Ionic Digital, a bitcoin mining company turned artificial intelligence infrastructure, has filed for a direct listing on Nasdaq, which could provide Celsius’ former creditors with a public market for the shares they received in the collapsed lender’s restructuring.
Registered shareholders can sell up to 10.8 million Class A shares under the proposed IOND ticker, According to to a registration statement filed Monday with the U.S. Securities and Exchange Commission.
Ionic was formed in 2024 to acquire the assets of Celsius Mining through the restructuring of the bankrupt lender. In its filing, Ionic said it began repositioning itself in 2025 from a purely bitcoin mining company to a broader digital infrastructure company supporting artificial intelligence and high-performance computing (HPC) workloads.
The documents show that the proposed direct listing on the Nasdaq stock exchange will not raise modern capital for Ionic. Instead, the listing will create a public market for existing shareholders, including former Celsius creditors who received Ionic shares as part of the bankruptcy plan.
Ionic repurposes Bitcoin mining site for artificial intelligence
Ionic’s AI axis centers around a 234-megawatt property in Ward County, Texas, originally developed for bitcoin mining. In October 2025, the company leased website of artificial intelligence infrastructure provider Nscale as part of a 126-month deal providing nearly $2 billion in contracted revenue.
Ionic said the deal could be expanded to an additional 89 MW if the company secures the required capacity and permits. This potentially increases contracted revenue to approximately $2.6 billion, according to the company.
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The change began to be seen in Ionic’s financial results. The company reported $44 million in digital infrastructure leasing revenue in the first quarter of 2026, according to Monday’s SEC filing, while bitcoin mining revenue fell 82% year-over-year to $7.4 million as Ward County was rezoned and the number of energetic miners decreased.
Ionic Digital’s reported revenues. Source: SEC filing
Registration follows On Friday, Ionic completed a $400 million private equity offering. Ionic said the proceeds would be used for general corporate purposes, and CEO Andy Stewart said the funds would support the continued development of digital infrastructure assets.
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