Bitcoin Miner Ionic Digital, a company formed from Celsius Mining assets, filed to go public on Nasdaq through a direct listing.
Ionic Digital, an AI infrastructure and Bitcoin mining company formed from Celsius Mining assets, filed to go public on Nasdaq through a direct listing.
The planned listing would give public-market access to a company that came out of one of crypto’s biggest lender bankruptcies and is now trying to sell investors on both Bitcoin mining and AI infrastructure.
Ionic Digital said in a press release on Monday, June 29, that it had filed a registration statement with the U.S. Securities and Exchange Commission for a proposed direct listing of its Class A common stock on the Nasdaq Global Select Market.
Read also: CFTC Permanently Bans Ex-Celsius CEO From Regulated Markets — Final Case Against Mashinsky Concludes
The company plans to trade under the ticker IOND once the SEC finishes reviewing the filing and the registration statement becomes effective, according to the announcement.
But a direct listing isn’t a normal IPO since the company doesn’t create new shares or raise fresh money through an underwritten offering. Instead, existing shareholders can sell their shares on the public market.
Ionic Digital’s registered stockholders plan to sell up to 10.8 million shares in the listing, Reuters has learned. JP Morgan, Jefferies and BTIG are advising the company on the listing.
Celsius Creditors Became Shareholders
Ionic Digital was formed in January 2024 to acquire the mining assets of Celsius Mining, a unit of Celsius Network, the notorious crypto lender that filed for Chapter 11 bankruptcy in July 2022 after freezing customer withdrawals.
As part of the Celsius restructuring, Ionic Digital issued about 37 million Class A shares to Celsius creditors, turning them into shareholders of the new company.
The listing comes after Ionic Digital raised $400 million last week at a $2 billion pre-money valuation in a round led by Attestor, Oaktree Capital Management and Sachem Head Capital Management.
Beyond Bitcoin mining, Ionic Digital is also leaning into AI infrastructure as mining margins remain under pressure across the sector.
As crypto asset manager CoinShares pointed out in its Q1 mining report, hashprices remain near cyclical lows, compressing margins, while AI and high-performance computing offer “structurally higher and more stable returns.”
Read more: Bitcoin Miner Hut 8 Reaches $2.3M Settlement in Securities Case
