The Celsius bankruptcy estate's exit through Ionic Digital's direct listing delivered a $2.8 billion market cap at Tuesday's close, a valuation that implies public investors are assigning a premium to bitcoin mining infrastructure with embedded AI optionality. Shares opened at $50 and climbed 26% to finish at $62.90, outpacing bitcoin's 1.2% session gain and signaling that equity markets may be recalibrating miner multiples after a year of compressed hashprice margins.

*Ionic hashrate estimated from 600 MW Texas capacity at 95% uptime; multiple includes AI infrastructure premium.

Texas power contracts secured at $35-42/MWh underpin Ionic's mining margins at current hashprice levels, while the AI retrofit pipeline targets $150-200/MWh equivalent revenue density on the same acreage. The dual-use model hedges against hashprice volatility that has driven three Chapter 11 filings among mid-tier miners since January. CoinGecko data shows bitcoin at $63,717, up 1.2% on the day but down 3.7% over the past week, keeping hashprice below the $0.10 breakeven for newer-generation rigs at industrial power rates.

• Ionic Digital closed its Nasdaq direct listing at $62.90, valuing the Celsius-linked bitcoin miner and AI infrastructure company at approximately $2.8 billion.

• The 26% first-day gain outperformed bitcoin's 1.2% rise and implies a public-market multiple near 3.5x deployed hashrate when factoring the AI compute pipeline.