Bitcoin miner-turned-AI infrastructure firm Ionic Digital has filed for a Nasdaq direct itemizing that would give former Celsius collectors a public marketplace for shares they acquired by means of the bankrupt lender’s restructuring.
Registered stockholders could promote as much as 10.8 million Class A shares below the proposed IOND ticker, in accordance to a registration assertion filed with the US Securities and Alternate Fee on Monday.
Ionic was shaped in 2024 to accumulate Celsius Mining’s property by means of the bankrupt lender’s restructuring. Within the submitting, Ionic stated it began repositioning itself in 2025 from a pure-play Bitcoin miner right into a broader digital infrastructure firm serving synthetic intelligence and high-performance computing (HPC) workloads.
The proposed direct Nasdaq itemizing won’t elevate new capital for Ionic, in keeping with the submitting. As a substitute, the itemizing will set up a public marketplace for current shareholders, together with former Celsius collectors who acquired Ionic shares by means of the chapter plan.
Ionic repurposes Bitcoin mining web site for AI
Ionic’s AI pivot revolves round its 234-megawatt Ward County property in Texas, initially developed for Bitcoin mining. In October 2025, the corporate leased the location to AI infrastructure supplier Nscale below a 126-month settlement representing almost $2 billion in contracted income.
Ionic stated the settlement might be expanded to incorporate an extra 89 MW if the corporate secures the required capability and approvals. This probably will increase its contracted income to about $2.6 billion, in keeping with the corporate.
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The shift has began to seem in Ionic’s monetary outcomes. The corporate recorded $44 million in digital infrastructure leasing income within the first quarter of 2026, whereas Bitcoin mining income fell 82% 12 months over 12 months to $7.4 million because it repurposed Ward County and decreased the variety of energetic miners, in keeping with its SEC submitting on Monday.
Ionic Digital’s reported income. Supply: SEC submitting
The submitting follows Ionic’s completion of a $400 million fairness personal placement on Friday. Ionic stated the proceeds can be used for normal company functions, whereas its CEO, Andy Stewart, stated the funds would assist the continued growth of its digital infrastructure property.
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