Celsius-linked Bitcoin miner Ionic Digital seeks Nasdaq direct listing amid AI pivot
Ionic Digital, a Bitcoin miner turned AI infrastructure company, filed for a Nasdaq direct listing under ticker IOND that would let existing shareholders, including former Celsius creditors, sell up to 10.8 million Class A shares. The listing would not raise new capital; it would create a public market for shares distributed through Celsius’s bankruptcy restructuring. Formed in 2024 to acquire Celsius Mining assets, Ionic began pivoting in 2025 from Bitcoin mining to digital infrastructure for AI and high-performance computing. Its main focus is a 234-MW Texas site previously used for mining, which it leased to Nscale in a 126-month deal worth nearly $2 billion in contracted revenue, with possible expansion to about $2.6 billion. The shift is already visible in results: Q1 2026 digital infrastructure leasing revenue reached $44 million, while Bitcoin mining revenue fell 82% year over year to $7.4 million.
