Ionic Digital Plans Public Listing Following Rebirth from Celsius Bankruptcy

Ionic Digital, the Bitcoin mining company that emerged from the collapse of Celsius Network, is preparing to go public. The company announced this week that it has submitted a draft registration statement to the U.S. Securities and Exchange Commission (SEC) for a proposed Nasdaq listing. The IPO is expected to occur once the SEC’s review is complete, pending market conditions and other approvals.

Formed in 2024 from the acquisition of Celsius Mining LLC’s assets, Ionic Digital operates as a digital infrastructure and cryptocurrency mining firm with a nationwide footprint. Its total operational capacity stands at 318 megawatts, including 265MW across several owned sites in Texas and the rest hosted at partner facilities, powering more than 110,000 mining rigs.

The company’s core mining operations are located in Garden City, Rebel, Stiles, and East Stiles, Texas. Ionic also works with hosting and infrastructure partners such as Hut 8 (Nasdaq: HUT), which manages its mining operations at multiple facilities, including the Alpha site in Niagara Falls, New York. Additional operations are active at a GXD site in Oklahoma and an EZ Blockchain facility in Georgia.

One of Ionic’s most significant developments centers on its Barstow, Texas, property. Earlier this month, the company announced a 10-year, $2 billion lease agreement with AI cloud infrastructure firm Nscale, which will utilize the 234MW Cedarvale site in Ward County to serve Microsoft’s growing AI compute needs. Nscale itself was recently spun out of crypto infrastructure company Arkon Energy.

The Barstow site has a complex history. Celsius originally acquired the undeveloped property from Core Scientific in September 2023 for $14 million as part of a bankruptcy-related settlement between the two companies. After completing construction, Ionic energized the first of four 50MW buildings at the site in August 2024, followed by the second building two months later. The company has since shifted its focus to leasing portions of the facility to high-performance computing and AI clients.

With its strategic transformation from a distressed crypto asset into a diversified digital infrastructure player, Ionic Digital’s upcoming public listing marks a new chapter for the company. Its pivot toward hybrid AI and blockchain operations reflects a broader trend in the sector, as miners look to repurpose energy-intensive facilities for next-generation compute workloads.

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