SKN | Celsius-Linked Ionic Digital Seeks Nasdaq Listing as It Accelerates AI Infrastructure Strategy

• Ionic Digital has filed for a direct listing on the Nasdaq under the ticker symbol IOND.

• The listing would allow former Celsius creditors to trade shares received through the company’s bankruptcy restructuring.

• Ionic is transitioning from Bitcoin mining to artificial intelligence (AI) and high-performance computing (HPC) infrastructure.

• A long-term Texas data center lease could generate up to $2.6 billion in contracted revenue.

Ionic Digital Pursues Nasdaq Direct Listing

Ionic Digital, the Bitcoin mining company formed from the restructuring of bankrupt cryptocurrency lender Celsius Network, has filed for a direct listing on the Nasdaq Stock Market as it continues its transformation into an artificial intelligence infrastructure provider.

According to a registration statement filed with the U.S. Securities and Exchange Commission (SEC), registered shareholders may sell up to 10.8 million Class A shares under the proposed ticker symbol IOND.

Unlike a traditional initial public offering (IPO), the direct listing will not raise new capital for the company. Instead, it will establish a public trading market for existing shareholders, many of whom are former Celsius creditors who received Ionic shares as part of the bankruptcy recovery process.

From Bitcoin Mining to AI Infrastructure

Ionic was established in 2024 to acquire the mining assets of Celsius Network following the crypto lender’s bankruptcy restructuring.

Since then, the company has shifted its long-term strategy beyond cryptocurrency mining, repositioning itself as a provider of digital infrastructure designed to support artificial intelligence applications and high-performance computing workloads.

The strategic transition reflects a broader trend across the Bitcoin mining industry, where companies are increasingly leveraging existing power infrastructure and data centers to capitalize on rapidly growing demand for AI computing capacity.

Texas Facility Anchors AI Expansion

At the center of Ionic’s transformation is its 234-megawatt Ward County facility in Texas, originally built to support Bitcoin mining operations.

In October 2025, the company signed a 126-month lease agreement with AI infrastructure provider Nscale, a deal expected to generate nearly $2 billion in contracted revenue over its duration.

The agreement also includes an option to expand the project by an additional 89 megawatts, subject to regulatory approvals and available power capacity. If fully implemented, the expanded partnership could increase total contracted revenue to approximately $2.6 billion.

The long-term lease provides Ionic with recurring infrastructure income while reducing its dependence on the cyclical economics of cryptocurrency mining.

Financial Results Reflect Strategic Shift

The company’s first-quarter 2026 financial results illustrate the ongoing transition.

Digital infrastructure leasing generated approximately $44 million in revenue during the quarter, emerging as Ionic’s largest business segment.

Meanwhile, Bitcoin mining revenue declined 82% year-over-year to $7.4 million as the company reduced active mining operations while converting portions of its Texas facility to support AI and HPC customers.

The revenue mix highlights how infrastructure leasing is becoming the company’s primary growth engine.

Recent Capital Raise Supports Growth

The Nasdaq filing follows Ionic’s completion of a $400 million private equity placement announced last week.

According to the company, the proceeds will be used for general corporate purposes, including expanding and developing its digital infrastructure portfolio.

Chief Executive Officer Andy Stewart said the funding will help accelerate Ionic’s long-term strategy of building infrastructure capable of serving enterprise AI and high-performance computing customers.

Outlook

Ionic Digital’s planned Nasdaq listing marks another milestone in the ongoing evolution of the digital asset industry. Rather than relying solely on Bitcoin mining revenue, the company is positioning itself to benefit from growing demand for AI infrastructure, a trend that is reshaping business models across the mining sector.

If successful, the listing will also provide liquidity for thousands of former Celsius creditors while giving public market investors exposure to one of the industry’s emerging AI-focused infrastructure companies.