Bitcoin Mining Company Ionic Digital Completes $400 Million Private Placement, Plans Nasdaq Listing

Odaily Planet Daily News: Bitcoin mining company Ionic Digital has applied for a direct listing on the Nasdaq under the ticker "IOND." The company also disclosed that it has completed a $400 million private placement. Financial data shows that Ionic Digital achieved a revenue of $51.4 million in the first quarter of this year. Among this, its digital infrastructure leasing (AI/HPC) business contributed $44 million, surpassing the Bitcoin mining business, which brought in $7.4 million for the first time.

Ionic Digital stated that it has transformed its data centers for AI and high-performance computing (HPC) infrastructure and signed a 126-month long-term lease agreement with Nscale, corresponding to contract revenue of approximately $1.95 billion. If the newly added 89MW capacity is approved and becomes operational, total contract revenue could increase to approximately $2.6 billion. Meanwhile, Ionic Digital is continuously scaling down its Bitcoin mining operations. As of the end of March, it possessed approximately 120,600 mining machines, but only about 23,200 were operational, with total hashrate dropping to 2.0 EH/s. (Bitcoin News)