- Lead. Ionic Digital, built on the wreckage of Celsius Network’s bankrupt mining operations, is set to begin trading on the Nasdaq Global Select Market on July 28 under the ticker IOND, giving roughly 80,000 former Celsius creditors their first public exit route.
- Fact. The company raised $400 million in a private placement at $53 per share in June 2026, implying a pre-money valuation of $2 billion — a striking recovery for a business whose predecessor halted customer withdrawals in July 2022.
- Stake. The listing tests whether the broader crypto infrastructure sector can sustain investor appetite at a moment when weak market performance has forced rivals including Kraken’s parent Payward, Grayscale and Ledger to postpone their own IPO preparations.
Ionic Digital filed for a direct listing on the Nasdaq under Form 10 registration in late June, with shares expected to begin trading on July 28. The company will not raise new capital in the listing — existing shareholders, including the institutional investors from its June private placement, will supply the float. Attestor, Oaktree Capital Management and Citadel participated in the $400 million round that anchored the $2 billion valuation, according to Renaissance Capital’s IPO tracker.
Built From Celsius’s Ruins
Celsius Network, the crypto lending platform, froze customer withdrawals in June 2022 and filed for bankruptcy in July of the same year. Celsius Mining — the operational arm that ran data centers and Bitcoin mining rigs — was carved out during restructuring and formally became Ionic Digital on January 31, 2024. The company inherited 394 megawatts of Bitcoin mining capacity spread across facilities in the United States, with a flagship 234 MW site in Ward County, Texas, currently leased to Nscale under a 126-month triple-net agreement.
The roughly 80,000 former Celsius creditors who lost access to funds during the collapse received equity stakes in Ionic Digital as part of the bankruptcy settlement. The Nasdaq listing converts those stakes into a liquid, publicly priced instrument for the first time.
Pivot to AI Infrastructure
Ionic Digital’s filings describe a strategic shift beyond Bitcoin mining toward what the company calls “powered land development and digital infrastructure” — a category that encompasses high-performance computing and artificial intelligence data centers. The company competes with established public miners including Marathon Digital, Riot Platforms and CleanSpark, but frames its power-land holdings as an asset class distinct from pure mining operators.
The listing arrives against a difficult backdrop for the sector. A stalled crypto market structure bill in the Senate has prolonged regulatory uncertainty, and weak secondary-market performance has constrained the IPO pipeline. Several firms that announced listing intentions in 2025 have since deferred, making Ionic Digital’s July 28 debut among the more closely watched market events of the month.
Context: The Broader Crypto Capital Market
Ionic Digital’s listing follows Circle’s federal bank charter — a milestone that signalled growing institutional integration of dollar-pegged stablecoins — as the crypto sector seeks legitimacy through regulated frameworks rather than through secondary price rallies. Whether the Ionic Digital debut attracts the institutional volumes its backers need will offer a read on how much of that optimism has translated into real capital appetite.