Ionic Digital, the company reborn from the remnants of Celsius Mining, is set to trade publicly on Nasdaq under the ticker IOND with a reference price of $53 per share. This valuation puts the firm around $2.4 billion as it embarks on a rare direct listing, a move that involves no fresh shares but allows existing shareholders to sell up to 10.8 million shares.
The $53 price point is notable because it mirrors what institutional investors paid during a $400 million funding round in June 2026 for Series A convertible preferred stock. Major banks like J.P. Morgan, Jefferies, and BTIG are managing this transition to the public markets.
Ionic's transformation goes beyond just surviving Celsius Network's bankruptcy saga. After acquiring those mining assets in early 2024, Ionic shifted strategy from being a traditional Bitcoin miner to leasing out digital infrastructure long-term. One of their biggest moves was signing a 10-year triple-net lease with Nscale for their Cedarvale facility in Texas, covering 323 megawatts of capacity.
That lease deal is expected to generate nearly $2 billion over its lifetime, with revenue starting as early as November 2025 and fixed monthly payments rolling in by August. Financial filings estimate Ionic’s 2026 revenue between $190 million and $195 million, with an adjusted EBITDA near $36-37 million. Even though the company still anticipates a net loss of about $34-35 million, that positive EBITDA margin of 19% shows progress as they pivot to infrastructure leasing.
