Bitcoin Miner Ionic Climbs 25% On Nasdaq Debut, Joining Hut 8’s AI Shift

Ionic Digital Inc. (NASDAQ: IOND) climbed more than 25% from its $50 opening price to nearly $63 in its Nasdaq debut Tuesday, July 28. The move gave the Bitcoin miner an implied valuation of roughly $2.75 billion.

Ionic went public through a direct listing rather than a traditional initial public offering (IPO). Existing shareholders sold their shares directly, and the company raised no new capital.

From Celsius Bankruptcy to Nasdaq

Ionic Digital emerged in January 2024 from Celsius Network's bankruptcy. It took over most of Celsius Mining's bitcoin (BTC) mining equipment, plus about $195 million in cash and 540 BTC.

Hut 8 (NASDAQ: HUT) initially managed those mining sites under a four-year deal signed in February 2024. Ionic ended the arrangement less than a year later and took direct control, though Hut 8 kept a minority stake. Hut 8's own stock has surged this year on similar AI hosting deals.

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