Ionic Digital, a new entrant in the bitcoin mining sector, is set to acquire bankrupt lender Celsius’ mining assets, positioning itself to become a major player in North America’s mining landscape. The acquisition encompasses Celsius’ self-mining capacity, hosted mining operations, and the development of the Cedarvale site, expected to reach 240MW capacity.
With approximately 6 exahash per second (EH/s) of operational mining power, Ionic Digital eyes a significant expansion to 12.7 EH/s once its fleets are fully operational this year. The company has filed Form-10 with the SEC as a preliminary step toward a public listing, anticipating a debut in the coming months.
In a strategic maneuver, creditors from Celsius are set to become stakeholders in the new company, securing equity through common stock. Ionic Digital strategically aligns its roadmap with the upcoming bitcoin halving event, demonstrating its readiness to navigate the dynamic mining landscape amidst heightened competition.
To bolster its operations, Ionic Digital has engaged Hut 8 (HUT) for mining management services, leveraging the extensive mining fleet and infrastructure at Hut 8’s disposal. Taking the helm as CEO is Matt Prusak, former Chief Commercial Officer of Hut 8 and USBTC, with support from Asher Genoot, President of Hut 8, who assumes a role on the board of directors.
Backed by a resilient leadership team, strategic alliances, and a well-defined vision, Ionic Digital aspires to carve a niche for itself in the bitcoin mining sector, positioning itself to seize emerging opportunities in the ever-evolving crypto mining landscape.