Ionic Digital seeks Nasdaq listing after AI shift

• Ionic Digital filed for a Nasdaq direct listing that would allow former Celsius creditors to trade their shares under the proposed ticker IOND.
• The company is shifting from Bitcoin mining to artificial intelligence infrastructure, with Bitcoin mining revenue falling 82% year over year.
• Ionic said long-term AI infrastructure contracts are expected to become its primary growth driver.

Ionic Digital has filed with the US Securities and Exchange Commission for a direct listing on the Nasdaq, allowing existing shareholders, including former Celsius Network creditors, to sell up to 10.8 million Class A shares under the proposed ticker IOND.

The company was created in 2024 to acquire Celsius Mining assets following Celsius Network's bankruptcy and said it began repositioning itself in 2025 from a Bitcoin (CRYPTO:BTC) mining company to a digital infrastructure provider focused on artificial intelligence and high-performance computing.

“The proceeds would be used for general corporate purposes,” Ionic said of its recently completed US$400 million private placement, while Chief Executive Officer Andy Stewart said the funds would support continued development of the company's digital infrastructure assets.

Ionic said its 234-megawatt Ward County, Texas, facility has been leased to Nscale under a 126-month agreement representing nearly US$2 billion in contracted revenue, with the company stating the agreement could expand to US$2.6 billion if an additional 89 MW of capacity is secured and approved.

The proposed Nasdaq listing will not raise new capital because it is a direct listing for existing shareholders, and as Ionic Digital is not yet publicly traded there was no share price reaction.

The company's first-quarter 2026 results showed US$44 million in digital infrastructure leasing revenue, while Bitcoin mining revenue declined 82% year over year to US$7.4 million as mining operations were reduced during the transition.

The filing follows the completion of Ionic's US$400 million equity private placement and reflects a broader trend of Bitcoin mining companies expanding into artificial intelligence and high-performance computing infrastructure to diversify revenue sources.

At the time of reporting, Bitcoin price was $59,438.93.