Ionic Digital Goes Public So Celsius Creditors Can Finally Trade Their Baggage Receipts

Bitcoin miner-turned-AI infrastructure operator Ionic Digital filed a registration statement with the US Securities and Exchange Commission on Monday for a proposed Nasdaq direct listing under the ticker IOND. The filing allows registered stockholders to sell up to 10.8 million Class A shares, and the company confirmed the listing will not raise new capital. Instead, the listing establishes a public market for existing shareholders, including former Celsius creditors who received Ionic shares through the bankrupt lender's restructuring.

Ionic was formed in 2024 to acquire Celsius Mining's assets during Celsius's bankruptcy proceedings. According to the SEC filing, the company began repositioning itself in 2025 from a pure-play Bitcoin miner into a broader digital infrastructure firm serving artificial intelligence and high-performance computing (HPC) workloads. The pivot centers on Ionic's 234-megawatt Ward County property in Texas, which was originally developed for Bitcoin mining.

In October 2025, Ionic leased the Ward County site to AI infrastructure provider Nscale under a 126-month agreement representing nearly $2 billion in contracted revenue. Ionic said the agreement could be expanded by an additional 89 MW if the company secures the required capacity and approvals, potentially raising contracted revenue to approximately $2.6 billion.

The transition is already showing up in the company's financials. Ionic recorded $44 million in digital infrastructure leasing revenue in the first quarter of 2026, while Bitcoin mining revenue fell 82% year over year to $7.4 million as the company repurposed Ward County and reduced the number of active miners, according to Monday's SEC filing.

The registration follows Ionic's completion of a $400 million equity private placement on Friday. The company stated the proceeds would be used for general corporate purposes, while CEO Andy Stewart said the funds would support the continued development of its digital infrastructure assets. Ionic Digital's posted revenue figures were disclosed in the SEC filing.