangement, assumed direct operational control, and left Hut 8 with a minority stake. Before trading began the company had roughly 82,000 shareholders of record.

Shift Toward AI Infrastructure

Ionic’s public-market strategy centers on converting mining capacity into high-performance computing and AI infrastructure. Its primary asset is a 234-megawatt facility in Ward County, Texas, known as Cedarvale. Bitcoin mining at the site was decommissioned in December, and the capacity has been leased to AI infrastructure provider Nscale under a 126-month agreement expected to generate approximately $1.95 billion in contracted revenue through January 2037. Fixed monthly lease payments are scheduled to begin in August 2026. An amendment could expand the total contracted revenue to about $2.6 billion if an additional 89 megawatts receive the necessary utility and regulatory approvals.

The company continues to operate four mining sites in the Midland, Texas area. It produced just under 25 bitcoin in May and held between 2,815.6 and 2,861 bitcoin in treasury as of the most recent reported figures. First-quarter results already showed the revenue transition under way: digital infrastructure leasing contributed $44 million while Bitcoin mining revenue fell 82% year over year to $7.4 million. The company mined 95.7 bitcoin in the quarter.

Financial Outlook

Ionic projects full-year 2026 revenue of $190 million to $195 million, with more than 90% expected to come from infrastructure leasing. Preliminary second-quarter estimates include a net loss of $34 million to $35 million and adjusted EBITDA of $36 million to $37 million. As of March 31 the company reported no debt and held bitcoin valued at roughly $192 million.

The listing creates a market price for assets distributed through the Celsius restructuring while positioning Ionic as a hybrid operator combining remaining mining cash flows and a sizable bitcoin treasury with longer-duration, dollar-denominated AI hosting contracts. Investors will monitor the pace of any selling by legacy holders, the start of Nscale lease payments, and the company’s first periodic filings as a public company for clearer visibility into cash, bitcoin sales, and conversion costs for additional capacity.