Mining firm Ionic Digital pivots to AI, applies for Nasdaq listing

U.S.-based unlisted mining firm Ionic Digital has pivoted to become an AI and high-performance computing (HPC) infrastructure provider and has applied for a direct listing on the Nasdaq, Cointelegraph reported. The company was formed by acquiring the mining equipment of the bankrupt cryptocurrency lender Celsius. The business transformation appears to be well underway, as the company's digital infrastructure leasing revenue reached $44 million in the first quarter, while its mining revenue fell 82% year-over-year to just $7.4 million.