Episode Details

Ionic Digital, born from the Celsius bankruptcy, is going public on Nasdaq—not to raise cash, but to give creditors a way to trade their shares. Once a Bitcoin miner, the company pivoted in 2025 to become a major AI and HPC infrastructure player, leasing its massive Texas data center to Nscale for $2 billion over 12 years. Their Q1 2026 revenue came mostly from leasing, while Bitcoin mining revenue plummeted 82%. Backed by a $400M private funding round, Ionic is betting big on the future of digital infrastructure—not crypto.

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