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Ionic Digital, the Bitcoin miner that traces its origins to bankrupt crypto lender Celsius, is pursuing a direct listing on the Nasdaq.
The company is simultaneously repositioning its mining infrastructure to serve artificial intelligence and high-performance computing workloads — a strategic pivot that reframes a distressed-asset origin story as a technology growth narrative.
What a Direct Listing Actually Means A direct listing bypasses the traditional underwritten IPO process: no new shares are sold, no investment bank guarantees a price floor, and existing shareholders sell directly into the public market.
Ionic Digital's equity was distributed through Celsius's bankruptcy proceedings, meaning a direct listing is the mechanism by which creditors and other stakeholders who received shares in the reorganization can find liquidity.
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