Ionic Digital Stock Soars 25% on Nasdaq Debut Amid AI Infrastructure Shift

Bitcoin miner Ionic Digital saw its shares climb more than 25% to nearly $63 during its first day of trading on Nasdaq, pushing the company’s valuation to approximately $2.75 billion.

From Celsius Bankruptcy to Public Listing

The company debuted through a direct listing under the ticker IOND, opening at $50 against a $53 reference price. Ionic’s origins trace back to the 2022 collapse of crypto lender Celsius Network. It was formed in early 2024 to take over most of Celsius Mining’s assets during bankruptcy proceedings, receiving mining equipment, roughly $195 million in cash and 540 BTC, then valued near $35 million.

Split From Hut 8, Shift Toward AI

Hut 8 initially operated Ionic’s mining sites under a four year deal, but Ionic ended that agreement early and took direct control of operations, with Hut 8 keeping a minority ownership stake. Starting in 2025, Ionic began redirecting its power infrastructure toward AI and high-performance computing, following a broader trend among bitcoin miners seeking steadier returns.

Major AI Leasing Agreement

In October, the company signed a 10-year lease with AI cloud provider Nscale for its West Texas site, initially valued near $2 billion in contracted revenue, later potentially rising to $2.6 billion following a February amendment. Ionic continues bitcoin mining across four Texas sites, though output is expected to decline as more infrastructure shifts to AI use. The company mined just under 25 BTC in May, bringing its total holdings to 2,861 BTC.