Ionic Digital, the Bitcoin mining company that emerged from the wreckage of Celsius Network’s 2022 collapse, has filed to list its Class A common stock on the Nasdaq Global Select Market under the ticker “IOND.”

The listing will be a direct one, meaning no new shares are being issued and no capital is being raised. Those shareholders are former Celsius creditors who received Ionic Digital equity as part of the bankruptcy restructuring plan, and the direct listing gives them an exit without the company issuing new stock that would water down their ownership.

From bankruptcy to billion-dollar valuation

Celsius Network, once one of crypto’s largest lending platforms, filed for bankruptcy in July 2022 after freezing customer withdrawals. Ionic Digital formally emerged from the restructuring process on January 31, 2024, absorbing Celsius’s Bitcoin mining operations in the process.

The company is pursuing its Nasdaq listing through a Form 10 registration, registering its existing shares so they can trade on a public exchange without underwriters or new share issuance.

Ionic Digital completed a $400 million equity private placement that pegged the company’s pre-money valuation at $2 billion. That round attracted institutional investors including Attestor, Oaktree Capital Management, and Citadel.

Not just a mining company anymore

Ionic Digital is headquartered in Coral Gables, Florida. The company previously operated Bitcoin mining facilities with a total capacity of 394 MW across US locations. Ionic Digital is now pivoting toward what it calls “powered land development and digital infrastructure,” which includes high-performance computing and artificial intelligence data centers.

What this means for investors

With approximately 80,000 former Celsius creditors holding stock, some meaningful portion of that base will likely be sellers. These are people who lost access to their funds during the Celsius bankruptcy and have been waiting since 2022 for any kind of recovery.

Ionic Digital will be entering the public markets alongside established Bitcoin miners like Marathon Digital, Riot Platforms, and CleanSpark, all of which have been exploring AI and HPC opportunities of their own. Ionic’s 394 MW of mining capacity is respectable but not market-leading.