July 28 (Reuters) – Ionic Digital, a bitcoin miner and cloud infrastructure provider, was valued at about $2.25 billion after its shares fell in their Nasdaq debut on Tuesday.
The stock opened at $50 apiece, down nearly 5.7% from a reference price of $53 set by the Nasdaq on Monday.
A direct listing allows a company to list its shares on an exchange without raising new capital or issuing new stock, letting existing shareholders sell their holdings.
Notable companies that went public through direct listings include music-streaming platform Spotify and data analytics firm Palantir.
Ionic’s tepid debut underscores the volatility in global markets, with investors scrutinizing the need for further corporate spending on AI infrastructure.
The company was formed from the assets of Celsius Mining, a subsidiary of Celsius Network, which received U.S. bankruptcy court approval for a restructuring in November 2023.
(Reporting by Pragyan Kalita in Bengaluru; Editing by Vijay Kishore and Shilpi Majumdar)
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