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OTHER RECEIVABLES - Other Receivables, Current and Non-Current (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Receivables [Abstract]
Receivable from former hosting partners	$ 0	$ 15,328
Unbilled lease revenue receivable	47,827	0
Other receivables	1,167	245
Less: Allowance for credit losses	0	(5,113)
Total other receivables, current	48,994	10,460
Receivable from former hosting partners	3,696	3,696
Less: Allowance for credit losses	(3,326)	(3,326)
Total other receivables, non-current	$ 370	$ 370

CRYPTOCURRENCY ASSETS

6 Months Ended

Jun. 30, 2026

Intangible Asset, Goodwill and Other [Abstract]

CRYPTOCURRENCY ASSETS

The Company’s cryptocurrency assets are exclusively bitcoin. The following table presents information about cryptocurrency assets activity of the Company (in thousands):


	Three Months Ended				Six Months Ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Beginning balance	$	192,085	$	203,727	$	237,947	$	223,438

Addition to bitcoin from mining activities(1)	4,799		37,088		12,260		78,340
Consideration paid to hosting providers	—		(110)		—		(291)
Carrying value of bitcoin disposed(2)	—		(16,802)		—		(32,136)
Changes in fair value of bitcoin	(28,204)		46,780		(81,527)		1,332

Ending Balance(3)	$	168,680	$	270,683	$	168,680	$	270,683

Realized gain on sale of cryptocurrency assets(4)	$	—	$	14,796	$	—	$	32,410
(1) Net of mining pool operating fees, as described in Note 2 – Basis of Presentation and Significant Accounting Policies. The addition to bitcoin from mining activities excludes bitcoin receivable of $0.1 million and $0.4 million for the three and six months ended June 30, 2026 and 2025, respectively. Bitcoin receivable is included in Other receivables, net on the Condensed Consolidated Balance Sheets.
(2) Disposal is defined as the sale of bitcoin or payment of certain hosting costs in bitcoin.
(3) The ending balance of bitcoin holdings as of June 30, 2026 and 2025, represents the fair value.
(4) No cumulative realized loss was recorded as of June 30, 2026 and 2025.

The following table represents the Company’s crypto asset holdings. The cost basis of bitcoin represents the valuation at the time the Company earns bitcoin through mining activities (in thousands, except for bitcoin):


	June 30, 2026		December 31, 2025
Quantity of bitcoin held	2,882		2,719
Cost basis of bitcoin held	$	245,243	$	232,982
Fair value of bitcoin held	$	168,680	$	237,947

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, these unaudited condensed consolidated financial statements reflect all adjustments, including those of a normal and recurring nature, which are necessary for a fair presentation of the results for the interim period presented. The Company’s interim financial statements are condensed and should be read in conjunction with the Company’s latest audited annual consolidated financial statements included in our Registration Statement on Form S-1 (No. 333-297125). The results of operations for the three and six months ended June 30, 2026, are not necessarily indicative of the results to be expected for the full-year ending December 31, 2026.

Principles of Consolidation

The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned and controlled subsidiaries. Intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates

The preparation of the Company’s condensed consolidated financial statements in conformity with US GAAP requires management to make estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant estimates include estimates used to review the Company’s goodwill allocation and impairment, impairment of long-lived assets, allowance for credit losses, income taxes, and stock-based compensation.

Management bases its estimates of the carrying value of certain assets and liabilities on historical experience and on various other assumptions that it believes to be reasonable under the circumstances when these carrying values are not readily available from other sources. Making estimates requires management to exercise significant judgment and it is at least reasonably possible that the estimate of the effect of a condition, situation, or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, actual results may differ materially from those estimates.

Cash and Cash Equivalents

Cash and cash equivalents include all cash balances and highly liquid investments with original maturities of three months or less. These investments may include money market funds, certificates of deposit, and other short-term instruments.

Concentrations of credit risk

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents. At times throughout the year, the Company has maintained cash balances in certain bank accounts in excess of FDIC limits. The cash balance in excess of the FDIC limits was immaterial as of June 30, 2026 and December 31, 2025. The Company's cash equivalents include investments in money market funds, primarily the Fidelity Investments Money Market Government Portfolio - Institutional Class (FRGXX), which invests at least 99.5% of its assets in cash, U.S. government securities, and repurchase agreements collateralized by such securities. At June 30, 2026 and December 31, 2025, the fair value of these investments was $12.8 million and $42.1 million, respectively. These funds are not insured by the FDIC, but maintain a stable net asset value of $1.00 per share and are subject to Securities and Exchange Commission (“SEC”) diversification and liquidity requirements under Rule 2a-7. The Company has no significant concentrations of credit risk from these holdings beyond U.S. sovereign credit exposure. The accounts offered by the custodians of the Company’s bitcoin are not insured by the FDIC. The uninsured fair value of the Company’s bitcoin holdings totaled $168.7 million and $237.9 million as of June 30, 2026 and December 31, 2025, respectively. The Company has not experienced any losses in such accounts.

The Company has certain customers and vendors who individually represent 10% or more of the Company’s revenue or capital expenditures.

Prepaid Expenses

The Company records a prepaid expense for costs paid, but not yet incurred. Those expected to be incurred within one year are recognized and shown within Current assets on the Company’s Condensed Consolidated Balance Sheet. Any costs expected to be incurred outside of one year would be included within Deposits and other non-current assets on the Company’s Condensed Consolidated Balance Sheet.

Allowance for Credit Losses

Management estimates an allowance for credit losses using relevant available information from both internal and external sources relating to past events, current conditions, and reasonable and supportable forecasts. Changes in the allowance for credit losses are recorded within General and administrative expenses, in the Condensed Consolidated Statements of Operations.

Fair value measurements

The Company accounts for financial assets and liabilities in accordance with ASC 820, Fair Value Measurement (“ASC 820”), which defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The fair value hierarchy requires an entity to maximize the use of observable inputs when measuring fair value and classifies those inputs into three levels:

•Level 1 - Quoted prices in active markets for identical assets or liabilities. These are typically obtained from real-time quotes for transactions in active exchange markets involving identical assets.

•Level 2 - Quoted prices for similar assets and liabilities in active markets; quoted prices included for identical or similar assets and liabilities that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. These are typically obtained from readily available pricing sources for comparable instruments.

•Level 3 - Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

Observable inputs are based on market data obtained from independent sources, while unobservable inputs are based on market assumptions. Unobservable inputs require significant management judgment or estimation. In some cases, the inputs used to measure an asset or liability may fall into different levels of the fair value hierarchy. In those instances, the fair value measurement is required to be classified using the lowest level of input that is significant to the fair value measurement. Such determination requires significant management judgment.

Cryptocurrency assets

Cryptocurrency assets held by the Company as of June 30, 2026 and December 31, 2025, consisted entirely of bitcoin. All cryptocurrency asset holdings are classified as current assets in the accompanying balance sheets due to the Company’s ability to sell the cryptocurrency assets in a highly liquid marketplace and its intent to liquidate its cryptocurrency assets to support operations, capital expenditures, or for treasury management as needed.

Bitcoin received by the Company through its mining activities is accounted for in connection with the Company’s revenue recognition policy disclosed below.

Cryptocurrency assets are recorded at fair value. The Company determines the fair value of cryptocurrency assets in accordance with ASC 820. The fair value of bitcoin is measured using the period-end closing bitcoin price from its principal market, Coinbase Global, Inc. (“Coinbase”). The Company utilizes the bitcoin spot price as of 23:59:59 UTC. For the three and six months ended June 30, 2026 and 2025, the changes in fair value are recognized as Gain (loss) on fair value of cryptocurrency within Operating expenses on the Condensed Consolidated Statements of Operations.

The proceeds from sales of cryptocurrency assets are included within investing activities in the accompanying Condensed Consolidated Statements of Cash Flows, as the Company intends to liquidate its cryptocurrency assets only as needed to cover operating costs and expenses within its operating cycle. In accordance with ASC 350-60, the Company discloses realized gains and losses from the sale of cryptocurrency assets and such gains and losses are measured as the difference between the cash proceeds and the cost basis of the asset as determined on a First In-First Out basis.

Property and equipment, net

Property and equipment is stated at cost less depreciation accumulated using the straight-line method over the estimated useful lives of the assets. Construction-in-progress is the construction or development of assets that have not yet been placed in service for their intended use, and therefore, are not depreciated until the work is completed and the assets are placed in service. Depreciation of mining equipment, machinery and facilities equipment, buildings, and leasehold improvements also commences once assets are placed in service. Land is not depreciated.

Costs of maintenance, repairs, and minor parts replacements are expensed when incurred. Upon the sale or retirement of property and equipment, the cost and accumulated depreciation and amortization are removed from the Company’s balance sheets with the resulting gain or loss, if any, reflected in the Company’s Condensed Consolidated Statements of Operations.

The estimated useful lives of the assets are as follows:


			Years
Computer equipment			3
Mining equipment			1-3
Machinery and facility equipment(1)			7-20
Buildings			10-20
Land Improvement			15
(1) Machinery and facility equipment primarily includes containers, electrical parts, cables, and transformers.

The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying value of such asset groups may not be fully recoverable. The asset groups to be held and used that are subject to impairment review represent the lowest level of identifiable cash flows that are largely independent of other groups of assets and liabilities.

Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to undiscounted future cash flows expected to be generated by the asset. If such assets are considered unrecoverable, the impairment loss to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets.

Assets Held for Sale

The Company classifies long-lived assets to be sold as held for sale in the period in which all of the following criteria are met:

1.Management, having the authority to approve the action, commits to a plan to sell the asset;

2.The asset is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets;

3.An active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated;

4.The sale of the asset is probable, and transfer of the asset is expected to qualify for recognition as a completed sale within one year, except if events or circumstances beyond the Company’s control extend the period of time required to sell the asset beyond one year;

5.The asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and

6.Actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.

The Company initially measures long-lived assets that are classified as held for sale at the lower of their carrying amount or fair value less any costs to sell. Any loss resulting from remeasurement is recognized in the period in which the held-for-sale criteria are met. Conversely, potential gains are not recognized on long-lived assets until the date of sale. The Company assesses the fair value of a long-lived asset, less any costs to sell, in each reporting period it remains classified as held for sale, and reports any subsequent changes as an adjustment to the carrying value of the asset, as long as the new carrying value does not exceed the carrying value of the asset at the time it was initially classified as held for sale. Refer to Note 6 – Assets Held for Sale for further information.

Recognition of Cryptocurrency Mining Revenue

Ionic Digital participates in a third-party operated mining pool to which the Company provides the service of performing hash calculations, an output of the Company’s ordinary activities.

The Company recognizes revenue under ASC 606, Revenue from Contracts with Customers (“ASC 606”). The core principle of this standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers at an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The following five steps are applied to achieve that core principle:

Step 1: Identify the contract with the customer

Step 2: Identify the performance obligations in the contract

Step 3: Determine the transaction price

Step 4: Allocate the transaction price to the performance obligations in the contract

Step 5: Recognize revenue when the Company satisfies a performance obligation

Step 1: The Company has identified the third-party mining pool operator as its customer (the "Customer"). The Company enters into a contract with the Customer to provide its hash calculations to the Customer's mining pool. The contracts are terminable without penalty at any time by either party; thus, the contract term is shorter than a 24-hour period and the contracts are continuously renewed.

Applying the criteria per ASC 606-10-25-1, the contract arises at the point that the Company provides hash calculations to the Customer's mining pool, which is considered contract inception, because Customer consumption is in tandem with delivery of the hash calculations.

Step 2: To identify the performance obligations in a contract with a customer, a company must assess the promised goods or services in the contract and identify each promised good or service that is distinct. A performance obligation meets ASC 606’s definition of a “distinct” good or service (or bundle of goods or services) if both of the following criteria are met:

●The customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer (i.e., the good or service is capable of being distinct), and

●The entity’s promise to transfer the good or service to the customer is separately identifiable from other promises in the contract (i.e., the promise to transfer the good or service is distinct within the context of the contract).

The Company has identified a single performance obligation of providing hash calculations for the mining pool operator. The continuous renewal options do not represent material rights because they do not provide the Customer with the right to purchase additional goods or services at a discount. Specifically, the contract is renewed with the same terms, conditions, and rate as the current contract, which is consistent with market rates, and there are no upfront or incremental fees in the initial contract. The Company has full control of the mining equipment used in the mining pool, and if the Company determines it will increase or decrease the hashrate (the speed at which mining equipment can perform hash calculations) of its machines and/or fleet (i.e., for repairs or when power costs are excessive), the hashrate provided to the Customer will correspondingly increase or decrease.

Step 3: The transaction price is the amount of consideration to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer. The consideration promised in a contract with a customer may include fixed amounts, variable amounts, or both. When determining the transaction price, an entity must consider the effects of all the following:

●Variable consideration

●Constraining estimates of variable consideration

●The existence of a significant financing component in the contract

●Noncash consideration

●Consideration payable to a customer

Variable consideration is included in the transaction price only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. There are no other forms of variable consideration such as discounts, rebates, credits, price concessions, incentives, performance bonuses, penalties, or other similar items.

In exchange for providing hash calculations the Company is entitled to receive noncash consideration, payable in bitcoin, from the mining pool operator. Bitcoin earned and recognized is variable from day to day based on the payout model. The amount of compensation due to the Company is determined using the Full Pay Per Share (“FPPS”) payout model detailed in the mining pool operator contract. FPPS contains three components, (1) a fractional share of the fixed crypto asset award from the mining pool operator (referred to as a “network block subsidies”), (2) network transaction fees generated from (paid by) blockchain users to execute transactions and distributed (paid out) to individual miners by the mining pool operator, (3) pool operating fees. The Company’s total compensation is calculated as the sum of the Company’s share of (1) Network Block Subsidies and (2) Network Transaction Fees, less (3) Pool Operating Fees.

“Network Block Subsidies” means the total amount of block subsidies that are expected to be generated on the Bitcoin network during the 24-hour period beginning at 00:00:00 UTC daily (i.e., the measurement period) and ending at 23:59:59 UTC the same day, regardless of whether the mining pool operator successfully records a block to the blockchain.

The Company’s share of Network Block Subsidies earned for each measurement period is determined by dividing (a) the total amount of hashrate Ionic Digital provides to the mining pool operator, by (b) the total Bitcoin network’s implied hashrate (as determined by the Bitcoin network difficulty), multiplied by (c) the Network Block Subsidies.

“Network Transaction Fees” means the total amount of transaction fees that are generated on the Bitcoin network during the measurement period.

The Company’s share of Network Transaction Fees earned for each measurement period is determined by dividing (a) the total amount of Network Transaction Fees, by (b) the total amount of Network Block Subsidies that are generated on the Bitcoin network, multiplied by (c) Ionic Digital’s share of Network Block Subsidies.

“Pool Operating Fees” means the fees charged by the mining pool operator for operating the mining pool as set forth on a rate schedule to the mining pool contract. The Pool Operating Fees reduce the total amount of compensation the Company receives and are only incurred to the extent that it has generated mining revenue during the measurement period.

The Customer provides services solely for bitcoin mining and the fees charged during the most recent fiscal quarter were 1.8% of the total daily bitcoin mined. The Pool Operating Fees represent consideration paid to the Customer; therefore, since the Company does not receive a distinct good or service from the mining pool operator in exchange for the fees paid, the Pool Operating Fees are reported as a reduction in revenue.

For each contract, the Company measures the consideration at fair value based on the quoted price of bitcoin at the 00:00:00 UTC spot price on the date of contract inception, as determined by the Company’s principal market, Coinbase. The Company recognizes this noncash consideration on the same day that control of the contract service transfers to the mining pool operator, which is the same day as contract inception.

Daily settlements are made to the Company by the Customer based on the hash calculations provided over the contract periods over a 24-hour period and the payout is made the following day.

There is no significant financing component, deferred revenue, or other obligations in these transactions since there are no payments in advance of the performance, and there are no remaining performance obligations after providing hash calculations.

Step 4: The transaction price is allocated to the single performance obligation of providing hash calculations to the customer.

Step 5: The Company’s performance is completed over time as the customer obtains control of the contributed hashrate. The performance obligation of hash calculations is fulfilled over time, as opposed to a point in time, because the Company provides the hash calculations throughout the contract period and the customer simultaneously obtains control of the service and uses it to produce bitcoin.

Recognition of leasing revenue

The Company generates revenue from an agreement to provide digital infrastructure solutions at its Ward County facility. The arrangement has both lease and non-lease components, and the arrangement will primarily be accounted for in accordance with ASC 842, Leases (“ASC 842”), while certain non-lease components will be accounted for in accordance with ASC 606.

See further discussion in –Leases herein, as well as in Note 8 – Leases.

Stock-based Compensation

The Company recognizes stock-based compensation expense for all stock-based awards made to employees, directors, consultants, and service providers, if any, based upon the estimated grant-date fair value of the awards.

The fair value of stock-based compensation awards is amortized over the vesting period, which is defined as the period during which a recipient is required to provide service in exchange for an award. The Company generally uses a graded vesting method for all grants. Awards with both market and service conditions are expensed over the vesting period for each separately vesting tranche. The Company accounts for forfeitures of stock-based awards as they occur.

