Via theenergymag.com
The former Celsius Mining offshoot now generates 90% of its revenue from AI and high-performance computing leasing, while quietly stacking sats on the side.
Ionic Digital, the digital infrastructure company that rose from the ashes of Celsius Mining’s bankruptcy, has bumped its Bitcoin treasury to 2,882 BTC. The increase of 21 BTC might sound modest, but it reflects something more interesting about the company’s strategy: it doesn’t sell any of the Bitcoin it mines.
That 2,882 BTC stash was valued at approximately $168.7 million as of June 30, 2026. For a company that only came into existence in January 2024, accumulating nearly 2,900 Bitcoin while building out an AI infrastructure business is a neat trick.
The real money machine isn’t mining #
The Bitcoin holdings grab the headline, but the revenue story tells a different tale. Ionic Digital’s Q2 2026 earnings reveal that AI and high-performance computing leasing generated $43.8 million, accounting for 90% of the company’s total revenue of $48.6 million. That total represents 31% year-over-year growth.
The company mined 24.77 BTC in May 2026, a 21.1% increase month-over-month. Ionic signed a 10-year lease agreement with AI cloud provider Nscale for its Texas site, a deal that could generate $2 billion in revenue over its lifetime.
Q2 adjusted EBITDA came in at $37.6 million. The company’s full-year 2026 revenue guidance sits between $190 million and $195 million.
From bankruptcy to Nasdaq darling #
Ionic Digital was formed through the acquisition of Celsius Mining’s assets in January 2024, inheriting roughly 540 BTC in the process. Celsius was the crypto lending platform whose spectacular collapse in 2022 left creditors scrambling and prompted a wave of regulatory scrutiny across the industry.
From that starting point of 540 BTC, Ionic has grown its holdings to 2,882 BTC without purchasing any on the open market. Ionic carries zero debt and holds $415.7 million in cash reserves. The company completed its direct listing on Nasdaq on July 28, 2026, trading under the ticker IOND. Shares jumped nearly 25% on the first day of trading. The reference valuation at debut was approximately $2.4 billion.
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