Bitcoin Miner Ionic Climbs 25% On Nasdaq Debut, Valuation Reaches $2.75B

According to Reuters, Ionic Digital Inc. (NASDAQ: IOND) climbed more than 25% from its $50 opening price to $63 in its Nasdaq debut on Tuesday, July 28, giving the Bitcoin miner an implied valuation of approximately $2.75 billion.

Ionic went public through a direct listing rather than a traditional IPO, with existing shareholders selling shares directly and no new capital raised. The company emerged from Celsius Network's bankruptcy in January 2024 and now leases its 234-megawatt Cedarvale facility in West Texas to AI cloud provider Nscale under a 10-year deal worth approximately $2 billion in contracted revenue.