Ionic Digital, the Bitcoin mining arm born of Celsius Network’s bankruptcy, is planning to go public.

The company this week announced that it has submitted a draft registration statement with the US Securities and Exchange Commission (SEC) ahead of a proposed public listing on the Nasdaq. The listing is expected to take place after the SEC completes its review process, subject to market and other conditions.

Ionic Digital is a digital infrastructure and cryptocurrency mining company with Bitcoin mining sites across the US. It was formed last year from the acquisition of the mining assets of Celsius Mining LLC following Celsius Network LLC going bankrupt in 2022.

Ionic’s overall capacity totals 318MW across owned (265MW in Texas) and third-party sites, totaling more than 110,000 mining rigs.

The company has Bitcoin mining sites in Texas across in Garden City, Rebel, Stiles, and East Stiles.

Earlier this month, the company announced it was leasing a site in Barstow, Texas, to Nscale. AI cloud firm Nscale, spun out of crypto firm Arkon Energy, is leasing the site for 10 years in a $2 billion deal. The 234MW Cedarvale site in Ward County will be used, in turn, to serve Microsoft.

Ionic predecessor Celsius acquired the then-undeveloped Barstow site from Core Scientific in September 2023, for $14 million, also agreeing to put to bed ongoing litigation between the two firms over unpaid fees amid bankruptcy proceedings.

The reborn Ionic energized the first of four 50MW buildings at the Barstow site in August 2024, energizing the second building in October that year. Hut 8 has also been a partner of that development, managing Ionic’s mining operations.

In April, Ionic announced plans to potentially lease the site to AI/HPC customers, and would redeploy its mining gear elsewhere.

Hut 8 also hosts Ionic Digital miners at its Alpha site in Niagara Falls, New York. Ionic also has operations at a GXD site in Oklahoma and an EZ Blockchain facility in Georgia.