Ionic Digital Jumps 26% in Nasdaq Debut, Offering Celsius Creditors an Exit

Ionic Digital (IOND), a company formed from the Bitcoin mining assets of the bankrupt crypto lender Celsius Network, made a successful direct listing debut on the Nasdaq Global Select Market on Tuesday, July 28, 2026. Its shares climbed 26% on the first day of trading, pushing the company's market valuation to approximately $2.8 billion and providing a long-awaited liquidity route for former Celsius creditors.

Trading under the ticker symbol “IOND” on Nasdaq, Ionic Digital's shares opened at $50 and closed the day at $62.90. This represented an approximately 26% gain from its opening price and closed 18.7% above Nasdaq's $53 reference price. Unlike a traditional initial public offering (IPO), the direct listing process did not involve the sale of new shares by the company or a capital raise. Instead, it allowed existing shareholders, largely Celsius creditors, to directly sell their holdings into the public market.

Ionic Digital was established in January 2024 to acquire the assets of Celsius Mining as part of Celsius Network's Chapter 11 bankruptcy restructuring, which began in July 2022. Initially operating purely as a Bitcoin mining company, Ionic Digital has strategically pivoted to become a digital infrastructure provider for artificial intelligence (AI) and high-performance computing (HPC). As part of the restructuring plan, approximately 37 million Class A shares of Ionic Digital were distributed to eligible Celsius creditors.

The company's market capitalization of $2.8 billion, based on approximately 44.9 million outstanding shares, makes Ionic Digital the largest U.S. direct listing since 2021. As part of its strategic pivot, Ionic Digital has committed its 234 megawatts of capacity at its Ward County, Texas facility to Nscale under a 126-month lease, expected to generate $1.95 billion in contracted revenue. The company anticipates full-year 2026 revenue between $190 million and $195 million, with over 90% of this revenue expected to come from infrastructure leasing.

This listing marks a significant milestone in the complex restructuring of Celsius Network, one of the major bankruptcies in the crypto market. Creditors now have a public market to monetize their shares, providing a liquid exit route rather than the illiquid or uncertain recoveries typically associated with bankruptcy proceedings. It also highlights a broader trend among Bitcoin mining companies to diversify their energy assets into AI and HPC infrastructure for more stable revenue streams.

Analysts and market observers believe that Ionic Digital's strategic shift could position the company for more sustainable growth, shielding it from the volatility of pure crypto mining. The increasing demand in the AI and high-performance computing sectors offers significant potential for the company to leverage its digital infrastructure assets. This listing is seen as both a resolution for Celsius creditors and an example of crypto-native companies adapting to new opportunities in the broader technology sector.