Celsius Rebrands as Ionic Digital, Faces Challenges Ahead of IPO Plans

Celsius, the crypto lending firm that collapsed in June 2022, is currently navigating bankruptcy proceedings under its new name, Ionic Digital.

The company’s plans to go public by 2025 face delays following a series of significant changes.

Ionic Digital is grappling with leadership upheavals, including the resignation of CEO Matt Prusak, who is stepping down to seek new opportunities. Prusak expressed pride in the company’s achievements but left amid uncertainty about its future.

The company recently secured a four-year deal with Bitcoin miner Hut8 to expand mining operations, although Hut8’s stock has dropped from its peak of CA$96 in 2021 to around CA$17 now.

Two board members, Asher Genot and Max Holmes, have been replaced by Mac Gardner, chairman of Spirit Airlines, and Scott N. Flanders, former CEO of Playboy. The impact of these new appointments on the company’s IPO plans remains uncertain.

Additionally, the company’s auditor, RSM US, has opted out of cryptocurrency audits due to a strategic shift, though this decision was not related to any issues with Ionic Digital’s financial practices.

Despite these setbacks, Ionic Digital insists it remains committed to its IPO timeline and goals.