For more complex performance awards, including awards with market conditions, the fair value is estimated using the Black-Scholes option pricing model or Monte-Carlo simulations, which take into account the exercise price, the term of the option or the restricted stock units (“RSUs”), the impact of dilution, the share price at grant date, expected price volatility of the underlying share, the expected dividend yield and the risk-free interest rate for the term of the option, together with non-vesting conditions that do not determine whether the Company receives the services that entitle the employees to receive payment.

In accordance with ASC 718, Stock Compensation (“ASC 718”), stock-based compensation for awards with market conditions is recognized over the vesting period, regardless of whether the market condition is ultimately achieved will only be adjusted to the extent the service condition is not met.

If stock-based awards are modified, as a minimum, an expense is recognized as if the modification has not been made. An additional expense is recognized, over the remaining vesting period, for any modification that increases the total fair value of the stock-based compensation benefit as at the date of modification.

If stock-based awards are cancelled or settled during the vesting period (other than a grant cancelled by forfeiture when the vesting conditions are not satisfied), this is treated as an acceleration of vesting and the amount that otherwise would have been recognized for services received over the remainder of the vesting period will be recognized immediately through stock-based compensation expense in earnings.

The Company classifies its stock-based compensation within “General and administrative expenses” on the Condensed Consolidated Statements of Operations. Refer to Note 11 – Stock-based Compensation.

Leases

Leases are accounted for in accordance with ASC 842, Leases (“ASC 842”). The Company has lease arrangements both as a lessor and a lessee. At the inception of an arrangement, the Company determines whether the contract is or contains a lease based on specific facts and circumstances, the existence of an identified asset, if any, and the Company’s control over the use of the identified asset, if applicable.

Lessor

Lease arrangements wherein the Company retains ownership of the underlying asset and grants a customer the right to use its asset are classified by the Company as an operating lease. Lease revenue is recognized on a straight-line basis and the associated leased assets are depreciated.

On October 14, 2025, the Company entered into an arrangement to provide digital infrastructure solutions to a customer at its Ward County facility. The arrangement includes both lease and non-lease components, certain of which are directly related to the lease components and the Company has elected to combine those related lease and non-lease components. The Company will account for the combined lease and non-lease components as Digital infrastructure leasing revenue in the Condensed Consolidated Statements of Operations. See further discussion in Note 8 – Leases.

Lessee

The Company categorizes leases with contractual terms longer than twelve months as either operating or finance. Finance leases are generally those leases that allow the Company to substantially utilize or pay for the entire asset over its estimated life. All other leases are categorized as operating leases and related expenses are recognized on a straight-line basis over the term of the related contract within General and administrative expenses in the Condensed Consolidated Statements of Operations.

The Company records right-of-use (“ROU”) assets and lease obligations for its finance and operating leases, which are initially recognized based on the present value of future minimum lease payments over the term of the lease. As the rate implicit in the Company’s leases is not easily determinable, in determining the present value of the lease payments the Company uses an incremental borrowing rate based on the estimated rate of interest for collateralized borrowings over a similar term of the lease payments. Lease expenses are recognized on a straight-line basis over the lease term.

The lease term is defined as the non-cancellable period of the lease plus any options to extend or terminate the lease when it is reasonably certain that the Company will exercise the option. The Company has elected not to recognize ROU asset and lease obligations for its short-term leases, which are defined as leases with an initial term of 12 months or less. Some leases include multiple-year renewal options. The Company’s decision to exercise these renewal options is based on an assessment of its current business needs and market factors at the time of the renewal.

For all classes of underlying assets, the Company has elected to separate lease and non-lease components.

Goodwill

Goodwill represents the cost of a business acquisition in excess of the fair value of the net assets acquired. In accordance with ASC 350, Goodwill and Other Intangible Assets (“ASC 350”), the Company reviews its goodwill for impairment annually or whenever events or circumstances indicate that the carrying amount of the asset exceeds its fair value and may not be recoverable. Triggering events that may indicate a potential impairment include but are not limited to significant adverse changes in bitcoin prices or business climate and related competitive considerations. The Company may first perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount but also has the option to bypass the qualitative assessment in any period and proceed directly to performing the quantitative analysis. If the Company performs a qualitative test and determines it is more likely than not that the fair value of a reporting unit is less than is carrying amount, the Company performs a quantitative goodwill impairment test to compare the estimated fair value of the reporting unit to its carrying amount. Impairment is indicated if the estimated fair value of the reporting unit is less than the carrying amount of the reporting unit, and an impairment charge is recognized for the difference, not to exceed the carrying value of goodwill.

See further discussion of the goodwill impairment testing performed in Note 10 – Goodwill.

Income taxes

The Company complies with the accounting and reporting requirements of ASC 740, Income Taxes (“ASC 740”), which requires use of the asset and liability method wherein deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, as well as operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to be in effect for the years in which those temporary differences are expected to be recovered or settled. A valuation allowance is required to the extent any deferred tax assets may not be realizable.

The Company also follows US GAAP in accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company’s policy is to record interest and penalties associated with uncertain tax positions through income tax expense. There were no material unrecognized benefits or associated interest or penalties as of the periods provided for in these financial statements.

Segment reporting

Operating segments are defined as components of an enterprise about which separate financial information is available that is regularly reviewed by the chief operating decision maker (“CODM”). The CODM of the Company is the Chief Executive Officer. The CODM reviews financial performance at a segment level. Accordingly, the Company has two operating segments, and the Company discloses both segments in its condensed consolidated financial statements.

Recent accounting pronouncements

The Company continually assesses any new accounting pronouncements to determine their applicability. When it is determined that a new accounting pronouncement affects the Company’s financial reporting, the Company undertakes a study to determine the consequences of the change on its consolidated financial statements and assures that there are proper controls in place to ascertain that the Company’s consolidated financial statements properly reflect the change.

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU requires public business entities to provide more detailed disclosures in the notes to their financial statements, both for interim and annual reporting periods, about certain expenses such as purchases of inventory, employee compensation, depreciation, and intangible asset amortization. The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently assessing the potential impact of this standard’s adoption.

In May 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. This ASU introduces simplifications for estimating credit losses on current accounts receivable and contract assets arising from Topic 606 (Revenue from Contracts with Customers). It provides one key relief for the Company: a practical expedient allowing entities to assume that current economic conditions remain unchanged over the life of these assets. These changes aim to reduce the cost and complexity of applying the credit loss model, especially for assets acquired in business combinations or through consolidation of variable interest entities. The Company adopted the simplified method available to it in estimating allowance for credit losses as of January 1, 2026, which had an immaterial impact.

EARNINGS PER SHARE - Narrative (Details) - shares	6 Months Ended
EARNINGS PER SHARE - Narrative (Details) - shares	Jun. 30, 2026	Jun. 30, 2025
Performance Restricted Stock Units (PRSUs) and Restricted Stock Units (RSUs)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	12,321,982	0

BUSINESS SEGMENT DATA - Total Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Segment Reporting [Line Items]
Total Assets	$ 922,518	$ 605,004
Cryptocurrency Mining Segment
Segment Reporting [Line Items]
Total Assets	435,504	345,313
Digital Infrastructure Segment
Segment Reporting [Line Items]
Total Assets	$ 487,014	$ 259,691

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480070/505-10-S50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477657/942-210-S45-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478478/942-210-S50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
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+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

OTHER RECEIVABLES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Short-Term Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for credit losses	$ 0	$ 0	$ 0	$ 0
Long-Term Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Provision for credit losses	$ 0	$ 0	$ 0	$ 0

LEASES

6 Months Ended

Jun. 30, 2026

Leases [Abstract]

LEASES

Lessor Arrangements: Digital Infrastructure Leasing Revenue

On October 14, 2025, the Company entered into a leasing arrangement to provide digital infrastructure solutions to a single tenant at its Ward County facility which is accounted for under ASC 842. The lease commencement date for accounting purposes is December 19, 2025, and the lease term extends through January 2037. The lessee has one ten-year option to renew, as well as a right of first refusal on any additional power capacity that becomes available at our Ward County site. In February 2026, the Company reached an agreement to amend the lease of its Ward County facility. The amended agreement obligates the tenant to lease an additional 89 MW of capacity when such capacity becomes available, and requires the Company to add the tenant as a qualified occupant for Texas data center tax incentive purposes.

The Company is the lessor in this arrangement and identifies the right of the customer to use the land, land improvements, buildings, and equipment as a lease component of the contract. The amendment represents a separate contract under ASC 842, as the assets leased will be in addition to those covered in the original agreement. Control of the assets leased per the amendment has not yet transferred to the tenant; as such, no revenue has been recognized.

In both agreements, the Company has a stand-ready obligation to provide maintenance services to ensure the energy step-down transformation assets are operating reliably, which has been identified as a non-lease component of the arrangement. The Company determined that the lease component represents an operating lease, and the timing of the Company’s transfer of the aforementioned lease and non-lease components of the contract are the same. As such, and in accordance with ASC 842, the Company has elected the practical expedient to combine the accounting of the lease and non-lease components of the contract, with the predominant component of the arrangement being the lease component. Thus, the Company accounts for its lease of the Ward County property in accordance with ASC 842. The lease is classified as an operating lease, and leasing revenue is recognized on a straight-line basis over the lease term. Fixed lease payments are allocated to the combined lease components under the arrangement and total $1.9 billion. Other variable operating costs are paid for by the Company but consumed by the lessee and will be recognized as incurred. Variable lease payments received were immaterial and $0.1 million during the three and six months ended June 30, 2026, respectively. There were no variable lease payments received during the three and six months ended June 30, 2025.

Reimbursements for taxes and insurance, as well as the Company’s obligation to add the tenant as a qualified occupant for Texas data center tax incentive purposes, are considered non-components of the lease and are accounted for separately.

Initial direct costs of $7.5 million are deferred and recognized over the lease term in accordance with ASC 842. Amortization of initial direct costs is presented in Cost of digital infrastructure solutions revenue, exclusive of depreciation in the Condensed Consolidated Statements of Operations.

The following table summarizes the classes of the Company’s underlying leased assets, which are included within Property and equipment, net in the Condensed Consolidated Balance Sheets (in thousands):


	June 30, 2026		December 31, 2025
Machinery and facilities equipment	$	26,414	$	26,414
Land	1,020		1,020
Building	32,933		32,933
Land Improvement	383		383
Total cost of underlying leased assets	60,750		60,750

Less: accumulated depreciation	(10,853)		(7,877)

Underlying leased assets, net	$	49,897	$	52,873

Depreciation expense for the three and six months ended June 30, 2026 was $1.5 million and $3.0 million respectively. There was no depreciation expense for the three and six months ended June 30, 2025.

The amounts presented below represent fixed lease payments to be received by the Company under the lease agreement as of June 30, 2026 and excludes variable lease payments, which are recognized as revenue in the period in which they occur (in thousands):


	Operating Leases
Remainder of 2026	$	29,250
2027	135,233
2028	178,718
2029	182,520
2030	182,520
Thereafter	1,195,824
Total future minimum receipts on lessor arrangement	$	1,904,065

Lessee Arrangements

Ionic Digital’s lease arrangements primarily consist of operating leases for land for the purpose of running data center facilities used for cryptocurrency mining. Certain leases include options to renew for periods ranging from one month to ten years, which are included in the measurement of the right-of-use asset and lease liability when the Company determines it is reasonably certain that the renewal option will be exercised. Operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term determinable at the lease commencement date. Variable lease payments include amounts paid by the Company for the right to use an asset that vary because of changes in facts and circumstances occurring after the commencement date, such as energy consumption or revenue generation. Variable lease payments not based on an index or rate, such as those based on usage or performance, are excluded from the measurement of the right-of-use asset and lease liability and are recognized as lease expense in the period incurred. The Company has no finance leasing arrangements.

The Company leases the land at two of our Midland sites. The following table presents the Company's right-of-use assets, which are included within Deposits and other non-current assets in the Condensed Consolidated Balance Sheets, and lease liabilities, which are included in Accrued expenses and other current liabilities and Non-current portion of lease liability (in thousands):


	June 30, 2026		December 31, 2025
Operating lease right-of-use assets	$	399	$	429

Operating lease liabilities, current	38		38
Operating lease liabilities, non-current	138		170
Total lease liabilities	$	176	$	208

One of the Company’s lease agreements is based entirely on variable payments as was in an agreement terminated in the second quarter of 2025. The lease expense disclosed herein for 2025 related to the mining facility in Georgia represents an amount allocated between the lease and non-lease components of the Company’s hosting agreement with EZB. In addition, the Company has several short-term equipment rental agreements for which it elects the practical expedient not to record the right-of-use asset and lease liability on the balance sheet.

The components of total lease cost recorded in the Condensed Consolidated Statements of Operations are as follows (in thousands):


	Three Months Ended				Six Months Ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Fixed lease cost	$	19	$	19	$	38	$	38
Variable lease cost	13		52		24		113
Operating lease expense	32		71		62		151
Short-term lease expense	83		141		156		240
Total operating lease expense	$	115	$	212	$	218	$	391

Additional supplemental operating lease information is as follows (dollars in thousands):


	Six Months Ended
	June 30, 2026			June 30, 2025
Operating cash outflows included in operating lease liabilities	$	39		$	38



Weighted average remaining lease term (years)	5.92			6.92
Weighted-average discount rate (1)	7.0		%	7.0		%

(1)As the rate implicit in the leases was not readily determinable, the incremental borrowing rate at the lease commencement was used to determine the present value of minimum lease payments.

As of June 30, 2026, maturities of Ionic Digital’s operating lease liability, which do not include variable lease payments, are as follows (in thousands):


	Operating Leases
Remainder of 2026	$	—
2027	41
2028	42
2029	43
2030	44
Thereafter	46
Total undiscounted future lease payments	216
Less: present value discount	(40)
Present value of operating lease liabilities	$	176

LEASES

Lessor Arrangements: Digital Infrastructure Leasing Revenue


	June 30, 2026		December 31, 2025
Machinery and facilities equipment	$	26,414	$	26,414
Land	1,020		1,020
Building	32,933		32,933
Land Improvement	383		383
Total cost of underlying leased assets	60,750		60,750

Less: accumulated depreciation	(10,853)		(7,877)

Underlying leased assets, net	$	49,897	$	52,873


	Operating Leases
Remainder of 2026	$	29,250
2027	135,233
2028	178,718
2029	182,520
2030	182,520
Thereafter	1,195,824
Total future minimum receipts on lessor arrangement	$	1,904,065

Lessee Arrangements


	June 30, 2026		December 31, 2025
Operating lease right-of-use assets	$	399	$	429

Operating lease liabilities, current	38		38
Operating lease liabilities, non-current	138		170
Total lease liabilities	$	176	$	208

The components of total lease cost recorded in the Condensed Consolidated Statements of Operations are as follows (in thousands):


	Three Months Ended				Six Months Ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Fixed lease cost	$	19	$	19	$	38	$	38
Variable lease cost	13		52		24		113
Operating lease expense	32		71		62		151
Short-term lease expense	83		141		156		240
Total operating lease expense	$	115	$	212	$	218	$	391

Additional supplemental operating lease information is as follows (dollars in thousands):


	Six Months Ended
	June 30, 2026			June 30, 2025
Operating cash outflows included in operating lease liabilities	$	39		$	38



Weighted average remaining lease term (years)	5.92			6.92
Weighted-average discount rate (1)	7.0		%	7.0		%

(1)As the rate implicit in the leases was not readily determinable, the incremental borrowing rate at the lease commencement was used to determine the present value of minimum lease payments.

As of June 30, 2026, maturities of Ionic Digital’s operating lease liability, which do not include variable lease payments, are as follows (in thousands):


	Operating Leases
Remainder of 2026	$	—
2027	41
2028	42
2029	43
2030	44
Thereafter	46
Total undiscounted future lease payments	216
Less: present value discount	(40)
Present value of operating lease liabilities	$	176

CRYPTOCURRENCY ASSETS (Tables)

6 Months Ended

Jun. 30, 2026

Intangible Asset, Goodwill and Other [Abstract]

Schedule of cryptocurrency assets activity

The following table presents information about cryptocurrency assets activity of the Company (in thousands):


	Three Months Ended				Six Months Ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Beginning balance	$	192,085	$	203,727	$	237,947	$	223,438

Addition to bitcoin from mining activities(1)	4,799		37,088		12,260		78,340
Consideration paid to hosting providers	—		(110)		—		(291)
Carrying value of bitcoin disposed(2)	—		(16,802)		—		(32,136)
Changes in fair value of bitcoin	(28,204)		46,780		(81,527)		1,332

Ending Balance(3)	$	168,680	$	270,683	$	168,680	$	270,683

Realized gain on sale of cryptocurrency assets(4)	$	—	$	14,796	$	—	$	32,410
(1) Net of mining pool operating fees, as described in Note 2 – Basis of Presentation and Significant Accounting Policies. The addition to bitcoin from mining activities excludes bitcoin receivable of $0.1 million and $0.4 million for the three and six months ended June 30, 2026 and 2025, respectively. Bitcoin receivable is included in Other receivables, net on the Condensed Consolidated Balance Sheets.
(2) Disposal is defined as the sale of bitcoin or payment of certain hosting costs in bitcoin.
(3) The ending balance of bitcoin holdings as of June 30, 2026 and 2025, represents the fair value.
(4) No cumulative realized loss was recorded as of June 30, 2026 and 2025.

