Overview
- Ionic Digital began public trading on Nasdaq on Tuesday and after opening at $50 per share it closed the first session at $62.90, implying an equity value near $2.8 billion.
- Nasdaq set a $53 reference price tied to Ionic’s June Series A preferred round, and the listing was a direct listing so Ionic issued no new shares and received no proceeds from the market debut.
- The company pivoted from bitcoin mining to leasing AI and high-performance computing capacity and has a 126-month lease with Nscale on its Ward County, Texas facility expected to generate about $1.95 billion in contracted revenue.
- Ionic provided 2026 guidance of roughly $190–$195 million in revenue, $36–$37 million in adjusted EBITDA and a preliminary net loss of about $34–$35 million, and it held roughly 2,815.6 BTC with no debt as of March 31.
- Key near-term items to watch are incoming fixed Nscale lease payments starting in August, how many legacy Celsius holders sell shares, and upcoming public filings that will clarify cash flows, bitcoin sales and conversion costs tied to the AI shift.