Ionic Digital's Nasdaq Launch Sees 26% Surge, Company Connected to Celsius
In its first day trading on Nasdaq, Ionic Digital surged 26% above its initial opening price, achieving approximately $2.8 billion in market value as the company completed its direct listing process.
On Tuesday, shares of Ionic Digital experienced a significant jump of approximately 26% above their initial opening price during the company's Nasdaq trading debut, following the completion of its direct listing by the Bitcoin mining and AI infrastructure firm associated with Celsius.
Trading commenced at $50 per share and concluded the session at $62.90, which translated to a market capitalization of approximately $2.8 billion when calculated against the roughly 44.9 million outstanding shares, as documented in the company's registration statement submitted to the US Securities and Exchange Commission.
The company known as Ionic was established in 2024 for the purpose of purchasing the assets of Celsius Mining as part of the bankruptcy reorganization process of the cryptocurrency lending platform, and has subsequently broadened its operations to include artificial intelligence and high-performance computing infrastructure services.
According to Renaissance Capital, a research firm specializing in initial public offerings, the implied market value of $2.4 billion for Ionic at the Nasdaq reference price of $53 represented the most substantial US direct listing since the year 2021.
Following the conclusion of regular trading hours, the stock experienced a pullback in its earlier advances, declining 6.5% to reach $58.80 during after-hours trading activity, as reported by Yahoo Finance data.