Schedule of crypto asset holdings


	June 30, 2026		December 31, 2025
Quantity of bitcoin held	2,882		2,719
Cost basis of bitcoin held	$	245,243	$	232,982
Fair value of bitcoin held	$	168,680	$	237,947

LEASES (Tables)

6 Months Ended

Jun. 30, 2026

Leases [Abstract]

Schedule of classes of underlying leased assets


	June 30, 2026		December 31, 2025
Machinery and facilities equipment	$	26,414	$	26,414
Land	1,020		1,020
Building	32,933		32,933
Land Improvement	383		383
Total cost of underlying leased assets	60,750		60,750

Less: accumulated depreciation	(10,853)		(7,877)

Underlying leased assets, net	$	49,897	$	52,873

Schedule of fixed lease payments to be received


	Operating Leases
Remainder of 2026	$	29,250
2027	135,233
2028	178,718
2029	182,520
2030	182,520
Thereafter	1,195,824
Total future minimum receipts on lessor arrangement	$	1,904,065

Schedule of right-of-use assets, other non-current assets, and lease liabilities

The following table presents the Company's right-of-use assets, which are included within Deposits and other non-current assets in the Condensed Consolidated Balance Sheets, and lease liabilities, which are included in Accrued expenses and other current liabilities and Non-current portion of lease liability (in thousands):


	June 30, 2026		December 31, 2025
Operating lease right-of-use assets	$	399	$	429

Operating lease liabilities, current	38		38
Operating lease liabilities, non-current	138		170
Total lease liabilities	$	176	$	208

Additional supplemental operating lease information is as follows (dollars in thousands):


	Six Months Ended
	June 30, 2026			June 30, 2025
Operating cash outflows included in operating lease liabilities	$	39		$	38



Weighted average remaining lease term (years)	5.92			6.92
Weighted-average discount rate (1)	7.0		%	7.0		%

(1)As the rate implicit in the leases was not readily determinable, the incremental borrowing rate at the lease commencement was used to determine the present value of minimum lease payments.

Schedule of lease cost

The components of total lease cost recorded in the Condensed Consolidated Statements of Operations are as follows (in thousands):


	Three Months Ended				Six Months Ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Fixed lease cost	$	19	$	19	$	38	$	38
Variable lease cost	13		52		24		113
Operating lease expense	32		71		62		151
Short-term lease expense	83		141		156		240
Total operating lease expense	$	115	$	212	$	218	$	391

Schedule of operating lease liability

As of June 30, 2026, maturities of Ionic Digital’s operating lease liability, which do not include variable lease payments, are as follows (in thousands):


	Operating Leases
Remainder of 2026	$	—
2027	41
2028	42
2029	43
2030	44
Thereafter	46
Total undiscounted future lease payments	216
Less: present value discount	(40)
Present value of operating lease liabilities	$	176

FAIR VALUE - Long-Lived Assets Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Property and equipment, net	$ 65,641	$ 76,156
Operating lease right-of-use assets	$ 399	429
Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-lived assets		76,585
Goodwill		161,608
Level 1 \| Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-lived assets		0
Goodwill		0
Level 2 \| Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-lived assets		0
Goodwill		0
Level 3 \| Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-lived assets		76,585
Goodwill		$ 161,608

- Definition

Amount, after accumulated depreciation, depletion, and amortization, of property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147478443/942-360-45-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 7A
-Subparagraph (a)
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478777/944-210-S99-1

+ Details

BUSINESS SEGMENT DATA (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Schedule of segment reporting

The following tables present financial information for the Company’s reportable segments for the periods indicated (in thousands):


	Three Months ended				Six Months Ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Cryptocurrency Mining Segment
Cryptocurrency mining revenue	$	4,798	$	37,192	$	12,199	$	78,273
Less significant segment expenses:
Energy costs	1,985		12,855		4,245		26,167
Labor expense	862		1,789		2,090		3,495
Hosting and revenue share expense	—		6,885		1,944		16,306
Maintenance and other facility expenses	213		727		384		1,501
Cost of cryptocurrency mining revenue, exclusive of depreciation	3,060		22,256		8,663		47,469
Cryptocurrency mining adjusted gross profit	$	1,738	$	14,936	$	3,536	$	30,804

Digital Infrastructure Solutions Segment
Digital infrastructure solutions revenue	$	43,849	$	—	$	87,888	$	—
Cost of digital infrastructure solutions revenue, exclusive of depreciation	209		—		674		—
Digital infrastructure solutions adjusted gross profit	$	43,640	$	—	$	87,214	$	—

Consolidated
Cryptocurrency mining revenue	$	4,798	$	37,192	$	12,199	$	78,273
Digital infrastructure solutions revenue	43,849		—		87,888		—
Consolidated total revenue	$	48,647	$	37,192	$	100,087	$	78,273

Reportable segments’ total adjusted gross profit	$	45,378	$	14,936	$	90,750	$	30,804
Depreciation	4,903		16,917		10,479		33,374
General and administrative expenses	19,465		10,796		35,706		17,907
Loss (gain) on fair value of cryptocurrency assets	28,204		(46,780)		81,527		(1,332)
Realized (gain) on sale of cryptocurrency assets	—		(14,796)		—		(32,410)
Loss (gain) on sale of property and equipment	847		(2)		544		(21)



Other operating expenses, net	195		250		382		500
Interest (income)	(179)		(359)		(506)		(700)
Realized loss on cryptocurrency derivatives	—		130		—		130


Loss on litigation settlement	—		8,079		—		8,079



Income (loss) before provision for income taxes	$	(8,057)	$	40,701	$	(37,382)	$	5,277

The following tables present depreciation and capital expenditures for the Company’s reportable segments (in thousands):


	Three Months ended				Six Months Ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Depreciation Expense
Cryptocurrency mining segment	$	3,417	$	16,917	$	7,507	$	33,374
Digital Infrastructure solutions segment	1,486		—		2,972		—
Total depreciation expense	$	4,903	$	16,917	$	10,479	$	33,374


	Six Months Ended
	June 30, 2026		June 30, 2025
Capital Expenditures
Cryptocurrency mining segment	$	13	$	4,152
Digital Infrastructure solutions segment	5,814		—
Total Capital Expenditures	$	5,827	$	4,152

The following table presents total assets for the Company’s reportable segments, all of which are held in the United States, for the periods indicated (in thousands):


	June 30, 2026		December 31, 2025
Cryptocurrency mining segment	$	435,504	$	345,313
Digital infrastructure solutions segment	487,014		259,691
Total Assets	$	922,518	$	605,004

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
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-Section 50
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

+ Details

FAIR VALUE - Financial Instruments Measured and Recorded at Fair Value on Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cryptocurrency assets	$ 168,680	$ 237,947
Warrants	34,061
Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents – money market funds	12,791	42,135
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cryptocurrency assets	168,680	237,947
Warrants	0
Level 1 \| Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents – money market funds	12,791	42,135
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cryptocurrency assets	0	0
Warrants	0
Level 2 \| Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents – money market funds	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cryptocurrency assets	0	0
Warrants	34,061
Level 3 \| Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents – money market funds	$ 0	$ 0

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Estimated Useful Lives of Assets (Details)	Jun. 30, 2026
Computer equipment
Property, Plant, and Equipment [Line Items]
Years	3 years
Land Improvement
Property, Plant, and Equipment [Line Items]
Years	15 years
Minimum \| Mining equipment
Property, Plant, and Equipment [Line Items]
Years	1 year
Minimum \| Machinery and facilities equipment
Property, Plant, and Equipment [Line Items]
Years	7 years
Minimum \| Buildings
Property, Plant, and Equipment [Line Items]
Years	10 years
Maximum \| Mining equipment
Property, Plant, and Equipment [Line Items]
Years	3 years
Maximum \| Machinery and facilities equipment
Property, Plant, and Equipment [Line Items]
Years	20 years
Maximum \| Buildings
Property, Plant, and Equipment [Line Items]
Years	20 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 905
-SubTopic 360
-Name Accounting Standards Codification
-Section 25
-Paragraph 4
-Publisher FASB
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2026 USD ($) segment	Mar. 31, 2026 USD ($)	Dec. 31, 2025 USD ($)	Jun. 30, 2025 USD ($)	Mar. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of operating segments \| segment	2
Bitcoin
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cryptocurrency assets	$ 168,680	$ 192,085	$ 237,947	$ 270,683	$ 203,727	$ 223,438
Mining fee charged	1.80%
Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents – money market funds	$ 12,800		$ 42,100

FAIR VALUE

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

FAIR VALUE

The following table presents the Company’s financial instruments that are measured and recorded at fair value on a recurring basis, and their level within the fair value hierarchy (in thousands):


	Fair value as of June 30, 2026
	Total carrying value		Level 1		Level 2		Level 3
Cash and cash equivalents – money market funds	$	12,791	$	12,791	$	—	$	—
Cryptocurrency assets	$	168,680	$	168,680	$	—	$	—
Warrants	$	34,061	$	—	$	—	$	34,061


	Fair value as of December 31, 2025
	Total carrying value		Level 1		Level 2		Level 3
Cash and cash equivalents - money market funds	$	42,135	$	42,135	$	—	$	—
Cryptocurrency assets	$	237,947	$	237,947	$	—	$	—

The carrying amounts of financial assets and liabilities, such as cash and cash equivalents, accounts receivable, and accounts payable, approximate fair value due to the short-term nature of these instruments. There were no transfers in or out of levels during the six months ended June 30, 2026 and 2025.

Gains and losses for such assets and liabilities categorized within the Level 3 table set forth may include changes in fair value that are attributable to both observable inputs (Levels 1 and 2) and unobservable inputs (Level 3).

Changes in the estimated fair value of Level 3 financial assets and liabilities that are measured on a recurring basis are as follows (in thousands):


	Warrants
Balance as of January 1, 2026	$	—
Additions	34,061


Balance as of June 30, 2026	34,061

The Company valued the Warrants (as defined below) at issuance using a Black-Scholes model based on the following assumptions: expected volatility of 35.0%, dividend yield of 0.0%, risk-free interest rate of 4.19%, a stock price of $48.49 per share, and an expect term of 5.0 years. For further information on the Warrants refer to Note 13 – Stockholders' Equity.

Assets and liabilities measured and recorded at fair value on a non-recurring basis

The Company’s non-financial assets, such as goodwill, intangible assets, and property and equipment, are adjusted to fair value when an impairment charge is recognized. In measuring impairment of long-lived assets in accordance with the provisions of ASC 360, Property, Plant, and Equipment, the Company estimates the fair value of long-lived assets on a non-recurring basis using Level 2 inputs for similar assets in active markets, including market data regarding the value of our ASIC miners, a limited ability to repurpose certain buildings and related materials, and the marketability (or lack thereof) of certain machinery and facilities equipment considering the condition and customized nature of the assets in accordance with the provisions of ASC 820.

In determining the fair value of the assets and liabilities acquired in the Business Combination and in evaluating the fair value of its reporting unit or units when testing goodwill for impairment, the Company considers a combination of the income and market valuation approaches. The income valuation approach uses unobservable inputs including projections of internal cash flows, future bitcoin prices, and the future global hashrate, as well as derived discount and long-term growth rates. The market valuation approach utilizes observable inputs for similar assets and liabilities to estimate valuation multiples. Refer to Note 10 – Goodwill for further information.


	Fair value as of December 31, 2025
(in thousands)	Total carrying value		Level 1		Level 2		Level 3
Long-lived assets(1)	$	76,585	$	—	$	—	$	76,585
Goodwill	$	161,608	$	—	$	—	$	161,608
(1) Long-lived assets include $76.2 million of property and equipment and $0.4 million of ROU assets as of December 31, 2025.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (a)
-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 940
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-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

GOODWILL (Tables)

6 Months Ended

Jun. 30, 2026

Intangible Asset, Goodwill and Other [Abstract]

Schedule of activity in goodwill, by reporting unit

The following table shows the Company’s activity in goodwill, by reporting unit, for the current year (in thousands):


	Cryptocurrency Mining		Digital Infrastructure		Total Goodwill
Balance as of December 31, 2025	$	—	$	161,608	$	161,608

Impairment	—		—		—
Balance as of June 30, 2026	$	—	$	161,608	$	161,608

- Definition

Tabular disclosure of goodwill.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

+ Details

FAIR VALUE - Estimated Fair Value of Level 3 Financial Assets and Liabilities (Details) - Fair Value, Recurring - Warrant $ in Thousands	6 Months Ended
	Jun. 30, 2026 USD ($)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning balance	$ 0
Additions	34,061
Ending balance	$ 34,061

ASSETS HELD FOR SALE (Details) $ in Thousands	6 Months Ended
ASSETS HELD FOR SALE (Details) $ in Thousands	Jun. 30, 2026 USD ($)
Long-Lived Asset, Held-for-Sale [Roll Forward]
Balance as of December 31, 2025	$ 0
Transfer from Property and equipment, net	4,978
Sold during the period	(2,791)
Assets held for sale as of June 30, 2026	2,187
Gain on sale of assets classified as held for sale	507
Mining equipment
Long-Lived Asset, Held-for-Sale [Roll Forward]
Balance as of December 31, 2025	0
Transfer from Property and equipment, net	1,761
Sold during the period	(1,113)
Assets held for sale as of June 30, 2026	648
Gain on sale of assets classified as held for sale	228
Buildings
Long-Lived Asset, Held-for-Sale [Roll Forward]
Balance as of December 31, 2025	0
Transfer from Property and equipment, net	316
Sold during the period	(316)
Assets held for sale as of June 30, 2026	0
Gain on sale of assets classified as held for sale	29
Machinery and facilities equipment
Long-Lived Asset, Held-for-Sale [Roll Forward]
Balance as of December 31, 2025	0
Transfer from Property and equipment, net	2,901
Sold during the period	(1,362)
Assets held for sale as of June 30, 2026	1,539
Gain on sale of assets classified as held for sale	$ 250

OTHER RECEIVABLES (Tables)

6 Months Ended

Jun. 30, 2026

Receivables [Abstract]

Schedule of other receivables, current

Other receivables, current and non-current, consisted of the following (in thousands):


	June 30, 2026		December 31, 2025
Current assets:
Receivable from former hosting partners	$	—	$	15,328
Unbilled lease revenue receivable	47,827		—
Other receivables	1,167		245
Less: Allowance for credit losses	—		(5,113)
Total other receivables, current	$	48,994	$	10,460

Receivable from former hosting partners	3,696		3,696
Less: Allowance for credit losses	(3,326)		(3,326)
Total other receivables, non-current	$	370	$	370

Schedule of other receivables, non-current

Other receivables, current and non-current, consisted of the following (in thousands):


	June 30, 2026		December 31, 2025
Current assets:
Receivable from former hosting partners	$	—	$	15,328
Unbilled lease revenue receivable	47,827		—
Other receivables	1,167		245
Less: Allowance for credit losses	—		(5,113)
Total other receivables, current	$	48,994	$	10,460

Receivable from former hosting partners	3,696		3,696
Less: Allowance for credit losses	(3,326)		(3,326)
Total other receivables, non-current	$	370	$	370

Schedule of allowance for credit losses

The following table presents the activity in the Company's allowance for credit losses (in thousands):


	Six Months Ended
	June 30, 2026		June 30, 2025
Beginning balance	$	8,439	$	2,445

Write-offs	(5,113)		—

Ending balance	$	3,326	$	2,445

STOCK-BASED COMPENSATION - Performance Restricted Stock Units (Details) - Performance Restricted Stock Units - Ionic Digital Inc. Omnibus Incentive Plan	6 Months Ended
	Jun. 30, 2026 $ / shares shares
Number of Shares
Unvested beginning balance (in shares) \| shares	560,625
Granted (in shares) \| shares	588,156
Unvested ending balance (in shares) \| shares	1,148,781
Weighted-Average Grant Date Fair Value
Unvested beginning balance (in dollars per share) \| $ / shares	$ 34.50
Granted (in dollars per share) \| $ / shares	36.35
Unvested ending balance (in dollars per share) \| $ / shares	$ 35.45

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Income Tax Disclosure [Abstract]
Benefit for income taxes	$ 27,248	$ 8,787	$ 10,907	$ 1,394
Effective tax rate	(338.20%)	21.60%	(29.20%)	26.40%
Valuation allowance	$ 18,500		$ 18,500		$ 1,400
Unrecognized tax benefits	800	$ 700	800	$ 700
Discrete tax expense	$ 0	$ 100	$ 100	$ 300

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 2026

Accounting Policies [Abstract]

Schedule of estimated useful lives assets

The estimated useful lives of the assets are as follows:


			Years
Computer equipment			3
Mining equipment			1-3
Machinery and facility equipment(1)			7-20
Buildings			10-20
Land Improvement			15
(1) Machinery and facility equipment primarily includes containers, electrical parts, cables, and transformers.

