Ionic Digital's Nasdaq debut values crypto miner at $2.8 billion
Ionic Digital Inc. completed a direct listing on the Nasdaq Global Select Market on July 28, 2026, trading under the ticker IOND. The company did not raise new capital; existing shareholders sold shares directly, resulting in a market valuation of roughly $2.8 billion.
Shares opened at a reference price of about $53 and closed the day near $62‑63, climbing 25‑26% in the first trading session. The firm, born from the bankruptcy restructuring of Celsius Network, acquired the latter’s mining equipment, about $195 million in cash and roughly 540 BTC. It now operates Bitcoin mining facilities while pivoting toward AI and high‑performance computing infrastructure, targeting revenue of $195 million by 2026 and signing contracts worth up to $2.6 billion.
Law firm White & Case LLP advised the company on the direct listing, and CEO Andy Stewart highlighted the transition to a publicly traded digital‑infrastructure business.
Entities: Andy Stewart · Celsius Network · Incyte Corp · Ionic Digital Inc. · Jakafi · Nasdaq · Opzelura · White & Case LLP
Claims
What the coverage asserts, and how well corroborated each claim is across sources.
- [○ 1 SOURCE] Incyte reported earnings per share of $3.09, beating the consensus estimate of $2.20. (Incyte Corp's quarterly earnings report.)
- [○ 1 SOURCE] Incyte's revenue grew 37.7% year‑over‑year. (Incyte Corp's earnings summary.)
- [○ 1 SOURCE] Incyte raised its full‑year net‑sales outlook to $5.13 billion‑$5.26 billion. (Incyte Corp guidance update.)
- [○ 1 SOURCE] Incyte shares rose 8.6% on Tuesday trading. (Incyte Corp stock price increased after earnings release.)
- [○ 1 SOURCE] Incyte's quarterly revenue was $1.67 billion, surpassing the $1.50 billion analyst expectation. (Incyte Corp's quarterly earnings release.)
- [○ 1 SOURCE] Opzelura sales increased 173% to $450 million, including a $246 million one‑time non‑cash benefit from a CMS settlement. (Incyte Corp product sales breakdown.)
- [○ 1 SOURCE] Incyte expects ten clinical data readouts in the second half of 2026. (Incyte Corp future pipeline plan.)
- [○ 1 SOURCE] Incyte's oncology portfolio sales rose 69% to $222 million. (Incyte Corp product segment performance.)
- [○ 1 SOURCE] White & Case LLP advised Ionic Digital on the direct listing. (stated in law‑firm article)
- [○ 1 SOURCE] Andy Stewart is the Chief Executive Officer of Ionic Digital. (quoted in the press release)
- [● 4 SOURCES] The listing valued Ionic Digital at approximately $2.8 billion. (supported by multiple articles reporting valuation)
- [● 3 SOURCES] The direct listing raised no new capital; existing shareholders sold shares directly. (explained in articles about the listing structure)