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Bitcoin miner formed from the mining assets of bankrupt Celsius Network, distributed to Celsius creditors.
Bitcoin miner formed from the mining assets of bankrupt Celsius Network, distributed to Celsius creditors.
Is paid in bitcoin by the network for blocks it helps confirm, so revenue is the coins it mines and keeps or sells. Electricity is the main cost. The reward per block halves about every four years, most recently in 2024, which squeezes miners with high power costs.
In one line: A creditor-owned bitcoin miner.
Moat: none (scale). Mining is a commodity business; economics depend on power cost and bitcoin price, not differentiation.
Headquarters: New York, US · Founded: 2024 · Employees: 15
Size Ionic Digital (IOND) is a United States Information Technology company (Data Processing Services) with a market value of $2.68B, the 1609th largest of 3,117 United States companies the cockpit tracks. Shares closed at $59.45 on 6 Nov 2026.
Growth Revenue fell 8.1% over the last twelve months (peer median +11.2%); the operating margin is -44.1% (peer median -1.2%).
Valuation It trades at 28.0× forward earnings against a peer median of 30.4× (6th cheapest of 12).
Capital Return on invested capital runs 23.9 points below its cost of capital (17.7% WACC).
Short interest Short interest is 3.5% of the free float (15 Oct 2026).
Next results Next results expected around 3 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|
| Revenue | n/a | $141M | $154M | $115M |
| Revenue growth | — | -8% | +33% | — |
| Gross profit | n/a | -$13.3M | $5.08M | -$25.1M |
| EBITDA | n/a | $4.39M | $10.4M | $25.2M |
| Net income | n/a | -$248M | $29.8M | -$142M |
| Free cash flow | n/a | -$108M | -$208M | -$110M |
| Capital expenditure | n/a | $11.1M | $92.5M | $25.4M |
| Total debt | $176,000 | $208,000 | $231,000 | $0 |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Ionic Digital IOND | $2.68B | n/a | -8% | -44% | 28.0× | n/a |
| MARA MARA | $2.45B | -51% | +1% | -123% | n/a | n/a |
| RIOT RIOT | $6.27B | -31% | +6% | -84% | n/a | n/a |
| CleanSpark CLSK | $1.58B | -57% | +7% | -52% | n/a | n/a |
| Bitdeer Technologies BTDR | $1.63B | -55% | +128% | -30% | n/a | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | IOND | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -25.1% | -6.0% | 7th lowest of 21 |
| Distance from 52-week high | -33.5% | -40.8% | 8th highest of 21 |
| Revenue growth (TTM) | -8.1% | +11.2% | 4th lowest of 21 |
| Operating margin | -44.1% | -1.2% | 3rd lowest of 21 |
| Forward P/E | 28.0× | 30.4× | 6th cheapest of 12 |
| ROIC minus cost of capital | -23.9 pp | -7.5 pp | lowest of 21 |
| Net debt / EBITDA | -94.5× | 0.8× | least indebted of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Ionic Digital IOND | United States | $2.68B | n/a | -8% | -44% | 28.0× | n/a | n/a |
| Beijing Sinnet Technology 300383.SZ | China | $2.70B | -37% | -2% | -11% | 149.7× | 46.5% | -0.7% |
| Tgs TGS.OL | Norway | $2.73B | -13% | -30% | 12% | 16.3× | 5.5% | +36.2% |
| Megaport MP1.AX | Australia | $2.80B | +86% | +37% | -10% | 99.5× | n/a | n/a |
| Kingsoft Cloud 3896.HK | Hong Kong | $2.54B | -47% | +35% | -3% | n/a | n/a | n/a |
| Sunevision 1686.HK | Hong Kong | $2.46B | -29% | +6% | 52% | 14.3× | 10.9% | +10.7% |
| Cipher Digital CIFR | United States | $2.99B | -68% | -29% | -172% | n/a | n/a | n/a |
| Csquare CSQR | United States | $2.39B | n/a | +9% | 10% | n/a | n/a | n/a |
| DXC Technology DXC | United States | $2.31B | +58% | -3% | 1% | 5.8× | 3.2% | -6.5% |
| Kyndryl Holdings Incorporation KD | United States | $3.55B | +33% | -1% | 4% | 5.9× | 1.6% | -4.9% |
| Dentsu Soken 4812.T | Japan | $3.56B | +31% | +10% | 14% | 30.4× | 0.3% | +8.7% |
| Shenzhen Xunce Technology 3317.HK | Hong Kong | $1.93B | -79% | +287% | -3% | 200.1× | n/a | n/a |
| JOYY, Inc. Sponsored ADR JOYY | United States | $3.98B | +37% | +8% | 2% | 12.9× | 19.8% | +2.1% |
| GDS 9698.HK | Hong Kong | $4.22B | -52% | +13% | 17% | 36.8× | n/a | n/a |
| Bitdeer Technologies BTDR | United States | $1.63B | -55% | +128% | -30% | n/a | n/a | n/a |
| ChronoScale CHRN | United States | $1.57B | -31% | +190% | -68% | n/a | n/a | n/a |
| Applied Digital APLD | United States | $4.70B | -62% | +290% | -24% | n/a | n/a | n/a |
| JMDC 4483.T | Japan | $1.52B | +10% | +19% | 20% | 31.9× | 19.7% | +24.6% |
| Suncorporation 6736.T | Japan | $1.49B | +22% | -11% | 1% | n/a | n/a | n/a |
| HawkEye 360 HAWK | United States | $1.45B | -55% | +88% | -8% | n/a | n/a | n/a |
| Nextdc NXT.AX | Australia | $5.47B | -30% | +16% | -7% | n/a | n/a | n/a |