Property and equipment consisted of the following (in thousands):


	June 30, 2026		December 31, 2025
Mining equipment	$	24,530	$	79,264
Machinery and facilities equipment	44,390		55,679
Computer equipment	20		20
Construction-in-progress	9,156		2,513
Building	32,937		33,992
Land	1,620		1,620
Land Improvement	383		383
Total cost of property and equipment, net of impairment	$	113,036	$	173,471

Less: Accumulated depreciation	(47,395)		(97,315)

Property and equipment, net	$	65,641	$	76,156

CRYPTOCURRENCY ASSETS - Crypto Asset Holdings (Details) - Bitcoin $ in Thousands	Jun. 30, 2026 USD ($) bitcoin	Mar. 31, 2026 USD ($)	Dec. 31, 2025 USD ($) bitcoin	Jun. 30, 2025 USD ($)	Mar. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
Crypto Asset, Holding [Line Items]
Quantity of bitcoin held \| bitcoin	2,882		2,719
Cost basis of bitcoin held	$ 245,243		$ 232,982
Fair value of bitcoin held	$ 168,680	$ 192,085	$ 237,947	$ 270,683	$ 203,727	$ 223,438

EARNINGS PER SHARE - Basic Earnings per Share of Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2026	Jun. 30, 2025
Numerator
Net income (loss)	$ (35,305)	$ (12,984)	$ 31,914	$ (28,031)	$ (48,289)	$ 3,883
Denominator
Weighted-average Common stock outstanding, basic (in shares)	37,374,261		37,374,261		37,374,261	37,374,261
Basic earnings per share, Common Stock (in dollars per share)	$ (0.94)		$ 0.85		$ (1.29)	$ 0.10

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

LEASES - Lessor Arrangements Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Leases [Abstract]
Renewal term	10 years		10 years
Fixed lease payments			$ 1,900.0
Variable lease payments received	$ 0.0	$ 0.0	0.1	$ 0.0
Initial direct costs			7.5
Depreciation expense	$ 1.5	$ 0.0	$ 3.0	$ 0.0

STOCK-BASED COMPENSATION

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

On January 31, 2024, the Company adopted the Ionic Digital Inc. Omnibus Incentive Plan (the “Omnibus Plan”), pursuant to which it may grant equity and equity-based incentive awards (including non-statutory and incentive stock options, stock appreciation rights, restricted stocks, restricted stock units, performance awards, other stock-based awards and cash awards) to eligible employees, consultants, individual contractors and other service providers. The number of shares of Common Stock available under the plan is initially limited to 4,317,960 shares. The share limit automatically increases by 4% on all shares outstanding on January 1 of each calendar year beginning in 2025, unless a smaller number of shares is determined by the Board of Directors. As of June 30, 2026, the Company has reserved approximately 5,551,944 shares (subject to an evergreen) for future awards under the Omnibus Plan.

Restricted Stock Units

During the three and six months ended June 30, 2026, the Company granted stock-based awards in the form of RSUs under the Omnibus Plan, which vest over a five-year period in equal installments, with one-fifth vesting on each of the first five anniversaries of the grant. These awards are classified as equity awards and are measured at fair value on the grant date. Compensation cost related to the RSUs is recognized on a straight-line basis over the applicable service periods and is recorded within general and administrative expenses, with a corresponding increase to additional paid-in-capital.

The following table summarizes the Company’s RSU activity:


	Number of Shares	Weighted-Average Grant Date Fair Value
Unvested, January 1, 2026	411,125	$	35.34
Granted	196,052	35.21



Unvested, June 30, 2026	607,177	$	35.30

The fair value of RSUs granted during the six months ended June 30, 2026 was determined using the fair value of the Company’s common stock on the grant date. The market value per common share was adjusted using a discount for lack of marketability calculated using a weighted average expected term of 3.0 years, a weighted average expected volatility of 95.8%, and a dividend yield of 0.0%.

Performance Restricted Stock Units

The Company also granted equity-based awards under the Omnibus Plan in the form of performance restricted stock units (“PRSUs”). These awards are classified as equity awards and vest upon the achievement of a service condition of six months of continuous employment after achievement of market conditions established by the Compensation Committee of the Board as of the grant date, which is based on the achievement of certain market capitalization goals. The number of shares earned total one-third of the total awards granted based on achievement of the performance condition. The fair value of these PRSUs was determined using a Monte Carlo simulation incorporating the grant-date market value per common share. The resulting fair values were then adjusted using a discount for lack of marketability that considered a weighted average expected term of 1.2 years, a weighted average expected volatility of 89.5%, and a dividend yield of 0.0%. Compensation expense for these PRSUs is recognized based on the probable outcome of the performance condition with a cumulative catch-up adjustment for prior periods in the period that the probable outcome changes.

The following table summarizes the Company’s PRSU activity:


	Number of Shares	Weighted-Average Grant Date Fair Value
Unvested, January 1, 2026	560,625	$	34.50
Granted	588,156	36.35



Unvested, June 30, 2026	1,148,781	$	35.45

Total stock-based compensation expense for three and six months ended June 30, 2026 was $9.0 million and $15.4 million, respectively. There was no stock-based compensation expense for the three and six months ended June 30, 2025. Unrecognized stock-based compensation expense was $43.3 million as of June 30, 2026 with a remaining weighted average vesting period of 1.3 years.

STOCKHOLDERS' EQUITY

Private Placement

On June 26, 2026, we entered into a private placement transaction (the “Private Placement”) pursuant to securities purchase agreements (the “Securities Purchase Agreements”), to sell an aggregate of (i) 7,547,166 shares of Series A convertible preferred stock, par value $0.00001 per share (the “Series A Preferred Stock”), at a price of $53.00 per share (“Stated Value”), (ii) warrants to purchase an aggregate of 1,006,286 shares of Class A common stock at an exercise price of $63.60 per share, (iii) warrants to purchase an aggregate of 1,006,286 shares of Class A common stock at an exercise price of $74.20 per share, and (iv) warrants to purchase an aggregate of 1,006,286 shares of Class A common stock at an exercise price of $87.45 per share (the warrants described in clauses (ii) through (iv), collectively, the “Warrants”) to certain institutional accredited investors (the “Investors”) for an aggregate purchase price of $400.0 million, before an estimated $16.8 million in transaction fees. This transaction closed on June 30, 2026.

At June 30, 2026, the Series A Preferred Stock was convertible into Class A common stock at the option of the holder and was subject to automatic conversion upon completion of the direct listing or certain other specified liquidity events. The Series A Preferred Stock voted together with the Class A common stock on an as-converted basis, except as otherwise required by law, and was entitled to separate class voting rights with respect to specified protective provisions. If any shares of Series A Preferred Stock remained outstanding as of June 26, 2028, each share would have been convertible at the holder’s option at a maturity conversion rate based on the greater of the Stated Value (as defined in the Certificate of Designation) and $79.50. The Series A Preferred Stock had a mandatory redemption provision, wherein after June 26, 2028, the outstanding shares are redeemed for cash at an amount per share equal to the greater of 100% of the Stated Value or the as-converted liquidation value, subject to a minimum return, taking into account dividends and other payments, of 150% of the Stated Value. In accordance with ASC 480 - Distinguishing Liabilities from Equity, the Series A Preferred Stock is classified as temporary equity (Mezzanine Equity) outside of permanent stockholders’ equity in the Condensed Consolidated Balance Sheet as of June 30, 2026. Beginning on January 15, 2027 cumulative and preferential cash dividends shall accrue on each share of Series A Preferred Stock at an annual rate of 12%, and are payable quarterly.

The Investors have agreed that, with the exception of 2% of each tranche of the Warrants, they will not transfer or otherwise dispose of the Series A Preferred Stock, the Class A common stock issued upon conversion of the Series A Preferred Stock, the Warrants, or the shares of Class A common stock issuable upon exercise of the Warrants at a price of less than $70.00 per share until six months after our securities are first listed on Nasdaq or another national securities exchange.

The Warrants are classified as liabilities in accordance with ASC 480-10-25-8, as they contain provisions that could require net cash settlement in the event the Company is sold, which is not solely within the Company’s control. The proceeds from the sale were allocated first to Warrants based on their issuance date fair value with the residual to the Series A Preferred Stock. Warrants were allocated $34.1 million and recorded as a liability on the Company’s Condensed Consolidated Balance Sheet as of June 30, 2026. The Preferred Stock was allocated the remaining $365.9 million and recorded as Mezzanine Equity on the Company’s Condensed Consolidated Balance Sheet as of June 30, 2026.

The Company will remeasure the fair value of the Warrants at the end of each reporting period. Changes in the fair value of the Warrants will be recognized as a gain or loss to earnings. The Company will accrete the Preferred Stock to its redemption amounts once it is determined that redemption is probable. As of June 30, 2026, the Company determined redemption was not probable.

Transaction costs of $16.8 million were allocated based on the allocation of proceeds with the Series A Preferred Stock being allocated $15.4 million, which was recorded as a reduction to their carrying amount at period end. The Warrants were allocated $1.4 million in transaction costs, which are recorded as an expense and included in General and Administrative expense for the period ended June 30, 2026.

In June 2026, we also issued 40,000 shares of Series Z Preferred Stock for an aggregate of $0.40 in proceeds. The shares of Series Z Preferred Stock have 1,000 votes per share of Series Z Preferred Stock, but do not have any economic rights with respect to dividends, liquidation or otherwise. The holder of the Series Z Preferred Stock has agreed that it will vote such stock in the same proportion as votes cast by holders of the Class A common stock on any matter submitted to stockholders at our 2026 annual meeting of stockholders. The shares of Series Z Preferred Stock were automatically redeemed for $0.40 in the aggregate following the conclusion of our 2026 annual meeting of stockholders, held on July 13, 2026. The Series Z Preferred Stock was intended to ensure the presence of a quorum to conduct an annual meeting of stockholders within the time period required by Delaware law.

On July 28, 2026, the Company completed its direct listing of the Company’s Class A Common Stock, as a result the Company converted all 7,547,166 shares of Series A Preferred stock to 7,547,166 shares of Class A common stock. In addition, the successful completion of the direct listing triggered a contractual advisory fee of $10.0 million payable by the Company.

- Definition

The entire disclosure for equity.

+ References

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+ Details

PROPERTY AND EQUIPMENT, NET - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Property, Plant, and Equipment [Line Items]
Total cost of property and equipment, net of impairment	$ 113,036	$ 173,471
Less: Accumulated depreciation	(47,395)	(97,315)
Property and equipment, net	65,641	76,156
Less: accumulated depreciation	10,853	7,877
Mining equipment
Property, Plant, and Equipment [Line Items]
Total cost of property and equipment, net of impairment	24,530	79,264
Machinery and facilities equipment
Property, Plant, and Equipment [Line Items]
Total cost of property and equipment, net of impairment	44,390	55,679
Computer equipment
Property, Plant, and Equipment [Line Items]
Total cost of property and equipment, net of impairment	20	20
Construction-in-progress
Property, Plant, and Equipment [Line Items]
Total cost of property and equipment, net of impairment	9,156	2,513
Buildings
Property, Plant, and Equipment [Line Items]
Total cost of property and equipment, net of impairment	32,937	33,992
Land
Property, Plant, and Equipment [Line Items]
Total cost of property and equipment, net of impairment	1,620	1,620
Land Improvement
Property, Plant, and Equipment [Line Items]
Total cost of property and equipment, net of impairment	$ 383	$ 383

GOODWILL - Activity in Goodwill, by Reporting Unit (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		30 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026
Goodwill [Roll Forward]
Balance as of December 31, 2025			$ 161,608
Impairment	$ 0	$ 0	0	$ 0
Balance as of June 30, 2026	161,608		161,608		$ 161,608
Cryptocurrency Mining
Goodwill [Roll Forward]
Balance as of December 31, 2025			0
Impairment			0		68,200
Balance as of June 30, 2026	0		0		0
Digital Infrastructure
Goodwill [Roll Forward]
Balance as of December 31, 2025			161,608
Impairment			0
Balance as of June 30, 2026	$ 161,608		$ 161,608		$ 161,608

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Amount of impairment loss from asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References + Details

LEASES - Right-of-Use Assets, Other Non-Current Assets, and Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Leases [Abstract]
Operating lease right-of-use assets	$ 399	$ 429
Operating lease liabilities, current	38	38
Operating lease liabilities, non-current	138	170
Total lease liabilities	$ 176	$ 208

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Payables and Accruals [Abstract]
Accrued professional fees	$ 1,617	$ 1,174
Issuance costs	16,800	827
Taxes payable	511	662
Payable to former hosting partner	0	5,115
Accrued costs to decommission owned site	0	3,384
Accrued wages	1,348	96
Initial direct leasing costs payable	2,500	5,000
Other accrued expenses	2,391	2,901
Total accrued expenses and other current liabilities	$ 25,167	$ 19,159

LEASES - Fixed Lease Payments to be Received (Details) $ in Thousands	Jun. 30, 2026 USD ($)
Leases [Abstract]
Remainder of 2026	$ 29,250
2027	135,233
2028	178,718
2029	182,520
2030	182,520
Thereafter	1,195,824
Total future minimum receipts on lessor arrangement	$ 1,904,065

GOODWILL

6 Months Ended

Jun. 30, 2026

Intangible Asset, Goodwill and Other [Abstract]

GOODWILL

Goodwill represents the cost of a business acquisition in excess of the fair value of the net assets acquired. The Company reviews its goodwill for impairment annually or whenever events or circumstances indicate that the carrying amount of the asset exceeds its fair value and may not be recoverable. These indicators may include, but are not limited to, a significant adverse change in the regulatory or business climate, a significant increase in expected future development costs, or a tenant default on the lease contract.

During the first half of 2025, the Company performed a qualitative assessment of relevant events and circumstances, considering, among other factors, macroeconomic conditions, industry and market considerations, and the Company’s overall financial position. Based on the assessments performed at June 30, 2025 and March 31, 2025, the Company determined that it is not more likely than not that the fair value of its single cryptocurrency mining reporting unit was less than its carrying amount, and therefore a quantitative impairment test was not required at that time. No impairment charges related to goodwill were recognized during the three and six months ended June 30, 2026 and 2025. Since inception, Ionic has recognized $68.2 million in goodwill impairment related to the cryptocurrency mining reporting unit.

The following table shows the Company’s activity in goodwill, by reporting unit, for the current year (in thousands):


	Cryptocurrency Mining		Digital Infrastructure		Total Goodwill
Balance as of December 31, 2025	$	—	$	161,608	$	161,608

Impairment	—		—		—
Balance as of June 30, 2026	$	—	$	161,608	$	161,608

- Definition

The entire disclosure for goodwill.

+ References + Details

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2026	Aug. 25, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2026
Document Transition Report	false
Entity File Number	001-41941
Registrant Name	Ionic Digital Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	99-0565447
Entity Address, Address Line One	650 Massachusetts Avenue NW, 6th Floor
Entity Address, City or Town	Washington
Entity Address, State or Province	DC
Entity Address, Postal Zip Code	20001
City Area Code	754
Local Phone Number	273-6593
Title of 12(b) Security	Class A Common Stock
Trading Symbol	IOND
Security Exchange Name	NASDAQ
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		44,996,175
Central Index Key	0002007691
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
Amendment Flag	false

OTHER RECEIVABLES - Allowance for Credit Losses (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 8,439	$ 2,445
Write-offs	(5,113)	0
Ending balance	$ 3,326	$ 2,445

STOCKHOLDERS' EQUITY

6 Months Ended

Jun. 30, 2026

Stockholders' Equity Note [Abstract]

STOCKHOLDERS' EQUITY

STOCK-BASED COMPENSATION

Restricted Stock Units

The following table summarizes the Company’s RSU activity:


	Number of Shares	Weighted-Average Grant Date Fair Value
Unvested, January 1, 2026	411,125	$	35.34
Granted	196,052	35.21



Unvested, June 30, 2026	607,177	$	35.30

Performance Restricted Stock Units

The following table summarizes the Company’s PRSU activity:


	Number of Shares	Weighted-Average Grant Date Fair Value
Unvested, January 1, 2026	560,625	$	34.50
Granted	588,156	36.35



Unvested, June 30, 2026	1,148,781	$	35.45

STOCKHOLDERS' EQUITY

Private Placement

- Definition

The entire disclosure for equity.

