Bitcoin Miner Ionic Climbs 25% On Nasdaq Debut, Joining Hut 8’s AI Shift
Ionic Digital Inc. (NASDAQ: IOND) climbed greater than 25% from its $50 opening worth to almost $63 in its Nasdaq debut Tuesday, July 28. The transfer gave the Bitcoin miner an implied valuation of roughly $2.75 billion.
Ionic went public via a direct itemizing moderately than a conventional preliminary public providing (IPO). Existing shareholders bought their shares immediately, and the corporate raised no new capital.
From Celsius Bankruptcy to Nasdaq
Ionic Digital emerged in January 2024 from Celsius Network’s chapter. It took over most of Celsius Mining’s bitcoin (BTC) mining gear, plus about $195 million in money and 540 BTC.
Hut 8 (NASDAQ: HUT) initially managed these mining websites below a four-year deal signed in February 2024. Ionic ended the association lower than a yr later and took direct management, although Hut 8 stored a minority stake. Hut 8’s personal stock has surged this yr on comparable AI internet hosting offers.
Betting on AI Infrastructure
Ionic now leases its 234-megawatt Cedarvale facility in West Texas to AI cloud supplier Nscale. The 10-year deal is value about $2 billion in contracted income. A February modification might push that whole to $2.6 billion.
Ionic hasn’t stopped mining Bitcoin. It nonetheless runs 4 websites in Midland, Texas, and produced slightly below 25 BTC in May, on high of a 2,861 BTC treasury. Output ought to shrink as extra capability shifts to AI purchasers.
The debut provides Ionic to a wider group of miners pivoting to AI internet hosting to clean out Bitcoin’s worth swings. Hut 8, TeraWulf, and IREN have already taken comparable paths into longer-term hyperscaler contracts.
Ionic’s itemizing provides Celsius collectors a tradable inventory as an alternative of a non-public declare. It additionally ties Ionic’s future extra to AI wins than to bitcoin’s worth.
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