Ionic Digital, a Bitcoin miner tied to the collapsed Celsius exchange, has filed for a Nasdaq direct listing that could give former Celsius creditors a public market for the shares they received through the bankruptcy restructuring.
The company, which trades under the proposed ticker IOND, registered stockholders may sell up to 10.8 million Class A shares, according to an SEC filing submitted Monday. The listing will not raise new capital — instead, it establishes a public market for existing shareholders, including former Celsius creditors.
Ionic was formed in 2024 to acquire Celsius Mining’s assets through the bankrupt lender’s restructuring plan. Over the past year, the company has been repositioning itself from a pure-play Bitcoin miner into a broader digital infrastructure company focused on AI and high-performance computing workloads.
The pivot centers on Ionic’s 234-megawatt Ward County property in Texas, originally built for Bitcoin mining. In October 2025, the company leased the site to AI infrastructure provider Nscale under a 126-month agreement worth nearly $2 billion in contracted revenue. The deal could expand by an additional 89 MW, potentially pushing contracted revenue to around $2.6 billion.
The shift is already showing up in the numbers. Ionic reported $44 million in digital infrastructure leasing revenue for Q1 2026, while Bitcoin mining revenue dropped 82% year over year to $7.4 million as the company repurposed mining capacity. The filing follows Ionic’s completion of a $400 million equity private placement on Friday.
