Woofun AI reports that Ionic Digital has filed for a Nasdaq direct listing under the ticker IOND, creating a public market for 10.8 million Class A shares held by former Celsius creditors. The registration statement submitted to the US Securities and Exchange Commission on Monday outlines a strategic shift for the entity formed in 2024 to acquire Celsius Mining's assets. While the listing will not raise new capital, it enables registered stockholders to liquidate positions derived from the bankrupt lender's restructuring plan.

Structurally, Ionic announced a repositioning in 2025 from a pure-play Bitcoin miner into a digital infrastructure provider serving artificial intelligence and high-performance computing workloads. This pivot centers on the company's 234-megawatt Ward County property in Texas, which was originally developed for Bitcoin mining operations. In October 2025, Ionic leased the site to AI infrastructure provider Nscale under a 126-month agreement representing nearly $2 billion in contracted revenue.

The deal includes an expansion clause allowing for an additional 89 MW of capacity if Ionic secures the required power and regulatory approvals. Such an expansion would potentially increase total contracted revenue to approximately $2.6 billion.

Woofun AI data shows this strategic realignment is already reflected in financial results, with digital infrastructure leasing revenue reaching $44 million in the first quarter of 2026.

Conversely, Bitcoin mining revenue plummeted 82% year over year to $7.4 million as the company repurposed Ward County and reduced the number of active miners. The filing follows the completion of a $400 million equity private placement on Friday, with proceeds designated for general corporate purposes. CEO Andy Stewart stated the funds would support the continued development of these digital infrastructure assets.

This transition marks a definitive end to Ionic's primary reliance on Bitcoin mining in favor of long-term AI infrastructure contracts. The move provides a liquidity event for creditors while cementing the company's role in the high-performance computing sector.