Shares of bitcoin miner Ionic Digital surged 26% on their first day of trading on the Nasdaq, delivering long-awaited liquidity to former creditors of the collapsed crypto lender Celsius Network.
A Public Debut Born From Bankruptcy
Ionic Digital's arrival on the public markets marks a significant milestone for a company that emerged from the ashes of one of the most high-profile failures in the crypto industry. The bitcoin mining firm was created as part of the restructuring plan following Celsius Network's bankruptcy, and its stock had previously traded only in private, illiquid markets.
With roughly 44.9 million shares outstanding, the company reached a market valuation of approximately $2.8 billion after the opening pop. The listing gives shareholders a transparent, regulated venue to buy and sell their holdings for the first time.
For thousands of former Celsius creditors, the Nasdaq listing finally opens the door to cashing out.
An Exit Route for Celsius Claimholders
The debut is particularly meaningful for former Celsius customers who received Ionic shares as part of the lender's court-approved recovery process. Until now, those claimholders had limited options for turning their equity stakes into cash, leaving the value of their recoveries difficult to realize.
Celsius, once a major player in crypto lending, filed for bankruptcy in 2022 amid a broader market downturn that toppled several centralized crypto firms. As part of the wind-down, the bitcoin mining operation was spun off into a standalone entity intended to generate value for creditors.
The successful listing represents one of the final chapters in the lengthy effort to compensate those affected by the collapse.
- Ionic Digital rose 26% in its Nasdaq debut
- The company reached a valuation near $2.8 billion
- Shares are tied to Celsius Network's bankruptcy recovery plan
For claimholders who have waited years for resolution, the public listing offers both liquidity and a clearer sense of what their claims are ultimately worth.