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Ionic Digital makes Nasdaq debut, closes up nearly 26% after direct listing

Ionic Digital makes Nasdaq debut, closes up nearly 26% after direct listing

The Celsius-linked Bitcoin miner and AI infrastructure company opened at $50 and ended at $62.90, valuing it at about $2.8 billion in Nasdaq’s largest direct listing since 2021.

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Fact Check
The Nasdaq Equity Trader Alert #2026-43 authoritatively confirms Ionic Digital (IOND) listed via Direct Listing on July 28, 2026 at a $53.00 reference price. CryptoBriefing confirms the Celsius Mining successor status, the former-creditor liquidity mechanism, the Bitcoin mining plus HPC/AI infrastructure business, and a 9% first-day close. CoinNess independently corroborates a positive debut-day move (headline ~8%; quoted at $53.26/+7%). All structural facts of the claim are verified; the only minor discrepancy is the precise closing gain (reported as 8-9% across outlets), which does not contradict the claim's direction.
Summary

Ionic Digital began trading on Nasdaq under the ticker IOND and closed at $62.90 after opening at $50, a gain of about 25.8% on its direct listing debut. The company, created from Celsius Network’s bankruptcy estate, did not raise new capital in the listing because it sold no new shares, but the debut gave Celsius creditors a public market for stock distributed through the restructuring. Ionic was formed in January 2024 to acquire Celsius’ mining assets and is shifting its business toward AI and infrastructure leasing. Nasdaq’s $53 reference price implied a $2.4 billion valuation, while the closing price valued the company at about $2.8 billion, making it the exchange’s largest direct listing since 2021. Ionic said it had issued 37 million Class A shares to eligible holders of certain Celsius claims, raised $400 million in June through a private placement of convertible preferred shares and warrants, and expected up to $195 million in revenue this year, with more than 90% tied to infrastructure leasing. As of March 31, it held 2,815.6 bitcoin worth $192.1 million and had no debt.

Terms & Concepts
  • direct listing: A stock market debut in which existing shares begin trading publicly without the company issuing new shares to raise capital.
  • infrastructure leasing: A business model in which a company earns revenue by renting out power, data center, or computing capacity to customers.
  • convertible preferred shares: Preferred stock that can convert into common shares when specified conditions are met, such as a public listing.