Ionic Digital rose about 25% to $63 on its Nasdaq debut on Tuesday, giving the company an implied market value of roughly $2.75 billion. The firm, created in January 2024 to acquire Celsius Mining’s assets from the bankrupt Celsius Network, listed via a direct offering under the ticker IOND, opening at $50 against a $53 reference price. Ionic received approximately $195 million in cash and 540 BTC, valued at about $35 million, and assumed control of the mining operations previously managed by Hut 8, which retained a minority stake. The company has expanded its infrastructure into artificial intelligence and high‑performance computing, signing a 10‑year lease with Nscale for its West Texas site that includes about $2 billion in contracted revenue, with a February amendment raising the total to $2.6 billion, according to an SEC filing. Ionic continues to mine bitcoin at four Texas locations, having extracted just under 25 BTC in May, bringing its total holdings to 2,861 BTC, which places it at number 28 among publicly traded corporate bitcoin holders, behind DDC Enterprise Limited, as reported by Bitcoin Treasuries. Ionic plans to reduce bitcoin mining output as it reallocates more of its power capacity to AI workloads, and the company has not yet been added to Bitcoin Treasuries’ public rankings.