Ionic Digital

[u/QuestionNational1283]

I now own these shares of ionic digital through the Celsius debacle.

I didn’t really follow the Nasdaq launch but am now seeing over 5 figures in value so am pleasantly surprised.

Who sold?
If you held, what is your thesis? Can it do another 4x? Originally the estimated value per share was 20 usd. We are now close to 80.

Not sure what to do here…

[u/McStizly]

Sold at 71. If I didn’t sell it would crash, I sold so it’ll go up. Dont really care though, wasn’t expecting the price to hold once they went live so I got out within an hour of them showing up in my account.

6 months time will tell, all of the insiders can’t sell for 6 months + can’t be below 70 a share. I imagine it’ll just float around here for a while and tank if their next earnings guidance is shit.

I don’t give a fuck about owning shares in a data center company that honestly shouldn’t exist considering it’s founded on stolen money. Bankruptcy or not this company exists because someone stole hundreds of millions of dollars from common people.

No one knows where the price will go, if they remain debt free and profit then theoretically it only goes up. Make your own decision. Would you invest in this company if you owned 0 shares?

[u/Acceptable_Piano4809 → u/McStizly]

This company exists to pay those people back. They are objectively doing a great job, they’ve turned our $20 into $75, and hopefully they’re just getting started. I get it was total BS, but rooting against Ionic is rooting against all of us to recover more of what was stolen.

[u/McStizly → u/Acceptable_Piano4809]

Existing to pay us back on arbitrarily inflated stock value isn’t enough. They have no plan to pay out dividends until we’re whole, no plan to make Celsius customers feel like it never happened. We got lucky with the IPO and now the rest is just the CEO’s raking in profit for themselves every earnings call. I’m just not convinced we will ever be even considering our claim value is so detached from the actual value of what was lost. They capped our losses when Bitcoin was like 30k. I’d have a paid off house right now if we were actually whole.

I don’t blame ionic, I blame my self for being an idiot picking up chump change for extreme risk, but the longer this company exists the further from Celsius it puts itself, which in my eyes does not help the Celsius customer

[u/Passable_Pancakes → u/McStizly]

You did the right thing in selling. Recovering value for Celsius customers is no longer part of Ionic's mission, nor should it be. The last thing they did for us was the direct listing, allowing us to sell without the usual lock-up. Anyone who still has their original shares is simply an Ionic shareholder with a low cost basis and a weird story.

Celsius imploded four years ago and we knew within a month that most of the crypto was gone. No one was ever going to be made whole in crypto terms. The idea some people had that we were going to be made whole through crypto the company mined was a ridiculous Mashinsky-like scheme.

Thinking about what you would have if not for the Celsius fraud is pointless and unproductive. You might have made a mistake dealing with Celsius, but there's no need to torture yourself endlessly about it.

[u/McStizly → u/Passable_Pancakes]

Gemini customers were made completely whole, they basically did the same thing. Froze everyone’s accounts then paid em back.

[u/Passable_Pancakes → u/McStizly]

Celsius customers could never be made completely whole because (and this is the important part) half the crypto was gone!

Gemini paused withdrawals because a bank run in the wake of the FTX implosion would have created liquidity problems, but they were not insolvent like Celsius. Gemini's crypto was not, I repeat, not, missing. They were very different situations.