Ionic Digital Files Confidential U.S. IPO After Turnaround

Ionic Digital Inc., the Bitcoin mining firm created from the assets of Celsius Mining, has submitted a confidential draft registration statement to the U.S. Securities and Exchange Commission (SEC) as part of its plan to go public.

The company said the timing and terms of the offering will depend on the SEC’s review process and market conditions. The filing marks the latest milestone in Ionic Digital’s comeback, roughly a year after it restarted its IPO plans with a new board and auditor in October 2024.

From Celsius Bankruptcy to Renewed Growth

Ionic Digital was established in early 2024 as a rebrand of Celsius Mining’s assets following bankruptcy proceedings. Since then, it has worked to rebuild investor trust and strengthen financial transparency to prepare for a public listing.

Last month, the company reported its first full-year financial results, showing $40.1 million in net income and $138.4 million in Bitcoin mining revenue for 2024. Adjusted EBITDA reached $85 million, while total holdings stood at $271.8 million, including 2,393 BTC and cash reserves.

Interim CEO Anthony McKiernan described 2024 as a “transformational” year, emphasizing operational discipline and a focus on “value-maximizing liquidity pathways” for shareholders.

Strategic Diversification and AI Infrastructure Partnerships

The confidential submission was made under emerging growth company provisions, allowing private collaboration with the SEC before a formal prospectus release.

Ionic Digital’s IPO plans come amid a broader revival of public Bitcoin mining firms following the 2024 halving and improving market conditions. Investors are now favoring miners with strong balance sheets and diversified digital infrastructure portfolios.

In a notable step toward diversification, Ionic Digital recently signed a leasing agreement in Texas with Nscale, a U.K.-based AI cloud provider spun out of Arkon Energy. Nscale previously announced a $14 billion partnership with Microsoft to deploy over 100,000 Nvidia GB300 chips across Texas and Portugal.

As of September, Ionic Digital’s realized hashrate reached 7.72 EH/s, solidifying its position among the top global Bitcoin mining operators.

Read also: Ionic Digital Expands Texas Facility to 140 Megawatts