Ionic faces a possible activist push for board seats as its AI pivot takes shape

Ionic Digital may be heading into another round of boardroom tension. An activist investor may seek seats on the company’s board, according to a post on X. A company built from a bankruptcy Ionic Digital Inc. trades on Nasdaq under the ticker IOND. It was formed in January 2024 out of the Celsius Network bankruptcy, created to manage the crypto lender’s mining assets. Its public listing on Nasdaq began in July 2026. Ionic’s business today revolves around a single cornerstone deal. The company leases its 234 MW site in Ward County, Texas to Nscale, a London-based AI infrastructure firm. The arrangement is a 126-month triple-net lease. The lease was signed in October 2025 and amended in February 2026. It is projected to bring in an estimated $1.9 billion to $2.6 billion over its term. Nvidia guarantees the lease for the first five years, and the arrangement is tied to clients like Microsoft. One lease, most of the revenue In Q2 2026, Ionic reported total revenue of $48.6 million. More than $43.8 million of that came from the Ward County lease, which works out to over 90% of the quarter’s revenue from one tenant at one site. Ionic still runs limited Bitcoin mining at other locations b...