Ionic Digital, a Bitcoin mining company spun off from the bankruptcy reorganization of Celsius Network, saw its shares rise 26% on its first day of direct listing on Nasdaq, giving it a market capitalization of $2.8 billion based on closing performance. This listing also provided creditors who received company stock during Celsius' bankruptcy proceedings with their first publicly traded exit strategy.

Company disclosures show that Ionic did not opt for a traditional IPO, but instead chose a direct listing, therefore no new shares were issued and no funds were raised through the listing. The company was established in January 2024 to take over the mining assets transferred by Celsius under a court-approved restructuring plan.

Creditors obtain exit channels

For Celsius creditors, the most direct change brought about by Ionic's listing is that their shares have become liquid. Previously, these shares were mainly distributed as part of the bankruptcy reorganization and lacked a public trading market.

With the stock listed on Nasdaq, shareholders can choose to continue holding or sell their shares on the secondary market. This also marks the next phase of Celsius' bankruptcy asset disposal.

Revenue focus shifts to AI infrastructure

The company disclosed that Ionic is shifting from a single Bitcoin mining business to leasing AI computing infrastructure. According to its registration documents, the company shut down its Bitcoin mining operations at its Ward County, Texas site last December and leased 234 megawatts of local power capacity to Nscale.

The lease is for 126 months and corresponds to approximately $1.95 billion in contracted revenue. The company expects revenue to reach up to $195 million this year, with more than 90% coming from infrastructure leasing rather than traditional mining.

Holding 2815.6 Bitcoins

As of March 31, the company disclosed that it held 2,815.6 bitcoins, worth approximately $192.1 million at the time, and was debt-free.

This means that despite the company's shifting business focus, Ionic still maintains a significant exposure to Bitcoin assets. To the market, this company simultaneously embodies the characteristics of a mining company, a Bitcoin holding platform, and an AI infrastructure operator.

• Listing method: Direct listing, without issuing new shares.
• First-day increase: 26%
• Bitcoin holdings as of March 31: 2815.6 BTC

Additional information:CoinDesk reports that this is Nasdaq's largest direct listing since 2021.