+ References

+ Details

LEASES - Classes of Underlying Leased Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]
Total cost of underlying leased assets	$ 60,750	$ 60,750
Less: accumulated depreciation	(10,853)	(7,877)
Underlying leased assets, net	49,897	52,873
Machinery and facilities equipment
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]
Total cost of underlying leased assets	26,414	26,414
Land
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]
Total cost of underlying leased assets	1,020	1,020
Buildings
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]
Total cost of underlying leased assets	32,933	32,933
Land Improvement
Property, Plant, and Equipment, Lessor Asset under Operating Lease [Line Items]
Total cost of underlying leased assets	$ 383	$ 383

BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2026
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) and the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, these unaudited condensed consolidated financial statements reflect all adjustments, including those of a normal and recurring nature, which are necessary for a fair presentation of the results for the interim period presented. The Company’s interim financial statements are condensed and should be read in conjunction with the Company’s latest audited annual consolidated financial statements included in our Registration Statement on Form S-1 (No. 333-297125). The results of operations for the three and six months ended June 30, 2026, are not necessarily indicative of the results to be expected for the full-year ending December 31, 2026.
Principles of Consolidation	Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned and controlled subsidiaries. Intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of the Company’s condensed consolidated financial statements in conformity with US GAAP requires management to make estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant estimates include estimates used to review the Company’s goodwill allocation and impairment, impairment of long-lived assets, allowance for credit losses, income taxes, and stock-based compensation. Management bases its estimates of the carrying value of certain assets and liabilities on historical experience and on various other assumptions that it believes to be reasonable under the circumstances when these carrying values are not readily available from other sources. Making estimates requires management to exercise significant judgment and it is at least reasonably possible that the estimate of the effect of a condition, situation, or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Accordingly, actual results may differ materially from those estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include all cash balances and highly liquid investments with original maturities of three months or less. These investments may include money market funds, certificates of deposit, and other short-term instruments.
Concentrations of credit risk	Concentrations of credit risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents. At times throughout the year, the Company has maintained cash balances in certain bank accounts in excess of FDIC limits.
Allowance for Credit Losses	Allowance for Credit Losses Management estimates an allowance for credit losses using relevant available information from both internal and external sources relating to past events, current conditions, and reasonable and supportable forecasts. Changes in the allowance for credit losses are recorded within General and administrative expenses, in the Condensed Consolidated Statements of Operations.
Fair value measurements	Fair value measurements The Company accounts for financial assets and liabilities in accordance with ASC 820, Fair Value Measurement (“ASC 820”), which defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The fair value hierarchy requires an entity to maximize the use of observable inputs when measuring fair value and classifies those inputs into three levels: •Level 1 - Quoted prices in active markets for identical assets or liabilities. These are typically obtained from real-time quotes for transactions in active exchange markets involving identical assets. •Level 2 - Quoted prices for similar assets and liabilities in active markets; quoted prices included for identical or similar assets and liabilities that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets. These are typically obtained from readily available pricing sources for comparable instruments. •Level 3 - Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. Observable inputs are based on market data obtained from independent sources, while unobservable inputs are based on market assumptions. Unobservable inputs require significant management judgment or estimation. In some cases, the inputs used to measure an asset or liability may fall into different levels of the fair value hierarchy. In those instances, the fair value measurement is required to be classified using the lowest level of input that is significant to the fair value measurement. Such determination requires significant management judgment. Assets and liabilities measured and recorded at fair value on a non-recurring basis The Company’s non-financial assets, such as goodwill, intangible assets, and property and equipment, are adjusted to fair value when an impairment charge is recognized. In measuring impairment of long-lived assets in accordance with the provisions of ASC 360, Property, Plant, and Equipment, the Company estimates the fair value of long-lived assets on a non-recurring basis using Level 2 inputs for similar assets in active markets, including market data regarding the value of our ASIC miners, a limited ability to repurpose certain buildings and related materials, and the marketability (or lack thereof) of certain machinery and facilities equipment considering the condition and customized nature of the assets in accordance with the provisions of ASC 820. In determining the fair value of the assets and liabilities acquired in the Business Combination and in evaluating the fair value of its reporting unit or units when testing goodwill for impairment, the Company considers a combination of the income and market valuation approaches. The income valuation approach uses unobservable inputs including projections of internal cash flows, future bitcoin prices, and the future global hashrate, as well as derived discount and long-term growth rates. The market valuation approach utilizes observable inputs for similar assets and liabilities to estimate valuation multiples.
Cryptocurrency assets	Cryptocurrency assets Cryptocurrency assets held by the Company as of June 30, 2026 and December 31, 2025, consisted entirely of bitcoin. All cryptocurrency asset holdings are classified as current assets in the accompanying balance sheets due to the Company’s ability to sell the cryptocurrency assets in a highly liquid marketplace and its intent to liquidate its cryptocurrency assets to support operations, capital expenditures, or for treasury management as needed. Bitcoin received by the Company through its mining activities is accounted for in connection with the Company’s revenue recognition policy disclosed below. Cryptocurrency assets are recorded at fair value. The Company determines the fair value of cryptocurrency assets in accordance with ASC 820. The fair value of bitcoin is measured using the period-end closing bitcoin price from its principal market, Coinbase Global, Inc. (“Coinbase”). The Company utilizes the bitcoin spot price as of 23:59:59 UTC. For the three and six months ended June 30, 2026 and 2025, the changes in fair value are recognized as Gain (loss) on fair value of cryptocurrency within Operating expenses on the Condensed Consolidated Statements of Operations. The proceeds from sales of cryptocurrency assets are included within investing activities in the accompanying Condensed Consolidated Statements of Cash Flows, as the Company intends to liquidate its cryptocurrency assets only as needed to cover operating costs and expenses within its operating cycle. In accordance with ASC 350-60, the Company discloses realized gains and losses from the sale of cryptocurrency assets and such gains and losses are measured as the difference between the cash proceeds and the cost basis of the asset as determined on a First In-First Out basis.
Property and equipment, net	Property and equipment, net Property and equipment is stated at cost less depreciation accumulated using the straight-line method over the estimated useful lives of the assets. Construction-in-progress is the construction or development of assets that have not yet been placed in service for their intended use, and therefore, are not depreciated until the work is completed and the assets are placed in service. Depreciation of mining equipment, machinery and facilities equipment, buildings, and leasehold improvements also commences once assets are placed in service. Land is not depreciated. Costs of maintenance, repairs, and minor parts replacements are expensed when incurred. Upon the sale or retirement of property and equipment, the cost and accumulated depreciation and amortization are removed from the Company’s balance sheets with the resulting gain or loss, if any, reflected in the Company’s Condensed Consolidated Statements of Operations. The Company reviews long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying value of such asset groups may not be fully recoverable. The asset groups to be held and used that are subject to impairment review represent the lowest level of identifiable cash flows that are largely independent of other groups of assets and liabilities. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to undiscounted future cash flows expected to be generated by the asset. If such assets are considered unrecoverable, the impairment loss to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets.
Assets Held for Sale	Assets Held for Sale The Company classifies long-lived assets to be sold as held for sale in the period in which all of the following criteria are met: 1.Management, having the authority to approve the action, commits to a plan to sell the asset; 2.The asset is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets; 3.An active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated; 4.The sale of the asset is probable, and transfer of the asset is expected to qualify for recognition as a completed sale within one year, except if events or circumstances beyond the Company’s control extend the period of time required to sell the asset beyond one year; 5.The asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value; and 6.Actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. The Company initially measures long-lived assets that are classified as held for sale at the lower of their carrying amount or fair value less any costs to sell. Any loss resulting from remeasurement is recognized in the period in which the held-for-sale criteria are met. Conversely, potential gains are not recognized on long-lived assets until the date of sale. The Company assesses the fair value of a long-lived asset, less any costs to sell, in each reporting period it remains classified as held for sale, and reports any subsequent changes as an adjustment to the carrying value of the asset, as long as the new carrying value does not exceed the carrying value of the asset at the time it was initially classified as held for sale.
Recognition of Cryptocurrency Mining Revenue	Recognition of Cryptocurrency Mining Revenue Ionic Digital participates in a third-party operated mining pool to which the Company provides the service of performing hash calculations, an output of the Company’s ordinary activities. The Company recognizes revenue under ASC 606, Revenue from Contracts with Customers (“ASC 606”). The core principle of this standard is that a company should recognize revenue to depict the transfer of promised goods or services to customers at an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The following five steps are applied to achieve that core principle: Step 1: Identify the contract with the customer Step 2: Identify the performance obligations in the contract Step 3: Determine the transaction price Step 4: Allocate the transaction price to the performance obligations in the contract Step 5: Recognize revenue when the Company satisfies a performance obligation Step 1: The Company has identified the third-party mining pool operator as its customer (the "Customer"). The Company enters into a contract with the Customer to provide its hash calculations to the Customer's mining pool. The contracts are terminable without penalty at any time by either party; thus, the contract term is shorter than a 24-hour period and the contracts are continuously renewed. Applying the criteria per ASC 606-10-25-1, the contract arises at the point that the Company provides hash calculations to the Customer's mining pool, which is considered contract inception, because Customer consumption is in tandem with delivery of the hash calculations. Step 2: To identify the performance obligations in a contract with a customer, a company must assess the promised goods or services in the contract and identify each promised good or service that is distinct. A performance obligation meets ASC 606’s definition of a “distinct” good or service (or bundle of goods or services) if both of the following criteria are met: ●The customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer (i.e., the good or service is capable of being distinct), and ●The entity’s promise to transfer the good or service to the customer is separately identifiable from other promises in the contract (i.e., the promise to transfer the good or service is distinct within the context of the contract). The Company has identified a single performance obligation of providing hash calculations for the mining pool operator. The continuous renewal options do not represent material rights because they do not provide the Customer with the right to purchase additional goods or services at a discount. Specifically, the contract is renewed with the same terms, conditions, and rate as the current contract, which is consistent with market rates, and there are no upfront or incremental fees in the initial contract. The Company has full control of the mining equipment used in the mining pool, and if the Company determines it will increase or decrease the hashrate (the speed at which mining equipment can perform hash calculations) of its machines and/or fleet (i.e., for repairs or when power costs are excessive), the hashrate provided to the Customer will correspondingly increase or decrease. Step 3: The transaction price is the amount of consideration to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer. The consideration promised in a contract with a customer may include fixed amounts, variable amounts, or both. When determining the transaction price, an entity must consider the effects of all the following: ●Variable consideration ●Constraining estimates of variable consideration ●The existence of a significant financing component in the contract ●Noncash consideration ●Consideration payable to a customer Variable consideration is included in the transaction price only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. There are no other forms of variable consideration such as discounts, rebates, credits, price concessions, incentives, performance bonuses, penalties, or other similar items. In exchange for providing hash calculations the Company is entitled to receive noncash consideration, payable in bitcoin, from the mining pool operator. Bitcoin earned and recognized is variable from day to day based on the payout model. The amount of compensation due to the Company is determined using the Full Pay Per Share (“FPPS”) payout model detailed in the mining pool operator contract. FPPS contains three components, (1) a fractional share of the fixed crypto asset award from the mining pool operator (referred to as a “network block subsidies”), (2) network transaction fees generated from (paid by) blockchain users to execute transactions and distributed (paid out) to individual miners by the mining pool operator, (3) pool operating fees. The Company’s total compensation is calculated as the sum of the Company’s share of (1) Network Block Subsidies and (2) Network Transaction Fees, less (3) Pool Operating Fees. “Network Block Subsidies” means the total amount of block subsidies that are expected to be generated on the Bitcoin network during the 24-hour period beginning at 00:00:00 UTC daily (i.e., the measurement period) and ending at 23:59:59 UTC the same day, regardless of whether the mining pool operator successfully records a block to the blockchain. The Company’s share of Network Block Subsidies earned for each measurement period is determined by dividing (a) the total amount of hashrate Ionic Digital provides to the mining pool operator, by (b) the total Bitcoin network’s implied hashrate (as determined by the Bitcoin network difficulty), multiplied by (c) the Network Block Subsidies. “Network Transaction Fees” means the total amount of transaction fees that are generated on the Bitcoin network during the measurement period. The Company’s share of Network Transaction Fees earned for each measurement period is determined by dividing (a) the total amount of Network Transaction Fees, by (b) the total amount of Network Block Subsidies that are generated on the Bitcoin network, multiplied by (c) Ionic Digital’s share of Network Block Subsidies. “Pool Operating Fees” means the fees charged by the mining pool operator for operating the mining pool as set forth on a rate schedule to the mining pool contract. The Pool Operating Fees reduce the total amount of compensation the Company receives and are only incurred to the extent that it has generated mining revenue during the measurement period. The Customer provides services solely for bitcoin mining and the fees charged during the most recent fiscal quarter were 1.8% of the total daily bitcoin mined. The Pool Operating Fees represent consideration paid to the Customer; therefore, since the Company does not receive a distinct good or service from the mining pool operator in exchange for the fees paid, the Pool Operating Fees are reported as a reduction in revenue. For each contract, the Company measures the consideration at fair value based on the quoted price of bitcoin at the 00:00:00 UTC spot price on the date of contract inception, as determined by the Company’s principal market, Coinbase. The Company recognizes this noncash consideration on the same day that control of the contract service transfers to the mining pool operator, which is the same day as contract inception. Daily settlements are made to the Company by the Customer based on the hash calculations provided over the contract periods over a 24-hour period and the payout is made the following day. There is no significant financing component, deferred revenue, or other obligations in these transactions since there are no payments in advance of the performance, and there are no remaining performance obligations after providing hash calculations. Step 4: The transaction price is allocated to the single performance obligation of providing hash calculations to the customer. Step 5: The Company’s performance is completed over time as the customer obtains control of the contributed hashrate. The performance obligation of hash calculations is fulfilled over time, as opposed to a point in time, because the Company provides the hash calculations throughout the contract period and the customer simultaneously obtains control of the service and uses it to produce bitcoin.
Recognition of leasing revenue	Recognition of leasing revenue The Company generates revenue from an agreement to provide digital infrastructure solutions at its Ward County facility. The arrangement has both lease and non-lease components, and the arrangement will primarily be accounted for in accordance with ASC 842, Leases (“ASC 842”), while certain non-lease components will be accounted for in accordance with ASC 606.
Stock-based Compensation	Stock-based Compensation The Company recognizes stock-based compensation expense for all stock-based awards made to employees, directors, consultants, and service providers, if any, based upon the estimated grant-date fair value of the awards. The fair value of stock-based compensation awards is amortized over the vesting period, which is defined as the period during which a recipient is required to provide service in exchange for an award. The Company generally uses a graded vesting method for all grants. Awards with both market and service conditions are expensed over the vesting period for each separately vesting tranche. The Company accounts for forfeitures of stock-based awards as they occur. For more complex performance awards, including awards with market conditions, the fair value is estimated using the Black-Scholes option pricing model or Monte-Carlo simulations, which take into account the exercise price, the term of the option or the restricted stock units (“RSUs”), the impact of dilution, the share price at grant date, expected price volatility of the underlying share, the expected dividend yield and the risk-free interest rate for the term of the option, together with non-vesting conditions that do not determine whether the Company receives the services that entitle the employees to receive payment. In accordance with ASC 718, Stock Compensation (“ASC 718”), stock-based compensation for awards with market conditions is recognized over the vesting period, regardless of whether the market condition is ultimately achieved will only be adjusted to the extent the service condition is not met. If stock-based awards are modified, as a minimum, an expense is recognized as if the modification has not been made. An additional expense is recognized, over the remaining vesting period, for any modification that increases the total fair value of the stock-based compensation benefit as at the date of modification. If stock-based awards are cancelled or settled during the vesting period (other than a grant cancelled by forfeiture when the vesting conditions are not satisfied), this is treated as an acceleration of vesting and the amount that otherwise would have been recognized for services received over the remainder of the vesting period will be recognized immediately through stock-based compensation expense in earnings. The Company classifies its stock-based compensation within “General and administrative expenses” on the Condensed Consolidated Statements of Operations.
Leases, Lessor	Leases Leases are accounted for in accordance with ASC 842, Leases (“ASC 842”). The Company has lease arrangements both as a lessor and a lessee. At the inception of an arrangement, the Company determines whether the contract is or contains a lease based on specific facts and circumstances, the existence of an identified asset, if any, and the Company’s control over the use of the identified asset, if applicable. Lessor Lease arrangements wherein the Company retains ownership of the underlying asset and grants a customer the right to use its asset are classified by the Company as an operating lease. Lease revenue is recognized on a straight-line basis and the associated leased assets are depreciated. On October 14, 2025, the Company entered into an arrangement to provide digital infrastructure solutions to a customer at its Ward County facility. The arrangement includes both lease and non-lease components, certain of which are directly related to the lease components and the Company has elected to combine those related lease and non-lease components. The Company will account for the combined lease and non-lease components as Digital infrastructure leasing revenue in the Condensed Consolidated Statements of Operations.
Leases, Leases	Leases Leases are accounted for in accordance with ASC 842, Leases (“ASC 842”). The Company has lease arrangements both as a lessor and a lessee. At the inception of an arrangement, the Company determines whether the contract is or contains a lease based on specific facts and circumstances, the existence of an identified asset, if any, and the Company’s control over the use of the identified asset, if applicable. Lessee The Company categorizes leases with contractual terms longer than twelve months as either operating or finance. Finance leases are generally those leases that allow the Company to substantially utilize or pay for the entire asset over its estimated life. All other leases are categorized as operating leases and related expenses are recognized on a straight-line basis over the term of the related contract within General and administrative expenses in the Condensed Consolidated Statements of Operations. The Company records right-of-use (“ROU”) assets and lease obligations for its finance and operating leases, which are initially recognized based on the present value of future minimum lease payments over the term of the lease. As the rate implicit in the Company’s leases is not easily determinable, in determining the present value of the lease payments the Company uses an incremental borrowing rate based on the estimated rate of interest for collateralized borrowings over a similar term of the lease payments. Lease expenses are recognized on a straight-line basis over the lease term. The lease term is defined as the non-cancellable period of the lease plus any options to extend or terminate the lease when it is reasonably certain that the Company will exercise the option. The Company has elected not to recognize ROU asset and lease obligations for its short-term leases, which are defined as leases with an initial term of 12 months or less. Some leases include multiple-year renewal options. The Company’s decision to exercise these renewal options is based on an assessment of its current business needs and market factors at the time of the renewal. For all classes of underlying assets, the Company has elected to separate lease and non-lease components.
Goodwill	Goodwill Goodwill represents the cost of a business acquisition in excess of the fair value of the net assets acquired. In accordance with ASC 350, Goodwill and Other Intangible Assets (“ASC 350”), the Company reviews its goodwill for impairment annually or whenever events or circumstances indicate that the carrying amount of the asset exceeds its fair value and may not be recoverable. Triggering events that may indicate a potential impairment include but are not limited to significant adverse changes in bitcoin prices or business climate and related competitive considerations. The Company may first perform a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount but also has the option to bypass the qualitative assessment in any period and proceed directly to performing the quantitative analysis. If the Company performs a qualitative test and determines it is more likely than not that the fair value of a reporting unit is less than is carrying amount, the Company performs a quantitative goodwill impairment test to compare the estimated fair value of the reporting unit to its carrying amount. Impairment is indicated if the estimated fair value of the reporting unit is less than the carrying amount of the reporting unit, and an impairment charge is recognized for the difference, not to exceed the carrying value of goodwill.
Income taxes	Income taxes The Company complies with the accounting and reporting requirements of ASC 740, Income Taxes (“ASC 740”), which requires use of the asset and liability method wherein deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, as well as operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to be in effect for the years in which those temporary differences are expected to be recovered or settled. A valuation allowance is required to the extent any deferred tax assets may not be realizable. The Company also follows US GAAP in accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company’s policy is to record interest and penalties associated with uncertain tax positions through income tax expense. There were no material unrecognized benefits or associated interest or penalties as of the periods provided for in these financial statements.
Segment reporting	Segment reporting Operating segments are defined as components of an enterprise about which separate financial information is available that is regularly reviewed by the chief operating decision maker (“CODM”). The CODM of the Company is the Chief Executive Officer. The CODM reviews financial performance at a segment level. Accordingly, the Company has two operating segments, and the Company discloses both segments in its condensed consolidated financial statements.
Recent accounting pronouncements	Recent accounting pronouncements The Company continually assesses any new accounting pronouncements to determine their applicability. When it is determined that a new accounting pronouncement affects the Company’s financial reporting, the Company undertakes a study to determine the consequences of the change on its consolidated financial statements and assures that there are proper controls in place to ascertain that the Company’s consolidated financial statements properly reflect the change. In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU requires public business entities to provide more detailed disclosures in the notes to their financial statements, both for interim and annual reporting periods, about certain expenses such as purchases of inventory, employee compensation, depreciation, and intangible asset amortization. The amendments in this ASU are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently assessing the potential impact of this standard’s adoption. In May 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. This ASU introduces simplifications for estimating credit losses on current accounts receivable and contract assets arising from Topic 606 (Revenue from Contracts with Customers). It provides one key relief for the Company: a practical expedient allowing entities to assume that current economic conditions remain unchanged over the life of these assets. These changes aim to reduce the cost and complexity of applying the credit loss model, especially for assets acquired in business combinations or through consolidation of variable interest entities. The Company adopted the simplified method available to it in estimating allowance for credit losses as of January 1, 2026, which had an immaterial impact.

