Summary
- Bitcoin miner Ionic Digital surged 26% on its Nasdaq debut following the exchange’s largest direct listing since 2021.
- The listing gives an exit route to investors who received stock in the company following Celsius Network’s bankruptcy.
- Ionic, which is pivoting to AI, completed a direct listing rather than an IPO and holds 2,815.6 bitcoin. It projected $195 million in revenue for the year.
Ionic Digital (IOND), the bitcoin miner formed out of Celsius Network’s bankruptcy, rose 26% on its Nasdaq debut, valuing the company at $2.8 billion following the exchange’s largest direct listing since 2021.
The Washington D.C.-based company, which is pivoting to power AI calculations, was created in January 2024 to acquire Celsius’ mining assets under the bankrupt lender’s court-approved reorganization. As a direct listing rather than an initial public offering, the company sold no new shares and received no income.
The shares opened at $50 on Tuesday and closed at $62.90. The close was 19% above Nasdaq’s $53 reference price, as reported by FactSet data published by The Wall Street Journal. At the reference price, Ionic was valued at $2.4 billion, as reported by Renaissance Capital.
Ionic issued “37 million shares of Class A common stock to eligible holders of certain claims against Celsius Network and its affiliates,” as reported by its registration statement.
