Mining company that acquired Celsius debuts on Nasdaq..."Surges 26% by embracing bankrupt company's assets"

▲ Bitcoin (BTC) Mining

Ionic Digital (IOND), which acquired the mining assets of the bankrupt Celsius, surged 26% on its Nasdaq debut. Its growth strategy, combining Bitcoin (BTC) mining with artificial intelligence (AI) infrastructure, attracted investor attention.

According to cryptocurrency specialized media Cointelegraph on July 29 (local time), Ionic Digital started trading at an initial price of $50 on its direct Nasdaq listing debut on the 28th and closed at $62.9, an increase of approximately 26%.

Applying the approximately 44.9 million shares outstanding listed in the US Securities and Exchange Commission (SEC) registration document, the market capitalization at closing price is approximately $2.8 billion. In after-hours trading, it gave back some of its regular session gains, falling 6.5% to $58.8.

Ionic Digital was established in 2024 to acquire Celsius Mining assets during the restructuring process of the bankrupt cryptocurrency lender Celsius. At its launch, it positioned Bitcoin mining as its core business, and has since expanded its business into AI and High-Performance Computing (HPC) infrastructure.

IPO research firm Renaissance Capital estimated Ionic Digital's enterprise value at $2.4 billion, applying the reference price of $53 set by Nasdaq. The listing size is the largest among direct listing companies that have entered the US stock market since 2021.

[Article Key Summary]

-Ionic Digital closed at $62.9, up approximately 26% from its initial price on the first day of its direct Nasdaq listing.

-Its market capitalization at closing price was estimated at approximately $2.8 billion, setting a record for the largest direct listing in the U.S. since 2021.

-Ionic Digital, launched by acquiring Celsius's mining assets, expanded its business from Bitcoin mining to AI and high-performance computing infrastructure.

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