Bitcoin miner-turned-AI infrastructure company Ionic Digital has filed for a Nasdaq direct listing that could provide former Celsius creditors with a public market for shares received through the bankrupt lender’s restructuring. The move marks a significant shift in the company’s business model, as it transitions from pure-play Bitcoin mining to serving artificial intelligence and high-performance computing workloads.
Registered stockholders may sell up to 10.8 million Class A shares under the proposed IOND ticker symbol, according to a registration statement filed with the US Securities and Exchange Commission on Monday.
The direct listing will not raise new capital for Ionic but instead will establish a public market for existing shareholders, including former Celsius creditors who received Ionic shares through the bankruptcy plan.
Ionic was formed in 2024 to acquire Celsius Mining’s assets through the bankrupt lender’s restructuring process. The company began repositioning itself in 2025 from a traditional Bitcoin mining operation into a broader digital infrastructure provider. This strategic pivot reflects broader industry trends as miners explore alternative revenue streams beyond cryptocurrency production.
The company’s transformation centers on its 234-megawatt Ward County property in Texas, originally developed for Bitcoin mining operations. In October 2025, Ionic leased the site to AI infrastructure provider Nscale under a 126-month agreement representing nearly $2 billion in contracted revenue. The agreement could potentially expand to include an additional 89 megawatts if Ionic secures the required capacity and regulatory approvals, which would increase contracted revenue to approximately $2.6 billion.
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Financial results already reflect this strategic shift. Ionic recorded $44 million in digital infrastructure leasing revenue in the first quarter of 2026, while Bitcoin mining revenue fell 82 percent year over year to $7.4 million as the company repurposed Ward County and reduced its number of active miners. This dramatic revenue reallocation demonstrates the company’s commitment to its AI infrastructure strategy.
The filing follows Ionic’s completion of a $400 million equity private placement on Friday. The company stated that proceeds would be used for general corporate purposes, while CEO Andy Stewart indicated the funds would support continued development of Ionic’s digital infrastructure assets. This capital infusion provides the company with resources to execute its expansion plans and strengthen its position in the competitive AI infrastructure market.
The Nasdaq direct listing represents a milestone for former Celsius creditors who have waited years for a liquidity event following the platform’s collapse in 2022.
Celsius filed for bankruptcy protection in June 2022 after halting withdrawals amid market turmoil and regulatory scrutiny. The restructuring process has been lengthy, but creditors who received Ionic shares will now have access to public markets to trade their holdings.
This development follows a pattern seen in Galaxy Digital’s recent assessment of crypto regulatory progress, highlighting how digital asset companies continue navigating evolving market conditions and capital formation strategies. The direct listing approach offers an alternative to traditional initial public offerings, allowing existing shareholders to establish a public market without the company raising new capital.
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Ionic’s pivot to AI infrastructure aligns with broader industry recognition that data center capacity and computing power have become critical assets. As artificial intelligence adoption accelerates globally, demand for reliable, scalable infrastructure continues to surge. Mining operations with existing power infrastructure and real estate assets are uniquely positioned to capitalize on this trend.
The company’s ability to convert Bitcoin mining infrastructure into AI-serving capacity demonstrates the flexibility of modern digital infrastructure.
Both operations require substantial electrical power, cooling systems, and technical expertise, creating natural synergies for companies making the transition.
According to Cointelegraph, the direct listing filing represents one of the most significant developments for Celsius creditors since the platform’s bankruptcy filing. The public listing will provide transparency into Ionic’s operations and financial performance while offering creditors a mechanism to realize value from their restructuring allocations.
Ionic Digital’s Nasdaq direct listing is expected to proceed pending SEC approval and customary regulatory processes.
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