IonicDigital rose to nearly $63 on its Nasdaq debut

Bitcoin mining and AI infrastructure company Ionic Digital landed on Nasdaq today through a direct listing with the stock code IOND. It opened at US$50 and a reference price of US$53. It rose more than 25% intraday to nearly US$63, with an implied valuation of approximately US$2.75 billion. Ionic Digital was established in January 2024 and acquired most of the mining assets of crypto lending platform CelsiusNetwork during the bankruptcy and reorganization, including mining machines, infrastructure, approximately US$195 million in cash and 540 BTC. Ionic Digital currently holds 2861 BTC and has shifted more power production capacity to long-term AI lease contracts.