SynopsisShares of the company, which went public through direct listing, opened at $50 apiece, down nearly 5.7% from a reference price of $53 set by the Nasdaq ‌on Monday.Ionic Digital, a bitcoin miner and AI infrastructure provider, secured a valuation of about $2.25 billion after its shares fell in the Nasdaq debut on Tuesday.Shares of the company, which went public through direct listing, opened at $50 apiece, down nearly 5.7% from a reference price of $53 set by the Nasdaq ‌on Monday.The tepid ⁠debut ⁠underscores the volatility in global markets, with investors scrutinizing the need for aggressive spending ​to build out AI capabilities."Ionic is expected to be the largest direct listing ​since 2021, having recently raised money at a roughly $2.4 billion valuation," said Matt Kennedy, senior strategist at Renaissance Capital, a provider of IPO-focused ​research and ETFs.A direct listing allows a company ⁠to list ‌its shares on an exchange without raising new ​capital or ​issuing new stock, letting existing shareholders sell their holdings.Music-streaming ⁠platform Spotify and data analytics firm Palantir are among ​the companies that went public through direct listing.Ionic Digital was formed in 2024 to acquire bitcoin mining assets of Celsius Mining, which received the approval from a US bankruptcy court for a restructuring in November 2023.In 2025, Ionic pivoted to AI and high-performance computing infrastructure, much like another bitcoin miner Hut 8, seeking ‌to derive greater value from its power assets.Soon after that, it signed a 10-year lease with AI cloud provider ​Nscale worth about $2 ​billion in contracted ⁠revenue.Several other companies have also pursued similar AI pivots, including Smartbird (formerly Allbirds) and Rocket One (formerly Hoth Therapeutics), seeking to capitalize on investor enthusiasm for ​the sector."Ionic's business may not have a large moat, but I wouldn't put it in the same category as Allbirds or Hoth, which look more look like last-ditch efforts to salvage some value by jumping on the AI bandwagon," Kennedy said. ...moreElevate your knowledge and leadership skills at a cost cheaper than your daily tea.Subscribe Now