Shares of Ionic Digital, a Bitcoin mining and artificial intelligence infrastructure firm linked to the former Celsius Network, rose about 26 percent in their Nasdaq debut on Tuesday after completing a direct listing. The stock opened at $50 and closed at $62.90, valuing the company at approximately $2.8 billion based on roughly 44.9 million shares outstanding.

Ionic was established in 2024 to acquire the mining assets of Celsius through the bankrupt crypto lender’s restructuring process. The company has since broadened its operations into artificial intelligence and high-performance computing infrastructure. At the exchange’s $53 reference price, the listing implied a market value of $2.4 billion, marking the largest US direct listing since 2021.

The shares later retreated 6.5 percent to $58.80 in after-hours trading.