Ionic Digital surges 9% on first trading day after Nasdaq listing

Ionic Digital made its public market debut on Nasdaq on July 28, and investors apparently liked what they saw. Shares opened at a reference price of $53 and climbed 9% by the close of the first trading session. The ticker is IOND. From bankruptcy wreckage to billion-dollar listing Celsius Network, the crypto lending platform, filed for Chapter 11 bankruptcy in July 2022. Among the assets swept up in the restructuring was Celsius Mining LLC, a Bitcoin mining operation with real hardware, real power contracts, and real estate. Ionic Digital was formed in January 2024 to house those mining assets. The restructuring transferred substantial physical assets to Ionic Digital, including Bitcoin miners, real estate, cash, and a Bitcoin treasury containing approximately 540 BTC. For former Celsius creditors, the Nasdaq listing serves a very specific purpose: liquidity. Many of them received IOND shares as part of the bankruptcy resolution, and a public listing finally gives them the ability to trade those shares on an open market. The direct listing structure meant no new capital was raised in the process. The pivot: Bitcoin mining meets AI infrastructure Ionic Digital currently operates min...