IonicDigital rose more than 25% on its Nasdaq debut

On July 29, bitcoin mining and AI infrastructure company Ionic Digital landed on Nasdaq today through a direct listing with the code IOND. It opened at US$50 and a reference price of US$53. It rose more than 25% in intraday trading to nearly US$63, with an implicit valuation of approximately US$2.75 billion. The company was established in January 2024 and acquired most of the mining assets in the bankruptcy and reorganization of crypto lending platform CelsiusNetwork, including mining machinery, infrastructure, approximately US$195 million in cash and 540 BTC. Ionic currently holds 2861 BTC units and shifts more power production capacity to long-term AI lease contracts.