Ionic Digital recovers after soft Nasdaq open

Soft open, swift recovery

Ionic Digital (@IonicDigital) made its Nasdaq debut on Tuesday under the ticker IOND, listing on the Nasdaq Global Select Market through a direct listing on July 28, 2026. The stock set a reference price of $53, valuing the former Celsius Mining offshoot at $2.4 billion, but opened at $50 before climbing through the morning session to trade near $56, roughly 12% above the opening print and clear of the reference level.

The company will not issue new shares or raise capital, enabling existing shareholders, including those who received shares through the Celsius Network bankruptcy, to sell their holdings in the public market. Nasdaq set the opening price based on buy and sell orders collected before trading began, and Ionic had warned that direct listings can produce higher price volatility because there are no underwriters or price-stabilization mechanisms.

From Celsius wreckage to AI infrastructure play

The company emerged from the bankruptcy of Celsius Mining in January 2024. Ionic issued about 37 million Class A shares to Celsius creditors, making them shareholders in the new company, and the Nasdaq listing now gives those holders their first liquid exit.

Ionic Digital describes itself as a digital infrastructure company focused on powered data center assets. Its flagship asset is a 234 MW facility in Ward County, Texas, leased to Nscale, a global hyperscaler, under a 126-month triple-net agreement. The contract is worth about $2 billion and could increase to as much as $2.6 billion if an additional 89 megawatts of capacity are secured.

The shift away from mining is already showing up in the numbers. In Q1 2026, AI leasing revenue hit $44 million, while Bitcoin mining revenue fell 82% year-over-year. At the $53 reference price, Ionic Digital commands a market value of $2.4 billion. The company expects 2026 revenue between $190 million and $195 million, with adjusted EBITDA in the $36 million to $37 million range.

The competitive landscape includes companies like Core Scientific, Hut 8, and Applied Digital, which have all been making similar pivots from crypto mining toward AI and HPC hosting. Ionic's advantage is the size and duration of its Nscale contract, which provides revenue visibility that most peers cannot match.

Sources:
Ionic Digital: Effectiveness of Registration Statement and Expected Commencement of Trading
Renaissance Capital: Ionic Digital Nasdaq Direct Listing
Crypto Briefing: Ionic Digital Sets Nasdaq Reference Price at $53