Ionic Digital has filed for a direct listing on the Nasdaq Global Select Market under the ticker IOND. The move would not bring new proceeds to the company. Instead, it would allow existing registered shareholders to sell stock once the registration statement becomes effective, and Reuters said those holders plan to sell as many as 10.8 million shares.
The filing carries special weight for former Celsius creditors. Ionic was formed in January 2024 to acquire Celsius Mining assets after the bankrupt lender won U.S. bankruptcy court approval for its restructuring. Under that plan, Ionic issued about 37 million Class A shares to Celsius creditors, turning them into shareholders of the new company and setting up a possible public exit route for stock received through the bankruptcy process.
Celsius recovery shares may finally reach public markets
Celsius began distributing more than $3 billion in crypto, fiat, and other assets to creditors in 2024. The plan also created Ionic Digital as a Bitcoin mining company owned by creditors, with Hut 8 initially expected to manage mining operations. The source material also cites an earlier report saying Celsius started a third payout round worth $220.6 million in August 2025, bringing total creditor recovery to 64.9%, while some creditors could also receive equity in Ionic.
That makes the listing more than a standard market debut. It could open a trading venue for shareholders who have held bankruptcy-linked stock without a public way to sell. Ionic also warned that a direct listing can produce sharp price swings because there are no underwriters establishing an offering price, and selling pressure could emerge quickly once trading begins.
Texas site anchors the shift to AI and HPC leasing
Ionic is no longer presenting itself purely as a Bitcoin miner. In its SEC filing, the company said part of its infrastructure is being redirected toward high-performance computing and AI data-center leasing, led by its Ward County property in Texas. That site has 234 MW of installed capacity and now sits at the center of the company’s AI strategy.
The company said it decommissioned mining assets at Ward County in December 2025 and is converting the property for Nscale during the lease term. Ionic signed the Nscale agreement in October 2025. The lease runs for 126 months and is expected to generate about $1.95 billion in contracted revenue, with a possible additional 89 MW if approvals are secured and capacity becomes available.
Revenue mix has already changed
The financial impact is already visible. Ionic reported $44 million in digital infrastructure leasing revenue for the first quarter of 2026. Over the same period, crypto mining revenue fell 82% to $7.4 million, down from $41.1 million a year earlier. The numbers show a clear change in business mix as leasing begins to replace mining as a larger revenue source.
Before filing for the listing, Ionic completed a $400 million equity private placement at an implied pre-money equity valuation of about $2 billion. The company said the proceeds would support general corporate purposes, including digital infrastructure development. CEO Andy Stewart said the financing strengthened Ionic Digital’s capital base and backed ongoing development of its digital infrastructure platform. Investors in that round included Attestor, Oaktree Capital Management, Sachem Head Capital Management, Citadel, and Weiss Asset Management.