Ionic Digital Revives IPO Plan with New Auditor, Reports Bitcoin Holding of 2,102 BTC

Ionic Digital, which operates the rebranded Bitcoin mining assets from the defunct crypto lender Celsius, is set to revive its plans to go public after hiring a new independent auditing firm.

In a production update on Monday, Ionic Digital reported holdings of 2,102 BTC and a net production of 107.54 BTC for September, net of hosting fees.

The company boasted an average operating hashrate of 9.4 EH/s during the month, utilizing 319 megawatts (MW) of power capacity. However, the net production of 107.54 BTC implies a realized proprietary hashrate of 5.12 EH/s.

Additionally, Ionic announced that its board of directors approved the hiring of BDO USA as its new independent auditor, following the appointment of a new board chair in a recent leadership reshuffle.

Earlier this year, the company halted its plans to go public through an initial public offering after its former auditor discontinued its engagement and following the departure of former CEO Matt Prusak.

“The engagement of BDO as Ionic’s new auditor will allow us to further the process of making Ionic a publicly traded entity,” said John Penver, CFO and interim CEO of Ionic Digital.

The company also said that it had energized Building 2 of its Cedarvale facility in Ward County, Texas, adding another 50 MW of power and bringing the total energized load at the facility to 140 MW.

Ionic had previously announced the energization of Building 1 of the Cedarvale facility in August and stated that the remaining two buildings at the Ward County site are still under construction, with a collective capacity potential of 215 MW upon completion.