FAIR VALUE - Narrative (Details) - Warrant	Jun. 26, 2026 year
Price Volatility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.350
Expected Dividend Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.000
Risk Free Interest Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.0419
Share Price
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	48.49
Expected Term
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	5.0

PROPERTY AND EQUIPMENT, NET - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Property, Plant, and Equipment [Abstract]
Depreciation expense for property and equipment	$ 4,900	$ 16,900	$ 10,500	$ 33,400

INCOME TAXES	6 Months Ended
INCOME TAXES	Jun. 30, 2026
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Income Tax in Interim Periods The Company records its income tax expense or benefit for interim periods using the actual effective tax rate applicable to the year-to-date results, adjusted for discrete items recognized in the impacted interim period, rather than an estimated annual effective tax rate. This approach differs from prior periods, in which the Company applied an estimated annual effective tax rate in accordance with ASC 740-270. The change was made because the Company determined it can no longer reliably estimate its annual effective tax rate, primarily due to the volatility of bitcoin fair values and the resulting variability in the Company’s deferred tax position, as well as a high degree of uncertainty in estimating annual pre-tax income. ASC 740-270 provides that the actual year-to-date effective tax rate may be used when application of the estimated annual effective tax rate is impractical because a reliable estimate of the annual effective tax rate cannot be made. The Company believes, at this time, the use of the year-to-date actual effective tax rate approach is more appropriate than the estimated annual effective tax rate method. For the three and six months ended June 30, 2026, the Company recorded income tax expense (including discrete items) of $27.2 million and $10.9 million, respectively. For the three and six months ended June 30, 2025, the Company recorded income tax expense (including discrete items) of $8.8 million and $1.4 million, respectively. Effective Tax Rate The Company’s effective tax rate (including discrete items) was (338.2)% and (29.2)% for the three and six months ended June 30, 2026, respectively, and 21.6% and 26.4% for the three and six months ended June 30, 2025, respectively. The effective tax rate for the three and six months ended June 30, 2026 differed significantly from the U.S. federal statutory rate of 21% primarily due to the valuation allowance recorded against the deferred tax asset associated with unrealized losses on cryptocurrency holdings, as well as non-deductible officer compensation and non-deductible stock issuance costs, which represent permanent differences. These items resulted in the recognition of income tax expense notwithstanding the Company’s pre-tax losses for the periods. During the six months ended June 30, 2026, the Company evaluated all available evidence and concluded that it was more likely than not that the benefit associated with its unrealized losses on cryptocurrency may not be realized. Under ASU 2023-08, changes in the fair value of cryptocurrency are recognized through earnings but are not taxable until disposition, at which point the resulting losses would be capital in character and available only to offset capital gains. The Company does not currently anticipate generating capital gains in sufficient amount within the applicable carryforward period to permit realization of the deferred tax asset. The Company accordingly increased its valuation allowance against that deferred tax asset, which represented the most significant valuation allowance movement during the period. The Company also recorded incremental valuation allowance against the deferred tax assets associated with most of its state net operating losses subject to expiration and a portion of its indefinite-lived state net operating losses, consistent with the Company’s recent cumulative loss position and the related limitations on its ability to support future taxable income. The Company’s total valuation allowance was $18.5 million and $1.4 million as of June 30, 2026 and December 31, 2025, respectively. Uncertain Tax Positions The Company files federal and state income tax returns. The 2024-2025 tax years generally remain subject to examination by the Internal Revenue Service and various state taxing authorities, although the Company is not currently under examination by any jurisdiction. As of June 30, 2026 and December 31, 2025, the total amount of unrecognized tax benefits was $0.8 million and $0.7 million, respectively. If recognized, these tax benefits would affect the Company’s effective tax rate. The Company recognizes interest and penalties related to unrecognized tax benefits within the provision for income tax. During the three and six months ended June 30, 2026, the Company recorded an immaterial amount and $0.1 million, respectively, of discrete tax expense, inclusive of interest and penalties. During the three and six months ended June 30, 2025, the Company recorded discrete tax expense of $0.1 million and $0.3 million, respectively, inclusive of interest and penalties.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)

6 Months Ended

Jun. 30, 2026

Payables and Accruals [Abstract]

Schedule of accrued expenses

Accrued expenses and other current liabilities consisted of the following (in thousands):


	June 30, 2026		December 31, 2025
Accrued professional fees	$	1,617	$	1,174
Issuance costs	16,800		827
Taxes payable	511		662
Payable to former hosting partner	—		5,115
Accrued costs to decommission owned site	—		3,384
Accrued wages	1,348		96
Initial direct leasing costs payable	2,500		5,000
Other accrued expenses	2,391		2,901
Total accrued expenses and other current liabilities	$	25,167	$	19,159

Schedule of other current liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	June 30, 2026		December 31, 2025
Accrued professional fees	$	1,617	$	1,174
Issuance costs	16,800		827
Taxes payable	511		662
Payable to former hosting partner	—		5,115
Accrued costs to decommission owned site	—		3,384
Accrued wages	1,348		96
Initial direct leasing costs payable	2,500		5,000
Other accrued expenses	2,391		2,901
Total accrued expenses and other current liabilities	$	25,167	$	19,159

ASSETS HELD FOR SALE

6 Months Ended

Jun. 30, 2026

Discontinued Operations and Disposal Groups [Abstract]

ASSETS HELD FOR SALE

PROPERTY AND EQUIPMENT, NET

Property and equipment consisted of the following (in thousands):


	June 30, 2026		December 31, 2025
Mining equipment	$	24,530	$	79,264
Machinery and facilities equipment	44,390		55,679
Computer equipment	20		20
Construction-in-progress	9,156		2,513
Building	32,937		33,992
Land	1,620		1,620
Land Improvement	383		383
Total cost of property and equipment, net of impairment	$	113,036	$	173,471

Less: Accumulated depreciation	(47,395)		(97,315)

Property and equipment, net	$	65,641	$	76,156

Depreciation of property and equipment during the three and six months ended June 30, 2026, was $4.9 million and $10.5 million, respectively, and for the three and six months ended June 30, 2025, was $16.9 million and $33.4 million, respectively.

Due to sustained decreases in the price of bitcoin during the six months ended June 30, 2026, the Company performed an impairment review on its mining equipment as of June 30, 2026. As a result of the impairment testing the Company determined that no impairment was needed for the three and six months ended June 30, 2026.

ASSETS HELD FOR SALE

The Company determined it will not have the capacity at its owned and leased sites to relocate and operate all of the miners it previously operated at its Ward County and hosted facilities. As such, the Company reviewed its population of mining equipment to determine which units would be decommissioned and disposed. In addition, the conversion of the Ward County facility to accommodate the leasing arrangement necessitated the sale of certain building materials and machinery and facilities equipment previously in service at that location. As of February 19, 2026, the Company approved a formal plan of sale and is pursuing liquidation of various property and equipment that is not expected to be placed back into service. Gains and losses on the sale of assets classified as held for sale are recorded in (Gain) loss on sale of property and equipment in the condensed consolidated statements of operations.

Assets held for sale consisted of the following (in thousands):


	Miners		Building		Machinery and Facility Equipment		Total
Balance as of December 31, 2025	$	—	$	—	$	—	$	—
Transfer from Property and equipment, net	1,761		316		2,901		4,978
Sold during the period	(1,113)		(316)		(1,362)		(2,791)

Assets held for sale as of June 30, 2026	$	648	$	—	$	1,539	$	2,187

Gain on sale of assets classified as held for sale	$	228	$	29	$	250	$	507

- Definition

The entire disclosure for property, plant, and equipment. Includes, but is not limited to, land and land improvement; building; machinery and equipment; furniture and fixture; and work of art, historical treasure, or similar asset classified as collection.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477798/958-360-50-7

+ Details

STOCKHOLDERS' EQUITY (Details)				1 Months Ended	6 Months Ended
STOCKHOLDERS' EQUITY (Details)	Jan. 15, 2027	Jul. 28, 2026 USD ($) shares	Jun. 26, 2026 USD ($) $ / shares shares	Jun. 30, 2026 USD ($) vote $ / shares shares	Jun. 30, 2026 USD ($) $ / shares	Jun. 26, 2028 $ / shares	Dec. 31, 2025 USD ($) $ / shares
Class of Warrant or Right [Line Items]
Accrued financing costs				$ 16,800,000	$ 16,800,000		$ 827,000
Percent of ownership not transferred per tranche			2.00%
Warrants issued in connection with private placement					34,100,000
Preferred stock recorded in APIC				365,900,000	365,900,000
Private Placement
Class of Warrant or Right [Line Items]
Aggregate purchase price			$ 400,000,000.0
Accrued financing costs			$ 16,800,000	16,800,000	16,800,000
Private Placement \| Subsequent Event
Class of Warrant or Right [Line Items]
Offering cost, expense		$ 10,000,000.0
Convertible Preferred Stock \| Private Placement
Class of Warrant or Right [Line Items]
Number of shares issued (in shares) \| shares			7,547,166
Convertible Preferred Stock \| Private Placement \| Subsequent Event \| Conversion Of Series A Preferred Stock Into Common Stock
Class of Warrant or Right [Line Items]
Number of shares converted (in shares) \| shares		7,547,166
Series A Preferred Stock
Class of Warrant or Right [Line Items]
Accrued financing costs				$ 15,400,000	$ 15,400,000
Exercise price of warrants (in dollars per shares) \| $ / shares			$ 70.00
Series A Preferred Stock \| Forecast
Class of Warrant or Right [Line Items]
Conversion price (in dollars per share) \| $ / shares						$ 79.50
Convertible stock redemption, percentage						100.00%
Convertible stock redemption, maximum threshold, percentage						150.00%
Preferred stock, dividend rate	12.00%
Series A Preferred Stock \| Private Placement
Class of Warrant or Right [Line Items]
Preferred stock, par value (in dollars per share) \| $ / shares			0.00001
Sale of stock, price per share (in dollars per share) \| $ / shares			53.00
Common Class A \| Private Placement \| Subsequent Event \| Conversion Of Series A Preferred Stock Into Common Stock
Class of Warrant or Right [Line Items]
Number of shares issued (in shares) \| shares		7,547,166
Series Z Preferred Stock
Class of Warrant or Right [Line Items]
Number of shares issued (in shares) \| shares				40,000
Preferred stock, par value (in dollars per share) \| $ / shares				$ 0.00001	$ 0.00001		$ 0.00001
Aggregate purchase price				$ 0.40
Number of votes \| vote				1,000
Redemption of preferred stock				$ 0.40
Warrant
Class of Warrant or Right [Line Items]
Accrued financing costs				$ 1,400,000	$ 1,400,000
Warrants At Exercise Price One \| Common Class A \| Private Placement
Class of Warrant or Right [Line Items]
Sale of stock, price per share (in dollars per share) \| $ / shares			$ 63.60
Number of securities called by warrants (in shares) \| shares			1,006,286
Warrants At Exercise Price Two \| Common Class A \| Private Placement
Class of Warrant or Right [Line Items]
Sale of stock, price per share (in dollars per share) \| $ / shares			$ 74.20
Number of securities called by warrants (in shares) \| shares			1,006,286
Warrants At Exercise Price Three \| Common Class A \| Private Placement
Class of Warrant or Right [Line Items]
Sale of stock, price per share (in dollars per share) \| $ / shares			$ 87.45
Number of securities called by warrants (in shares) \| shares			1,006,286

LEASES - Lessee Arrangements Narrative (Details)	Jun. 30, 2026 site lease
Leases [Abstract]
Number of sites on leased land \| site	2
Lease agreements subject to variable payments \| lease	1

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2025	Aug. 27, 2026	Jun. 30, 2026	Apr. 30, 2026	Aug. 23, 2023
Loss Contingencies [Line Items]
Outstanding non-cancellable purchase commitments			$ 9.6	$ 15.0
Subsequent Event
Loss Contingencies [Line Items]
Outstanding non-cancellable purchase commitments		$ 14.7
Mawson Infrastructure Group Agreement \| Mawson Infrastructure Group., Inc.
Loss Contingencies [Line Items]
Deposit					$ 15.3
Invoice amount					$ 5.1
Proceeds from legal settlements	$ 5.1

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

LEASES - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
LEASES - Lease Cost (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Leases [Abstract]
Fixed lease cost	$ 19	$ 19	$ 38	$ 38
Variable lease cost	13	52	24	113
Operating lease expense	32	71	62	151
Short-term lease expense	83	141	156	240
Total operating lease expense	$ 115	$ 212	$ 218	$ 391

LEASES - Supplemental Operating Lease Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Leases [Abstract]
Operating cash outflows included in operating lease liabilities	$ 39	$ 38
Weighted average remaining lease term (years)	5 years 11 months 1 day	6 years 11 months 1 day
Weighted-average discount rate	7.00%	7.00%

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 415,738	$ 43,510
Cryptocurrency assets	168,680	237,947
Other receivables, current (net of $0.0 million and $5.1 million allowance for credit losses as of June 30, 2026 and December 31, 2025, respectively)	48,994	10,460
Prepaid expenses and other current assets	6,966	11,427
Assets held for sale	2,187	0
Total current assets	642,565	303,344
Non-current assets
Property and equipment, net	65,641	76,156
Deferred initial direct leasing costs	6,466	6,803
Other receivables, non-current (net of $3.3 million allowance for credit losses as of June 30, 2026 and December 31, 2025)	370	370
Deposits and other non-current assets	2,211	2,253
Goodwill	161,608	161,608
Deferred tax assets, net	43,657	54,470
Total non-current assets	279,953	301,660
TOTAL ASSETS	922,518	605,004
Current liabilities
Deferred digital infrastructure leasing revenue	0	39,793
Accounts payable	1,178	1,720
Accrued expenses and other current liabilities	25,167	19,159
Total current liabilities	26,345	60,672
Non-current liabilities
Non-current portion of lease liability	138	170
Warrant liability	34,061	0
Other non-current liabilities	871	755
Total non-current liabilities	35,070	925
TOTAL LIABILITIES	61,415	61,597
Commitments and contingencies (Note 15)
Mezzanine Capital
Series A convertible preferred stock, $0.00001 par value, 7,547,166 and zero shares authorized, 7,547,166 and zero issued and outstanding as of June 30, 2026 and December 31, 2025; aggregate liquidation preference of $600.0 million and $0.0 million as of June 30, 2026 and December 31, 2025, respectively	350,547	0
Stockholders’ Equity
Class A common stock, $0.00001 par value, 1,000,000,000 shares authorized, 37,374,261 shares issued and outstanding as of June 30, 2026 and December 31, 2025	0	0
Additional paid-in capital	766,423	750,985
Accumulated deficit	(255,867)	(207,578)
TOTAL STOCKHOLDERS' EQUITY	510,556	543,407
TOTAL LIABILITIES, MEZZANINE EQUITY, AND STOCKHOLDERS’ EQUITY	922,518	605,004
Series Z Preferred Stock
Stockholders’ Equity
Preferred stock, $0.00001 par value, 15,000,000 shares authorized, none issued and outstanding as of June 30, 2026 and December 31, 2025	0	0
Series Z Preferred Stock
Stockholders’ Equity
Preferred stock, $0.00001 par value, 15,000,000 shares authorized, none issued and outstanding as of June 30, 2026 and December 31, 2025	$ 0	$ 0

