Ionic Digital pursues Nasdaq direct listing while transitioning Bitcoin mining operations to AI infrastructure
The Bitcoin mining company with ties to Celsius is pursuing a direct Nasdaq listing while transforming its mining facilities to support artificial intelligence and high-performance computing operations.
Ionic Digital, a company that has transitioned from Bitcoin mining to AI infrastructure provision, has submitted paperwork for a direct Nasdaq listing that would provide former creditors of Celsius with access to a public trading venue for the equity they obtained during the failed lender's reorganization process.
The registration statement submitted to the US Securities and Exchange Commission on Monday indicates that existing stockholders of record may offer up to 10.8 million Class A shares for sale under the proposed ticker symbol IOND.
The company came into existence in 2024 through the acquisition of Celsius Mining's holdings as part of the bankrupt lender's reorganization proceedings. According to the filing, Ionic began its transformation in 2025 from an exclusively Bitcoin-focused mining operation into a more diversified digital infrastructure provider catering to artificial intelligence and high-performance computing (HPC) applications.
According to the filing, the proposed direct listing on Nasdaq will not generate fresh capital for Ionic. Rather, the listing aims to create a public trading platform for current shareholders, which includes former Celsius creditors who were allocated Ionic shares as part of the bankruptcy reorganization plan.
Ionic repurposes Bitcoin mining site for AI
The strategic pivot toward AI infrastructure centers on Ionic's 234-megawatt facility located in Ward County, Texas, which was initially built for Bitcoin mining operations. In October 2025, the company entered into a lease arrangement with AI infrastructure provider Nscale spanning 126 months, which represents contracted revenue approaching $2 billion.
According to Ionic, the arrangement has provisions for potential expansion to incorporate an additional 89 MW, contingent upon the company obtaining the necessary capacity and regulatory approvals. This expansion scenario could potentially push its total contracted revenue to approximately $2.6 billion, the company stated.
The strategic transformation has begun manifesting in Ionic's financial performance. During the first quarter of 2026, the company generated $44 million from digital infrastructure leasing operations, while revenue from Bitcoin mining operations plummeted 82% year over year to $7.4 million as the company repurposed the Ward County facility and decreased its fleet of operational mining machines, as detailed in its SEC filing on Monday.
The regulatory filing comes on the heels of Ionic's successful closure of a $400 million equity private placement on Friday. According to Ionic, the capital raised will be allocated toward general corporate purposes, while the company's CEO, Andy Stewart, indicated the funds would facilitate the ongoing development of its digital infrastructure holdings.