Celsius-Linked Bitcoin Miner Ionic Digital Files for Nasdaq Direct Listing as AI Shift Accelerates

Bitcoin miner-turned-infrastructure company Ionic Digital has filed for a Nasdaq direct listing under the ticker IOND, according to a registration statement submitted to the SEC. Up to 10.8 million Class A shares could be sold by registered stockholders, including former Celsius creditors who received equity through the lender’s bankruptcy restructuring. The listing won’t raise new capital but will create a trading market for existing shareholders.

From Mining to AI Infrastructure

Ionic, formed in 2024 from Celsius Mining’s assets, began shifting toward AI and high-performance computing services in 2025. Its 234-megawatt Ward County site in Texas, once dedicated to Bitcoin mining, is now leased to AI infrastructure firm Nscale under a 126-month deal worth nearly $2 billion, with potential expansion pushing that figure to around $2.6 billion.

Financial Results Reflect the Pivot

First-quarter 2026 filings show digital infrastructure leasing revenue reached $44 million, while Bitcoin mining income dropped 82% year-over-year to $7.4 million. The move follows a recently completed $400 million private equity placement.