Ionic Digital’s Nasdaq direct listing cleared by SEC, trading set for July 28

Ionic Digital said the SEC has cleared the final regulatory hurdle for its planned Nasdaq direct listing, with Class A common stock expected to begin trading on the Nasdaq Global Select Market on July 28 under the ticker IOND, subject to Nasdaq’s final listing requirements. Because the transaction is a direct listing rather than an initial public offering, Ionic will not issue new shares or raise fresh capital, and existing registered shareholders will be able to sell their holdings once trading starts. The listing is significant for former Celsius Network creditors, many of whom received Ionic shares through the crypto lender’s bankruptcy restructuring. Ionic was created in January 2024 to hold Bitcoin mining assets transferred from the Celsius estate after a U.S. bankruptcy court approved the restructuring plan, and former creditors received about 37 million Class A shares under that plan. Ionic has increasingly shifted from Bitcoin mining toward digital infrastructure for artificial intelligence and high-performance computing. The company previously completed roughly $400 million in private equity financing, which earlier SEC filings said implied a pre-money equity valuation of about $2 billion. Its Cedarvale campus in Ward County, Texas, with about 234 megawatts of installed capacity, has been repurposed in part for AI infrastructure under a long-term agreement with AI cloud provider Nscale. Earlier filings said the 126-month lease is expected to generate about $1.95 billion in contracted revenue. In the first quarter of 2026, Ionic reported $44 million in digital infrastructure leasing revenue, while Bitcoin mining revenue fell 82% year over year to $7.4 million from $41.1 million. The move comes as several publicly traded Bitcoin miners pursue AI-focused data center strategies to diversify beyond mining, using existing power, cooling and facility footprints to support high-performance computing workloads.