Ionic Digital debuted on Nasdaq at $2.25 billion valuation with a 25% pop, pivoting Celsius' bitcoin mining assets into AI infrastructure.

Ionic Digital, a bitcoin miner and AI infrastructure provider, secured a valuation of approximately US$2.25 billion following its Nasdaq debut on Tuesday. Shares of the company, which went public through direct listing, opened at $50 per share, down nearly 5.7% from the reference price of $53 set by the Nasdaq on Monday.

The tepid debut reflects broader volatility in global markets, with investors scrutinizing the aggressive capital expenditures required to build out AI capabilities. "Ionic is expected to be the largest direct listing since 2021, having recently raised money at a roughly $2.4 billion valuation," said Matt Kennedy, senior strategist at Renaissance Capital, a provider of IPO-focused research and ETFs.

A direct listing allows a company to list its shares on an exchange without raising new capital or issuing new stock, enabling existing shareholders to sell their holdings. Other prominent companies that have pursued this route include music-streaming platform Spotify and data analytics firm Palantir.

Ionic Digital was formed in 2024 to acquire bitcoin mining assets from Celsius Mining, which received approval from a U.S. bankruptcy court for restructuring in November 2023. In 2025, the company pivoted toward AI and high-performance computing infrastructure, following a similar strategy employed by bitcoin miner Hut 8 to extract greater value from its power assets.

Shortly thereafter, Ionic signed a ten-year lease with AI cloud provider Nscale valued at approximately $2 billion in contracted revenue. The pivot to AI has attracted other companies seeking to capitalize on investor enthusiasm for the sector, including Smartbird, formerly Allbirds, and Rocket One, formerly Hoth Therapeutics.

Kennedy tempered expectations around Ionic's prospects, stating: "Ionic's business may not have a large moat, but I wouldn't put it in the same category as Allbirds or Hoth, which look more like last-ditch efforts to salvage some value by jumping on the AI bandwagon."