Ionic Digital Climbs 26% in Nasdaq Debut

The company, which operates as a Bitcoin miner and AI infrastructure provider, reached an equity valuation of roughly $2.83 billion based on 44.9 million outstanding shares. Trading began through a cross involving 149,252 shares at 11:58 a.m. Eastern Time. While the opening price sat 5.7% below the $53 reference price set by Nasdaq, the stock recovered throughout the session to finish significantly higher. J.P. Morgan served as the designated financial adviser for the direct listing, which saw no newly issued shares or underwritten sales.

Ionic Digital’s market strategy focuses on a pivot from cryptocurrency mining toward high-performance computing. Its flagship 234-megawatt facility in Ward County, Texas, is under a long-term lease to Nscale, a deal projected to generate $1.95 billion in revenue through 2037. This shift is already reflected in the company’s financials: first-quarter leasing revenue reached $44 million, while Bitcoin mining revenue dropped 82% year over year to $7.4 million. As the company transitions, investors are closely monitoring the potential for volatility, given that nearly 11 million shares have been registered for resale by legacy holders.