Bitcoin miner-turned-AI infrastructure company Ionic Digital has filed for a Nasdaq direct listing that could give former Celsius creditors a public market for shares they received through the bankrupt lender’s restructuring.
Registered stockholders may sell up to 10.8 million Class A shares under the proposed IOND ticker, according to a registration statement filed with the US Securities and Exchange Commission on Monday.
Ionic was formed in 2024 to acquire Celsius Mining’s assets through the bankrupt lender’s restructuring. In the filing, Ionic said it started repositioning itself in 2025 from a pure-play Bitcoin miner into a broader digital infrastructure company serving artificial intelligence and high-performance computing (HPC) workloads.
The proposed direct Nasdaq listing will not raise new capital for Ionic, according to the filing. Instead, the listing will establish a public market for existing shareholders, including former Celsius creditors who received Ionic shares through the bankruptcy plan.
Ionic repurposes Bitcoin mining site for AI
Ionic’s AI pivot revolves around its 234-megawatt Ward County property in Texas, originally developed for Bitcoin mining. In October 2025, the company leased the site to AI infrastructure provider Nscale under a 126-month agreement representing nearly $2 billion in contracted revenue.
Ionic said the agreement could be expanded to include an additional 89 MW if the company secures the required capacity and approvals. This potentially increases its contracted revenue to about $2.6 billion, according to the company.
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The shift has started to appear in Ionic’s financial results. The company recorded $44 million in digital infrastructure leasing revenue in the first quarter of 2026, while Bitcoin mining revenue fell 82% year over year to $7.4 million as it repurposed Ward County and reduced the number of active miners, according to its SEC filing on Monday.
Ionic Digital’s reported revenue. Source: SEC filing
The filing follows Ionic’s completion of a $400 million equity private placement on Friday. Ionic said the proceeds would be used for general corporate purposes, while its CEO, Andy Stewart, said the funds would support the continued development of its digital infrastructure assets.
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