Ionic Digital, the digital infrastructure company that rose from the ashes of Celsius Mining’s bankruptcy, is heading to the Nasdaq with a reference price of $53 per share. The direct listing, set for July 28 under the ticker IOND, values the company at roughly $2.4 billion post-money and marks one of the more unusual crypto-adjacent public market debuts in recent memory.
Here’s the thing about direct listings: no new shares get created. Instead, up to 10.8 million existing shares will be available for current holders to sell, with J.P. Morgan, Jefferies, and BTIG handling the financial advisory work. The $53 reference price isn’t arbitrary. It matches the per-share price of Ionic’s Series A convertible preferred stock, which institutional investors snapped up in June 2026 to the tune of $400 million.
From Bitcoin miner to infrastructure landlord
Ionic Digital’s origin story reads like a crypto phoenix narrative. The company was formed in January 2024 after acquiring the mining assets of Celsius Mining, the subsidiary of the spectacularly imploded Celsius Network. But rather than simply continuing to stack hash rate, Ionic’s leadership made a strategic pivot that tells you a lot about where the smart money thinks this industry is headed.