GOODWILL - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		30 Months Ended
GOODWILL - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026
Goodwill [Line Items]
Impairment	$ 0	$ 0	$ 0	$ 0
Cryptocurrency Mining
Goodwill [Line Items]
Impairment			$ 0		$ 68,200

- Definition

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

+ Details

BUSINESS SEGMENT DATA - Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Segment Reporting [Line Items]
Revenue	$ 48,647	$ 37,192	$ 100,087	$ 78,273
Depreciation	4,903	16,917	10,479	33,374
General and administrative expenses	19,465	10,796	35,706	17,907
(Gain) loss on fair value of cryptocurrency	28,204	(46,780)	81,527	(1,332)
Realized gain on sale of cryptocurrency assets	0	(14,796)	0	(32,410)
Loss (gain) on sale of property and equipment	847	(2)	544	(21)
Other operating expenses, net	195	250	382	500
Interest (income)	(179)	(359)	(506)	(700)
Realized loss on cryptocurrencies derivatives	0	130	0	130
Loss on litigation settlement	0	8,079	0	8,079
Income (loss) before provision for income taxes	(8,057)	40,701	(37,382)	5,277
Capital Expenditures			5,827	4,152
Cryptocurrency mining
Segment Reporting [Line Items]
Revenue	4,798	37,192	12,199	78,273
Cost of revenue, exclusive of depreciation	3,060	22,256	8,663	47,469
Digital infrastructure leasing
Segment Reporting [Line Items]
Revenue	43,849	0	87,888	0
Cost of revenue, exclusive of depreciation	209	0	674	0
Operating Segments
Segment Reporting [Line Items]
Revenue	48,647	37,192	100,087	78,273
Adjusted gross profit	45,378	14,936	90,750	30,804
Depreciation	4,903	16,917	10,479	33,374
General and administrative expenses	19,465	10,796	35,706	17,907
(Gain) loss on fair value of cryptocurrency	28,204	(46,780)	81,527	(1,332)
Realized gain on sale of cryptocurrency assets	0	(14,796)	0	(32,410)
Loss (gain) on sale of property and equipment	847	(2)	544	(21)
Other operating expenses, net	195	250	382	500
Interest (income)	(179)	(359)	(506)	(700)
Income (loss) before provision for income taxes	(8,057)	40,701	(37,382)	5,277
Cryptocurrency Mining Segment
Segment Reporting [Line Items]
Depreciation	3,417	16,917	7,507	33,374
Capital Expenditures			13	4,152
Cryptocurrency Mining Segment \| Operating Segments
Segment Reporting [Line Items]
Energy costs	1,985	12,855	4,245	26,167
Labor expense	862	1,789	2,090	3,495
Hosting and revenue share expense	0	6,885	1,944	16,306
Maintenance and other facility expenses	213	727	384	1,501
Cost of revenue, exclusive of depreciation	3,060	22,256	8,663	47,469
Adjusted gross profit	1,738	14,936	3,536	30,804
Cryptocurrency Mining Segment \| Operating Segments \| Cryptocurrency mining
Segment Reporting [Line Items]
Revenue	4,798	37,192	12,199	78,273
Digital Infrastructure Segment
Segment Reporting [Line Items]
Depreciation	1,486	0	2,972	0
Capital Expenditures			5,814	0
Digital Infrastructure Segment \| Operating Segments
Segment Reporting [Line Items]
Cost of revenue, exclusive of depreciation	209	0	674	0
Adjusted gross profit	43,640	0	87,214	0
Digital Infrastructure Segment \| Operating Segments \| Digital infrastructure leasing
Segment Reporting [Line Items]
Revenue	$ 43,849	$ 0	$ 87,888	$ 0

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Total Revenue	$ 48,647	$ 37,192	$ 100,087	$ 78,273
Operating expenses
Depreciation	4,903	16,917	10,479	33,374
General and administrative expenses	19,465	10,796	35,706	17,907
(Gain) loss on fair value of cryptocurrency	28,204	(46,780)	81,527	(1,332)
Realized gain on sale of cryptocurrency assets	0	(14,796)	0	(32,410)
Loss (gain) on sale of property and equipment	847	(2)	544	(21)
Other operating expenses, net	195	250	382	500
Total operating expenses	56,883	(11,359)	137,975	65,487
Operating income (loss)	(8,236)	48,551	(37,888)	12,786
Other income
Interest income	179	359	506	700
Realized loss on cryptocurrencies derivatives	0	(130)	0	(130)
Loss on litigation settlement	0	(8,079)	0	(8,079)
Other income (expense)	179	(7,850)	506	(7,509)
Income (loss) before provision for income taxes	(8,057)	40,701	(37,382)	5,277
Benefit for income taxes	27,248	8,787	10,907	1,394
Net income (loss)	$ (35,305)	$ 31,914	$ (48,289)	$ 3,883
Basic net loss per share (in dollars per share)	$ (0.94)	$ 0.85	$ (1.29)	$ 0.10
Diluted net loss per share (in dollars per share)	$ (0.94)	$ 0.85	$ (1.29)	$ 0.10
Weighted-average number of shares used in computing net loss per share, basic (in shares)	37,374,261	37,374,261	37,374,261	37,374,261
Weighted-average number of shares used in computing net loss per share, diluted (in shares)	37,374,261	37,374,261	37,374,261	37,374,261
Cryptocurrency mining
Total Revenue	$ 4,798	$ 37,192	$ 12,199	$ 78,273
Operating expenses
Cost of revenue	3,060	22,256	8,663	47,469
Digital infrastructure leasing
Total Revenue	43,849	0	87,888	0
Operating expenses
Cost of revenue	$ 209	$ 0	$ 674	$ 0

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

6 Months Ended

Jun. 30, 2026

Payables and Accruals [Abstract]

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses and other current liabilities represent management’s best estimates of liabilities incurred that are expected to be settled in the normal course of business within twelve months. Actual amounts paid may differ from estimated accruals due to timing of invoice receipt, final contractual terms, or changes in service usage. Differences between accrued amounts and actual payments are recognized in the period in which such information becomes available.

Accrued expenses and other current liabilities consisted of the following (in thousands):


	June 30, 2026		December 31, 2025
Accrued professional fees	$	1,617	$	1,174
Issuance costs	16,800		827
Taxes payable	511		662
Payable to former hosting partner	—		5,115
Accrued costs to decommission owned site	—		3,384
Accrued wages	1,348		96
Initial direct leasing costs payable	2,500		5,000
Other accrued expenses	2,391		2,901
Total accrued expenses and other current liabilities	$	25,167	$	19,159

OTHER RECEIVABLES

6 Months Ended

Jun. 30, 2026

Receivables [Abstract]

OTHER RECEIVABLES

The Company contracted with data center operators for hosting its mining equipment and for operational support. These arrangements required advance payments to the operators pursuant to the contractual obligations associated with these services. At the time the contract terminates, any remaining balances are due to the Company, and such amounts are recorded as Other receivables, either current or non-current, in the Condensed Consolidated Balance Sheets, depending upon the term of the contract over which the deposits are expected to be recovered.

Other receivables, current and non-current, consisted of the following (in thousands):


	June 30, 2026		December 31, 2025
Current assets:
Receivable from former hosting partners	$	—	$	15,328
Unbilled lease revenue receivable	47,827		—
Other receivables	1,167		245
Less: Allowance for credit losses	—		(5,113)
Total other receivables, current	$	48,994	$	10,460

Receivable from former hosting partners	3,696		3,696
Less: Allowance for credit losses	(3,326)		(3,326)
Total other receivables, non-current	$	370	$	370

Based on management’s assessment of the age of the amounts receivable and the financial viability of the debtor, the Company records a provision for credit losses related to its short and long-term receivables. During the three and six months ended June 30, 2026 and 2025, there was no provision for credit losses related to its short and long-term receivables.

The following table presents the activity in the Company's allowance for credit losses (in thousands):


	Six Months Ended
	June 30, 2026		June 30, 2025
Beginning balance	$	8,439	$	2,445

Write-offs	(5,113)		—

Ending balance	$	3,326	$	2,445

BUSINESS SEGMENT DATA

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

BUSINESS SEGMENT DATA

Selected financial and descriptive information is provided about reportable operating segments, considering a “management approach” concept as the basis for identifying reportable segments. The management approach is based on the way that management organizes the segments within the Company for making operating decisions, allocating resources, and assessing performance. Consequently, the segments are evident from the structure of the Company’s internal organization, focusing on financial information that the Company’s Chief Executive Officer (“CEO”), who is the Chief Operating Decision Maker (“CODM”), uses to make decisions about the Company’s operating matters.

With the execution of the agreement to lease the Ward County facility, the CODM began considering resource allocations and investments in Company operations separately between the historical cryptocurrency mining business and the prospects of leasing the Company’s powered land and assets for use in the high-powered computing and artificial intelligence sectors. As such, the Company has determined it has two reportable segments: Cryptocurrency Mining and Digital Infrastructure Solutions. Each are individually managed and provide separate services. Revenues by segment represent revenues earned from the services offered within each segment. The Company does not report results by geographic region, as all of its operations are domestic. All revenues are generated through external customers, and the accounting policies applied to each reportable segment are consistent with those policies described in Note 2.

The primary metric reviewed by the CODM is adjusted gross profit, and this metric is reviewed to evaluate the Company’s operating results, its business strategies, and to determine resource allocation for digital asset purchases and other expenditures. The Company defines adjusted gross profit as revenues less cost of revenues applicable to each reportable segment, exclusive of depreciation.

The following tables present financial information for the Company’s reportable segments for the periods indicated (in thousands):


	Three Months ended				Six Months Ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Cryptocurrency Mining Segment
Cryptocurrency mining revenue	$	4,798	$	37,192	$	12,199	$	78,273
Less significant segment expenses:
Energy costs	1,985		12,855		4,245		26,167
Labor expense	862		1,789		2,090		3,495
Hosting and revenue share expense	—		6,885		1,944		16,306
Maintenance and other facility expenses	213		727		384		1,501
Cost of cryptocurrency mining revenue, exclusive of depreciation	3,060		22,256		8,663		47,469
Cryptocurrency mining adjusted gross profit	$	1,738	$	14,936	$	3,536	$	30,804

Digital Infrastructure Solutions Segment
Digital infrastructure solutions revenue	$	43,849	$	—	$	87,888	$	—
Cost of digital infrastructure solutions revenue, exclusive of depreciation	209		—		674		—
Digital infrastructure solutions adjusted gross profit	$	43,640	$	—	$	87,214	$	—

Consolidated
Cryptocurrency mining revenue	$	4,798	$	37,192	$	12,199	$	78,273
Digital infrastructure solutions revenue	43,849		—		87,888		—
Consolidated total revenue	$	48,647	$	37,192	$	100,087	$	78,273

Reportable segments’ total adjusted gross profit	$	45,378	$	14,936	$	90,750	$	30,804
Depreciation	4,903		16,917		10,479		33,374
General and administrative expenses	19,465		10,796		35,706		17,907
Loss (gain) on fair value of cryptocurrency assets	28,204		(46,780)		81,527		(1,332)
Realized (gain) on sale of cryptocurrency assets	—		(14,796)		—		(32,410)
Loss (gain) on sale of property and equipment	847		(2)		544		(21)



Other operating expenses, net	195		250		382		500
Interest (income)	(179)		(359)		(506)		(700)
Realized loss on cryptocurrency derivatives	—		130		—		130


Loss on litigation settlement	—		8,079		—		8,079



Income (loss) before provision for income taxes	$	(8,057)	$	40,701	$	(37,382)	$	5,277

The Company had one customer who accounted for 90.1% and 87.8% of total revenues for the three and six months ended June 30, 2026, all of which were recorded within the Digital Infrastructure Solutions Segment. There was one individual customer who accounted for 100% of total revenues for the three and six months ended June 30, 2025, all of which were recorded in the Cryptocurrency Mining Segment.

The following tables present depreciation and capital expenditures for the Company’s reportable segments (in thousands):


	Three Months ended				Six Months Ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Depreciation Expense
Cryptocurrency mining segment	$	3,417	$	16,917	$	7,507	$	33,374
Digital Infrastructure solutions segment	1,486		—		2,972		—
Total depreciation expense	$	4,903	$	16,917	$	10,479	$	33,374


	Six Months Ended
	June 30, 2026		June 30, 2025
Capital Expenditures
Cryptocurrency mining segment	$	13	$	4,152
Digital Infrastructure solutions segment	5,814		—
Total Capital Expenditures	$	5,827	$	4,152

The following table presents total assets for the Company’s reportable segments, all of which are held in the United States, for the periods indicated (in thousands):


	June 30, 2026		December 31, 2025
Cryptocurrency mining segment	$	435,504	$	345,313
Digital infrastructure solutions segment	487,014		259,691
Total Assets	$	922,518	$	605,004

- Definition

The entire disclosure for segment reporting.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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+ Details

STOCK-BASED COMPENSATION - Restricted Stock Units (Details) - Restricted Stock Units (RSUs) - Ionic Digital Inc. Omnibus Incentive Plan	6 Months Ended
	Jun. 30, 2026 $ / shares shares
Number of Shares
Unvested beginning balance (in shares) \| shares	411,125
Granted (in shares) \| shares	196,052
Unvested ending balance (in shares) \| shares	607,177
Weighted-Average Grant Date Fair Value
Unvested beginning balance (in dollars per share) \| $ / shares	$ 35.34
Granted (in dollars per share) \| $ / shares	35.21
Unvested ending balance (in dollars per share) \| $ / shares	$ 35.30

CRYPTOCURRENCY ASSETS - Cryptocurrency Assets Activity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Crypto Asset [Roll Forward]
Realized gain on sale of cryptocurrency assets	$ 0	$ 14,796	$ 0	$ 32,410
Bitcoin
Crypto Asset [Roll Forward]
Beginning balance	192,085	203,727	237,947	223,438
Addition to bitcoin from mining activities	4,799	37,088	12,260	78,340
Consideration paid to hosting providers	0	(110)	0	(291)
Carrying value of bitcoin disposed	0	(16,802)	0	(32,136)
Changes in fair value of bitcoin	(28,204)	46,780	(81,527)	1,332
Ending balance	168,680	270,683	168,680	270,683
Realized gain on sale of cryptocurrency assets		14,796	0	32,410
Crypto asset, receivable	$ 100	$ 400	$ 100	$ 400

EARNINGS PER SHARE (Tables)

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Schedule of basic earnings per share of common stock

The following table summarizes the calculation of the Company’s basic earnings per share of Common stock (in thousands, except share and per share data):


	Three Months Ended June 30,				Six Months Ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Numerator
Net income (loss)	$	(35,305)	$	31,914	$	(48,289)	$	3,883

Denominator
Weighted-average Common stock outstanding, basic	37,374,261		37,374,261		37,374,261		37,374,261



Basic earnings per share, Common Stock	$	(0.94)	$	0.85	$	(1.29)	$	0.10

STOCK-BASED COMPENSATION - Narrative (Details) - Ionic Digital Inc. Omnibus Incentive Plan - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2030	Jun. 30, 2029	Jun. 30, 2028	Jun. 30, 2027	Jun. 30, 2026	Jun. 30, 2025	Jan. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares initially authorized (in shares)									4,317,960
Number of shares reserved (in shares)							5,551,944
Subsequent Event
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Annual percentage increase					4.00%
Restricted Stock Units (RSUs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	5 years						5 years
Vesting percent on anniversaries of grant							20.00%
Weighted average expected term							3 years
Weighted average expected volatility							95.80%
Dividend yield							0.00%
Restricted Stock Units (RSUs) \| Subsequent Event
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percent on anniversaries of grant			20.00%	20.00%	20.00%	20.00%
Performance Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average expected term							1 year 2 months 12 days
Weighted average expected volatility							89.50%
Dividend yield							0.00%
Stock-based compensation expense	$ 9.0	$ 0.0					$ 15.4	$ 0.0
Unrecognized stock-based compensation expense	$ 43.3						$ 43.3
Unrecognized stock-based compensation expense, weighted average vesting period							1 year 3 months 18 days

PROPERTY AND EQUIPMENT, NET

6 Months Ended

Jun. 30, 2026

Property, Plant, and Equipment [Abstract]

PROPERTY AND EQUIPMENT, NET

Property and equipment consisted of the following (in thousands):


	June 30, 2026		December 31, 2025
Mining equipment	$	24,530	$	79,264
Machinery and facilities equipment	44,390		55,679
Computer equipment	20		20
Construction-in-progress	9,156		2,513
Building	32,937		33,992
Land	1,620		1,620
Land Improvement	383		383
Total cost of property and equipment, net of impairment	$	113,036	$	173,471

