Exchange Ranking
Top Exchanges
24h Volume Ranking
Popularity Ranking
Exchange BTC Balance
Proof of Reserves
Decentralized Exchanges
Funding Rate
Funding Heatmap
Liquidation Data
Max Pain
Long/Short Ratio
Whale L/S Ratio
Binance/Okex/Huobi L/S
Bitfinex Margin L/S
ETF Tracker
Solana ETF
XRP ETF
Hong Kong ETF
Bitcoin Treasuries
Crypto Reversal
Ethereum Reserves
HyperLiquid Wallet Analysis
Hyperliquid Whale Watch
Large Transactions
On-chain Movement
Bitcoin ROI
Stablecoin Market Cap
Options Analysis
News
Articles
Economic Calendar
Features
Wallet
Contract Calculator
Security
Collections
Watchlist
Following
BTC Ionic Digital (Nasdaq: IOND) surged 26% on its first day of listing on Nasdaq on July 28, valuing the bitcoin miner and artificial intelligence infrastructure company at approximately US$2.8 billion. The stock opened at $50 and closed at $62.90. According to IPO research firm Renaissance Capital, this direct listing is the largest on a U.S. exchange since 2021.
Ionic was restructured from the bankruptcy of cryptocurrency lending platform Celsius Network. This listing provides an open market for creditors who obtain Ionic shares to sell their shares. Unlike traditional initial public offerings, Ionic did not issue new shares or raise funds through listings.
Born out of the bankruptcy of Celsius
In June 2022, as the cryptocurrency market entered a sharp downward phase, Celsius froze customer withdrawals and applied for Chapter 11 bankruptcy protection the following month. In January 2024, Ionic was formed and acquired the assets of Celsius Mining through a court-approved reorganization plan.
As part of its collection process, Ionic issued 37 million Class A common shares to eligible Celsius creditors-these shares represent part of the compensation owed to creditors. Since then, the company has expanded into artificial intelligence and high-performance computing infrastructure while continuing to operate its Bitcoin mining business.
As of March 31, Ionic held 2,815.6 bitcoins (valued at approximately US$192.1 million at the time), an additional US$34.9 million in cash, and no debt. On June 26, the company raised another $400 million through private placement of convertible preferred shares and warrants.
Nasdaq listing provides exit channel for creditors
Nasdaq listing allows Celsius creditors to publicly trade Ionic shares they acquired during the bankruptcy reorganization-another step in the payment back process that has previously returned billions of dollars to former Celsius users through cryptocurrency and cash distributions.
Currently, Ionic is shifting more business to data center leasing. In December 2025, the company closed its Bitcoin mining business in Ward County, Texas, and leased the site's 234,000 kilowatts of power capacity to AI infrastructure provider Nscale for a 126-month lease and contract revenue. It is approximately $1.95 billion.
The company expects revenue to reach US$195 million in 2026, more than 90% of which will come from infrastructure leasing rather than mining.
As of press time, Ionic shares were trading at US$60.10, down 4.45% on the day, but still about 20% above the opening price of US$50.
