Ionic Digital, Inc.

Ionic Digital, Inc. is an American digital infrastructure and cryptocurrency mining company headquartered in Washington, D.C. It operates Bitcoin-mining facilities and develops infrastructure for high-performance computing (HPC) and artificial intelligence (AI) applications.

Ionic Digital was established in January 2024 as part of the restructuring of CELSIUS Network. On January 31, 2024, it acquired Celsius Mining's bitcoin-mining assets, along with cash and other assets. Ionic issued 37 million Class A shares for the benefit of Celsius creditors.

The company initially focused on Bitcoin mining, with Hut 8 providing management services for its mining operations. In October 2025, Ionic entered into a 126-month lease with Nscale for 234 megawatts (MW) of capacity at its Ward County property in West Texas. The property was subsequently repurposed for AI and HPC infrastructure.

In June 2026, Ionic raised $400 million through a private placement of preferred STOCK and warrants. On July 28, 2026, its Class A common stock began trading on the Nasdaq Global Select Market under the ticker symbol IOND following a direct listing.

Formation

Ionic Digital was formed as part of the restructuring of Celsius Network, whose Chapter 11 bankruptcy plan was confirmed in November 2023. The company acquired Celsius Mining's bitcoin-mining assets on January 31, 2024.

As part of the transaction, Ionic issued 37 million Class A shares for the benefit of Celsius creditors. Hut 8 entered into an agreement to manage Ionic's mining operations.

2024 management changes

Ionic experienced several management and governance changes during 2024. The Wall Street Journal reported that CEO Matt Prusak left the company after his contract expired, auditor RSM US resigned in May, and several board members departed during the year.

Expansion into AI and HPC

In October 2025, Ionic entered into a 126-month lease with Nscale covering 234 MW of capacity at its Ward County property in West Texas. The property had previously been used for Bitcoin mining and was repurposed for digital infrastructure supporting HPC and AI applications.

The lease was amended in February 2026 to provide for an additional 89 MW when available. Ionic said the 234 MW lease represented approximately $1.95 billion in contracted revenue, potentially increasing to approximately $2.6 billion if the additional capacity became available.

2026 financing and public listing

In June 2026, Ionic raised $400 million in a private placement led by Attestor, Oaktree Capital Management and Sachem Head Capital Management, with participation from Citadel and Weiss Asset Management.

On June 29, 2026, the company filed a registration statement for a direct listing on Nasdaq. The registration statement covered the resale of up to approximately 10.8 million existing Class A shares.

The registration statement became effective in July, and Ionic's Class A common stock began trading on the Nasdaq Global Select Market on July 28, 2026, under the ticker symbol IOND.

Operations

Ionic Digital has two operating segments: digital infrastructure solutions and cryptocurrency mining.

Its digital infrastructure business includes the Ward County property in West Texas, where 234 MW of capacity is leased to Nscale for an AI data-center campus. Ionic is also pursuing additional capacity at the site.

Its cryptocurrency mining segment operates four facilities in Midland, Texas. The company has also begun planning to convert some of its Midland capacity to data-center use while continuing to mine Bitcoin at those sites.

In the second quarter of 2026, digital infrastructure leasing accounted for 90% of Ionic's revenue.

Corporate affairs

Ionic Digital is incorporated in Delaware and has its principal executive offices at 650 Massachusetts Avenue NW, 6th Floor, Washington, D.C.

Andy Stewart has served as chief executive officer and a director since November 2025.

As of March 31, 2026, Ionic reported 15 full-time employees and officers, as well as eight full-time independent contractors.

Its Class A common stock is listed on the Nasdaq Global Select Market under the ticker symbol IOND.

Financial information

For the year ended December 31, 2025, Ionic Digital reported revenue of $141.4 million, an operating loss of $311.4 million and a net loss of $247.7 million. At December 31, 2025, it reported total assets of $605.0 million and stockholders' equity of $543.4 million.

See also

• Bitcoin mining
• Data center
• High-performance computing
• Artificial intelligence
• Celsius Network