Ionic Digital is a digital infrastructure company that owns and operates powered sites in Texas. The company is transitioning from bitcoin mining to leasing its infrastructure to hyperscalers and artificial intelligence companies. Its primary asset is a 234 MW facility in Ward County, Texas, leased to Nscale under a 126-month triple-net lease. Under this agreement, Ionic Digital acts as a landlord, receiving fixed rental payments while the tenant covers most taxes, insurance, and maintenance costs. NVIDIA guarantees these payments for the first five years of the lease. Ionic Digital also maintains a bitcoin mining operation at four sites in Midland, Texas, contributing hashrate to a mining pool in exchange for daily bitcoin rewards. Mining profitability depends on bitcoin prices and electricity costs, which the company manages by participating in demand response programs to reduce energy expenses. The company's growth strategy focuses on expanding Ward County capacity to 700 MW and converting its Midland mining sites into data centers for high-performance computing. Ionic Digital aims to become a pure-play digital infrastructure provider by leasing its total power capacity to enterprise tenants and acquiring additional sites near major metropolitan areas to support geographically distributed AI workloads.