Ionic Digital Inc. filed a Form S-1 with the United States Securities and Exchange Commission on June 29, seeking to list its Class A common stock on the Nasdaq Global Select Market under the ticker IOND. The Bitcoin miner is registering the resale of up to 10.8 million shares held by existing stockholders in a direct listing rather than a traditional initial public offering. Ionic was formed in January 2024 to acquire the mining assets of Celsius Mining LLC out of the Celsius Network Chapter 11 bankruptcy case.
Ionic Digital Files Form S-1 for Direct Nasdaq Listing
The company is pursuing a direct listing rather than a traditional initial public offering, registering the resale of up to 10.8 million shares held by existing stockholders. This means Ionic will not raise capital from the listing itself. J.P. Morgan is serving as the designated financial advisor, with Jefferies and BTIG also advising on the transaction.
Much of Ionic's stock traces back to creditors of Celsius Network, which froze withdrawals in 2022 before collapsing into bankruptcy. Ionic was formed in January 2024 specifically to acquire the mining assets from the Celsius Network Chapter 11 bankruptcy case.
Company Holds 2,815.6 BTC with Zero Debt as of March 31
As of March 31, Ionic held 2,815.6 BTC worth approximately $192.1 million, alongside $34.9 million in cash and no debt. The company mined an average of 111.4 BTC per month in 2025 while selling 84.1 BTC to fund operations. In the first quarter of 2026, it mined roughly 31.9 BTC per month and sold none.
First-quarter revenue reached $51.4 million, led by leasing rather than mining, against a $12.98 million net loss. The company lost $247.7 million in 2025. Separately, Ionic raised $400 million through a June 26 private placement of convertible preferred stock. The company describes its Bitcoin treasury as a capital-allocation asset to fund its business pivot, not a holding to accumulate indefinitely.
Ionic Pivots from Mining to Data Center Leasing for AI
Like peers IREN and Hut 8, Ionic is repositioning from pure-play mining toward leasing data-center capacity for high-performance computing and artificial intelligence. Its anchor is a 126-month lease of its Ward County, Texas site to hyperscaler Nscale, carrying roughly $1.95 billion in contracted revenue, or up to $2.6 billion if added power is energized. Ionic decommissioned mining at Ward County in December.
FAQ
What did Ionic Digital file with the SEC on June 29?
Ionic Digital Inc. filed a Form S-1 with the United States Securities and Exchange Commission on June 29, seeking to list its Class A common stock on the Nasdaq Global Select Market under the ticker IOND through a direct listing of up to 10.8 million shares held by existing stockholders.
How much Bitcoin does Ionic Digital hold?
As of March 31, Ionic held 2,815.6 BTC worth approximately $192.1 million, alongside $34.9 million in cash and no debt. The company mined an average of 111.4 BTC per month in 2025 and roughly 31.9 BTC per month in the first quarter of 2026.
How is Ionic Digital connected to Celsius Network?
Ionic Digital was formed in January 2024 to acquire the mining assets of Celsius Mining LLC out of the Celsius Network Chapter 11 bankruptcy case. Celsius Network froze withdrawals in 2022 before collapsing into bankruptcy, and much of Ionic's stock traces back to the lender's creditors.
