Ionic Digital is a Bitcoin mining company that now provides AI infrastructure. The Nasdaq listing could allow former Celsius lenders to sell the shares they acquired through its restructuring.
Stockholders can sell as many Class A shares (up to 10,8 million) under the proposed IOND code. according According to an application filed Monday by the US Securities and Exchange Commission.
Ionic, a company formed in 2024, was established to purchase the assets of Celsius Mining through the bankrupt lender’s restructuring. Ionic stated in the filing that it began repositioning its business from being a Bitcoin mining company to a digital infrastructure provider for artificial intelligence (AI) and high-performance computation workloads.
According to the filing, Ionic will not receive any new capital from the proposed Nasdaq direct listing. The listing instead will create a market for current shareholders including Celsius creditors that received Ionic stock through bankruptcy.
AI repurposes Bitcoin miner Ionic
Ionic’s AI pivot is centered around the 234 megawatt Ward County property, which was originally developed in Texas for Bitcoin mining. By October 2025 the company plans to launch its first product. leased Under a 126 month agreement, Nscale will provide AI infrastructure. This contract represents nearly $2 billion of contracted revenues.
Ionic has said that the agreement can be expanded by 89 MW, if Ionic secures approvals and the capacity required. According to Ionic, this could increase its revenue contracted to $2.6 billion.
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Ionic has begun to see the shift in its financial results. In the first quarter 2026, the company generated $44,000,000 in revenue for digital infrastructure. Bitcoin mining revenue dropped 82% from the previous year, to $7.4,000,000, as Ward County was repurposed and the number of miners reduced, according to a SEC report filed on Monday.
Ionic Digital revenue. Source: SEC filing
This is a filing follows Ionic completed a private equity placement of $400 million on Friday. Ionic stated that the funds will be used to support its ongoing development of digital infrastructure.
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Source: cointelegraph.com