Less: Accumulated depreciation	(47,395)		(97,315)

Property and equipment, net	$	65,641	$	76,156

ASSETS HELD FOR SALE

Assets held for sale consisted of the following (in thousands):


	Miners		Building		Machinery and Facility Equipment		Total
Balance as of December 31, 2025	$	—	$	—	$	—	$	—
Transfer from Property and equipment, net	1,761		316		2,901		4,978
Sold during the period	(1,113)		(316)		(1,362)		(2,791)

Assets held for sale as of June 30, 2026	$	648	$	—	$	1,539	$	2,187

Gain on sale of assets classified as held for sale	$	228	$	29	$	250	$	507

- Definition

+ References

+ Details

ORGANIZATION	6 Months Ended
ORGANIZATION	Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION Nature of operations and corporate information Ionic Digital Inc. (together with its consolidated subsidiaries, “Ionic Digital,” or the “Company”) was formed on January 5, 2024 to acquire substantially all of the assets and assume certain liabilities of Celsius Mining, LLC (“Celsius Mining”) pursuant to the Chapter 11 bankruptcy plan of reorganization (the “Plan”), which was confirmed by the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”) on November 9, 2023. Pursuant to the Plan, at the close of business on January 31, 2024 (the “Plan Effective Date”), the Company, through its wholly owned subsidiary Ionic Digital Treasury Inc., entered into a Master Conveyance Agreement with Celsius Mining and acquired substantially all the assets and assumed certain liabilities from Celsius Mining (the “Business Combination”). As a result of the Business Combination, the Company initiated its cryptocurrency mining operations, generating revenue through the mining of bitcoin, a digital asset operating on a decentralized, open-source blockchain network. Subsequent to the Business Combination, the Company solely operated a fleet of application-specific integrated circuit (“ASIC”) mining machines (“miners”) at both hosted and owned or leased facilities. However, on October 14, 2025 the Company entered into a lease arrangement for its Ward County facility (previously referred to as “Cedarvale” in Company communications), resulting in a new operating segment which provides digital infrastructure solutions (refer to Note 8 – Leases for additional information). The Company’s cryptocurrency mining segment continues to operate four facilities located in Midland, Texas. On July 28, 2026, the Company completed its direct listing of the Company’s Class A Common Stock. See further information in Note 13.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net income (loss)	$ (48,289)	$ 3,883
Adjustments to reconcile net loss to net cash used in operating activities
Mining revenue received in bitcoin	(12,199)	(78,273)
Hosting costs paid in bitcoin	0	592
Depreciation and amortization	10,489	33,384
Loss (gain) on the fair value of cryptocurrency assets	81,527	(1,332)
Realized gain on sale of cryptocurrency assets	0	(32,410)
Loss (gain) on sale of property and equipment	544	(21)
Deferred initial direct leasing costs	337	0
Non-cash lease expense	31	38
Stock compensation expense	15,438	0
Deferred income taxes, net	10,813	1,120
Changes in assets and liabilities
Other receivables	(38,593)	(797)
Prepaid expenses and other current assets	4,461	(7,501)
Deferred digital infrastructure leasing revenue	(39,793)	0
Accounts payable and other accrued liabilities	(10,785)	9,827
Non-current liabilities	84	235
Net cash used in operating activities	(25,935)	(71,255)
Cash flows from investing activities
Purchases of property and equipment	(5,827)	(4,152)
Proceeds from the sale of mining equipment	659	21
Proceeds from assets held for sale	3,331	0
Proceeds from sale of cryptocurrency assets	0	64,238
Net cash provided by (used in) investing activities	(1,837)	60,107
Cash flows from financing activities
Proceeds from issuance of warrants	34,061	0
Proceeds from issuance of Series A preferred stock	365,939	0
Net cash provided by financing activities	400,000	0
Net increase (decrease) in cash and cash equivalents	372,228	(11,148)
Cash and cash equivalents at the beginning of the period	43,510	48,393
Cash and cash equivalents at the end of the period	415,738	37,245
Supplemental schedule of non-cash financing and investing activities
Assumption of liability for the acquisition of PPE	876	2,347
Private Placement Issuance Costs in accounts payable and accruals	$ 16,800	$ 0

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Allowance for credit loss, current	$ 0	$ 5,113
Allowance for credit loss, noncurrent	$ 3,326	$ 3,326
Mezzanine capital, par value (in shares)	$ 0.00001	$ 0.00001
Mezzanine capital, liquidation preference (in dollars per share)	$ 600,000,000.0	$ 0.0
Mezzanine capital, authorized (in shares)	7,547,166	0
Mezzanine capital, issued (in shares)	7,547,166	0
Mezzanine capital, outstanding (in shares)	7,547,166	0
Common stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Common stock, authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, issued (in shares)	37,374,261	37,374,261
Common stock, outstanding (in shares)	37,374,261	37,374,261
Series A Preferred Stock
Mezzanine capital, outstanding (in shares)	7,547,166	0
Series Z Preferred Stock
Preferred stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Preferred stock, stock authorized (in shares)	15,000,000	15,000,000
Preferred stock, stock issued (in shares)	0
Preferred stock, stock outstanding (in shares)	0
Series Z Preferred Stock
Preferred stock, par value (in dollars per share)	$ 0.00001	$ 0.00001
Preferred stock, stock authorized (in shares)	40,000	0
Preferred stock, stock issued (in shares)	40,000	0
Preferred stock, stock outstanding (in shares)	40,000	0

ASSETS HELD FOR SALE (Tables)

6 Months Ended

Jun. 30, 2026

Discontinued Operations and Disposal Groups [Abstract]

Schedule of assets held for sale

Assets held for sale consisted of the following (in thousands):


	Miners		Building		Machinery and Facility Equipment		Total
Balance as of December 31, 2025	$	—	$	—	$	—	$	—
Transfer from Property and equipment, net	1,761		316		2,901		4,978
Sold during the period	(1,113)		(316)		(1,362)		(2,791)

Assets held for sale as of June 30, 2026	$	648	$	—	$	1,539	$	2,187

Gain on sale of assets classified as held for sale	$	228	$	29	$	250	$	507

FAIR VALUE (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Schedule of financial instruments measured and recorded at fair value on a recurring basis

The following table presents the Company’s financial instruments that are measured and recorded at fair value on a recurring basis, and their level within the fair value hierarchy (in thousands):


	Fair value as of June 30, 2026
	Total carrying value		Level 1		Level 2		Level 3
Cash and cash equivalents – money market funds	$	12,791	$	12,791	$	—	$	—
Cryptocurrency assets	$	168,680	$	168,680	$	—	$	—
Warrants	$	34,061	$	—	$	—	$	34,061


	Fair value as of December 31, 2025
	Total carrying value		Level 1		Level 2		Level 3
Cash and cash equivalents - money market funds	$	42,135	$	42,135	$	—	$	—
Cryptocurrency assets	$	237,947	$	237,947	$	—	$	—


	Fair value as of December 31, 2025
(in thousands)	Total carrying value		Level 1		Level 2		Level 3
Long-lived assets(1)	$	76,585	$	—	$	—	$	76,585
Goodwill	$	161,608	$	—	$	—	$	161,608
(1) Long-lived assets include $76.2 million of property and equipment and $0.4 million of ROU assets as of December 31, 2025.

Schedule of changes estimated fair value of Level 3 financial assets and liabilities measured on recurring basis

Changes in the estimated fair value of Level 3 financial assets and liabilities that are measured on a recurring basis are as follows (in thousands):


	Warrants
Balance as of January 1, 2026	$	—
Additions	34,061


Balance as of June 30, 2026	34,061

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

EARNINGS PER SHARE

The Company’s Series A Preferred Stock is considered a participating security because it has the right to participate in dividends. Accordingly, the Company applies the two-class method to compute basic and diluted earnings (loss) per share. Under the two-class method, net income is allocated between common stockholders and participating securities based on their respective rights to receive dividends. Net losses are not allocated to the Series A Preferred Stock, as holders do not have a contractual obligation to share in losses. Diluted earnings per share is computed similarly except the weighted average shares outstanding are increased to include the assumed exercise of any common stock equivalents using the treasury stock method, if dilutive.

The Company’s potentially dilutive equity instruments are primarily instruments in the form of convertible Preferred Stock, warrants, RSUs and PRSUs. As of June 30, 2026, outstanding shares of warrants, preferred stock, performance restricted stock units and restricted stock units in aggregate of 12,321,982 have been excluded from the calculation of diluted earnings per share as such securities were anti-dilutive. There were no potentially dilutive equity instruments as of June 30, 2025.

The following table summarizes the calculation of the Company’s basic earnings per share of Common stock (in thousands, except share and per share data):


	Three Months Ended June 30,				Six Months Ended
	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Numerator
Net income (loss)	$	(35,305)	$	31,914	$	(48,289)	$	3,883

Denominator
Weighted-average Common stock outstanding, basic	37,374,261		37,374,261		37,374,261		37,374,261



Basic earnings per share, Common Stock	$	(0.94)	$	0.85	$	(1.29)	$	0.10

PROPERTY AND EQUIPMENT, NET (Tables)

6 Months Ended

Jun. 30, 2026

Property, Plant, and Equipment [Abstract]

Schedule of property and equipment

The estimated useful lives of the assets are as follows:


			Years
Computer equipment			3
Mining equipment			1-3
Machinery and facility equipment(1)			7-20
Buildings			10-20
Land Improvement			15
(1) Machinery and facility equipment primarily includes containers, electrical parts, cables, and transformers.

Property and equipment consisted of the following (in thousands):


	June 30, 2026		December 31, 2025
Mining equipment	$	24,530	$	79,264
Machinery and facilities equipment	44,390		55,679
Computer equipment	20		20
Construction-in-progress	9,156		2,513
Building	32,937		33,992
Land	1,620		1,620
Land Improvement	383		383
Total cost of property and equipment, net of impairment	$	113,036	$	173,471

Less: Accumulated depreciation	(47,395)		(97,315)

Property and equipment, net	$	65,641	$	76,156

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN MEZZANINE AND STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Series Z Preferred Stock	Series A Preferred Stock	Series Z Preferred Stock Series Z Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Deficit
Beginning balance at Dec. 31, 2024	$ 787,630				$ 0	$ 747,485	$ 40,145
Beginning balance (in shares) at Dec. 31, 2024					37,374,261
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(28,031)						(28,031)
Ending balance at Mar. 31, 2025	759,599				$ 0	747,485	12,114
Ending balance (in shares) at Mar. 31, 2025					37,374,261
Beginning balance at Dec. 31, 2024	787,630				$ 0	747,485	40,145
Beginning balance (in shares) at Dec. 31, 2024					37,374,261
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	3,883
Ending balance at Jun. 30, 2025	791,513				$ 0	747,485	44,028
Ending balance (in shares) at Jun. 30, 2025					37,374,261
Beginning balance at Mar. 31, 2025	759,599				$ 0	747,485	12,114
Beginning balance (in shares) at Mar. 31, 2025					37,374,261
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	31,914						31,914
Ending balance at Jun. 30, 2025	791,513				$ 0	747,485	44,028
Ending balance (in shares) at Jun. 30, 2025					37,374,261
Beginning balance (in shares) at Dec. 31, 2025		0		0
Beginning balance at Dec. 31, 2025	$ 543,407			$ 0	$ 0	750,985	(207,578)
Beginning balance (in shares) at Dec. 31, 2025	37,374,261				37,374,261
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	$ 6,448					6,448
Net income (loss)	(12,984)						(12,984)
Ending balance (in shares) at Mar. 31, 2026				0
Ending balance at Mar. 31, 2026	$ 536,871			$ 0	$ 0	757,433	(220,562)
Ending balance (in shares) at Mar. 31, 2026					37,374,261
Beginning balance (in shares) at Dec. 31, 2025	0		0
Beginning balance at Dec. 31, 2025	$ 0		$ 0
Ending balance (in shares) at Mar. 31, 2026			0
Ending balance at Mar. 31, 2026
Beginning balance (in shares) at Dec. 31, 2025		0		0
Beginning balance at Dec. 31, 2025	$ 543,407			$ 0	$ 0	750,985	(207,578)
Beginning balance (in shares) at Dec. 31, 2025	37,374,261				37,374,261
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ (48,289)
Ending balance (in shares) at Jun. 30, 2026		40,000		40,000
Ending balance at Jun. 30, 2026	$ 510,556			$ 0	$ 0	766,423	(255,867)
Ending balance (in shares) at Jun. 30, 2026	37,374,261				37,374,261
Beginning balance (in shares) at Dec. 31, 2025	0		0
Beginning balance at Dec. 31, 2025	$ 0		$ 0
Ending balance (in shares) at Jun. 30, 2026	7,547,166		7,547,166
Ending balance at Jun. 30, 2026	$ 350,547		$ 350,547
Beginning balance (in shares) at Mar. 31, 2026				0
Beginning balance at Mar. 31, 2026	536,871			$ 0	$ 0	757,433	(220,562)
Beginning balance (in shares) at Mar. 31, 2026					37,374,261
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of Series Z Preferred stock (in shares)				40,000
Stock-based compensation	8,990					8,990
Net income (loss)	(35,305)						(35,305)
Ending balance (in shares) at Jun. 30, 2026		40,000		40,000
Ending balance at Jun. 30, 2026	$ 510,556			$ 0	$ 0	$ 766,423	$ (255,867)
Ending balance (in shares) at Jun. 30, 2026	37,374,261				37,374,261
Beginning balance (in shares) at Mar. 31, 2026			0
Beginning balance at Mar. 31, 2026
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of Series A Preferred Stock (in shares)			7,547,166
Issuance of Series A Preferred Stock, net of issuance costs			$ 350,547
Ending balance (in shares) at Jun. 30, 2026	7,547,166		7,547,166
Ending balance at Jun. 30, 2026	$ 350,547		$ 350,547

STOCK-BASED COMPENSATION (Tables)

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of RSU and PRSU activity

The following table summarizes the Company’s RSU activity:


	Number of Shares	Weighted-Average Grant Date Fair Value
Unvested, January 1, 2026	411,125	$	35.34
Granted	196,052	35.21



Unvested, June 30, 2026	607,177	$	35.30

The following table summarizes the Company’s PRSU activity:


	Number of Shares	Weighted-Average Grant Date Fair Value
Unvested, January 1, 2026	560,625	$	34.50
Granted	588,156	36.35



Unvested, June 30, 2026	1,148,781	$	35.45

LEASES - Operating Lease Liability (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Leases [Abstract]
Remainder of 2026	$ 0
2027	41
2028	42
2029	43
2030	44
Thereafter	46
Total undiscounted future lease payments	216
Less: present value discount	(40)
Present value of operating lease liabilities	$ 176	$ 208

BUSINESS SEGMENT DATA - Narrative (Details) - segment	3 Months Ended		6 Months Ended
BUSINESS SEGMENT DATA - Narrative (Details) - segment	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Segment Reporting [Line Items]
Number of reportable segments			2
Revenue Benchmark \| Customer Concentration Risk \| One Customer
Segment Reporting [Line Items]
Concentration risk, percentage	90.10%	100.00%	87.80%	100.00%

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 30, 2026
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Commitments – Purchase agreements In April 2026, the Company entered into a binding agreement to purchase transformers to expand its substation at the Ward County site for approximately $15.0 million. As of June 30, 2026, there was approximately $9.6 million remaining under the commitment. The Company expects to fund the commitment using available cash. Subsequent to June 30, 2026, the Company entered into an additional $14.7 million commitment for construction and materials to modify and expand the same substation, which will also be funded using available cash. Contingencies The Company is subject to legal proceedings arising in the ordinary course of business, including matters involving governmental agencies or regulators, entities with whom we do business, actions by our stockholders and other proceedings, whether arising in the ordinary course of business or otherwise. These actions may seek, among other things, breach of contract, property damage, punitive damages, civil penalties or other losses, or injunctive or declaratory relief. The Company accrues losses for a legal proceeding when it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. However, the uncertainties inherent in legal proceedings make it difficult to reasonably estimate the costs and effects of resolving these matters. Accordingly, actual costs incurred may differ materially from amounts accrued and could materially adversely affect the Company’s business, cash flows, results of operations, financial condition, and prospects. Unless otherwise indicated, the Company is unable to estimate reasonably possible losses in excess of any amounts accrued. Mawson Infrastructure Group On February 23, 2022, Celsius Mining entered into a Co-Location Agreement with Luna Squares LLC, a subsidiary of Mawson Infrastructure Group., Inc., a bitcoin miner and public Company listed on the NASDAQ (collectively, “Mawson”), under which Mawson hosted miners owned by Celsius Mining at Mawson’s facility in Midland, Pennsylvania. On August 23, 2023, the agreement expired. Following expiration, Mawson failed to return Celsius Mining’s $15.3 million deposit to Celsius Mining and Celsius Mining failed to pay $5.1 million in Mawson invoices. Celsius Mining initiated an adversary complaint against Mawson in the Bankruptcy Court seeking return of the amounts owed to it under the Co-Location Agreement, to offset the unpaid invoices against the deposit, and other damages suffered by Celsius Mining due to breaches of the contract. In February 2026, the Company entered into a settlement that finalized the Mawson matter and resulted in a $5.1 million payment to the Company.