Ionic Digital surged 26% on its first day on Nasdaq, as Celsius Network creditors receive an exit channel

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Deep Tide TechFlow news: On July 29, according to CoinDesk, Bitcoin mining company Ionic Digital (Nasdaq: IOND), which emerged from Celsius Network’s bankruptcy reorganization, completed a direct listing on Nasdaq. Its shares jumped 26% on the first day, with a market cap of about $2.8B, setting the largest direct listing record on Nasdaq since 2021.

The stock opened at $50 and closed at $62.90, about 19% higher than the Nasdaq reference price of $53. The company was established in January 2024. Through a court-approved reorganization plan, it took over Celsius’s mining assets and issued 37 million shares of Class A common stock to Celsius creditors, providing an exit route for them.

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