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A Bitcoin miner and AI infrastructure company tied to Celsius cleared its first public-market test with room to spare.
Ionic Digital closed at $62.90 in its Nasdaq direct listing, a 26% gain that left the company carrying a market capitalization of roughly $2.8 billion.
What a 26% open-day pop on a direct listing signals Direct listings skip the price-discovery cushion that traditional IPOs build in through bookbuilding, which means day-one moves tend to be a more candid signal of where real buyers sit than a first-day pop manufactured after a bankers' allocation.
A 26% advance in that structure carries more information. The market was saying, plainly, that $62.90 was not enough. The Celsius connection is the complicating layer.
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