Ionic Digital went public directly on NASDAQ, with a 25% increase in stock price on the first day

According to The Block, Bitcoin mining company and AI infrastructure company Ionic Digital saw their stock prices rise by over 25% on their first day of direct listing on NASDAQ, approaching $63 with an implied valuation of approximately $2.75 billion. The company was established in January 2024 and acquired most of the mining assets in Celsius Network's bankruptcy restructuring, including mining machines, infrastructure, approximately $195 million in cash, and 540 BTC. Ionic Digital terminated Hut 8's mining operation management agreement and directly took over the mine, while Hut 8 retained a minority stake.