Why 37 million Celsius bankruptcy shares are blocked from an immediate cash-out despite Nasdaq debut
Ionic Digital began trading on Nasdaq as IOND through a direct listing, creating a public market for existing Class A shares without raising new capital for the company. The listing gave creditor-linked shareholders a potential exit, but not an automatic same-day cash-out for everyone. The shares trace back to Ionic’s Jan. 31, 2024 acquisition of Celsius Mining assets, when Ionic issued 37 million Class A shares to former approved Celsius creditors and related parties, with no cash paid. The prospectus also registered 10.8 million resale shares from a separate June 2026 private placement, which were distinct from the bankruptcy-plan shares. Not all shares could be sold immediately. Securities-law restrictions, affiliate limits, and transfer requirements could apply. Holders whose shares remained with Odyssey Transfer and Trust Company generally had to move them through a DTC-participating broker, which typically took one to two business days. Nasdaq’s $53 was only a reference price; IOND closed its first day at $62.90 on about 1.58 million shares.
