's came from Ionic Digital, a bitcoin miner formed out of 's bankruptcy. The stock rose 26% on its debut, valuing the company at $2.8 billion.
The Washington D.C.-based company was created in January 2024 to acquire 's mining assets under the bankrupt lender's court-approved reorganization. It is now pivoting to power AI calculations.
As a direct listing rather than an initial public offering, the company sold no new shares and received no income from the debut.
The shares opened at $50 and closed at $62.90, 19% above 's $53 , according to data published by . At the reference price, the company was valued at $2.4 billion, according to .
Ionic issued 37 million shares of Class A common stock to eligible holders of claims against and its affiliates, according to its .
The listing is the exit route for claimholders — people who lost money in the bankruptcy now hold shares in a company that popped 26% on day one.
The company raised $400 million in June through a private placement of convertible preferred shares and warrants. The preferred shares, priced at $53 each, converted into common stock when the listing completed.
Those investors agreed not to transfer the securities below $70 until six months after the listing.
Ionic decommissioned bitcoin mining at its Ward County, Texas, site in December and committed its 234 MW of capacity to Nscale under a lease carrying $1.95 billion in contracted revenue.
The company expects as much as $195 million in revenue this year, with more than 90% coming from infrastructure leasing. It held bitcoin worth $192.1 million and had no debt as of March 31.
The "bitcoin miner" label is now outdated — the company is an AI infrastructure landlord, with its mining operations decommissioned and nearly all revenue coming from leasing.