Sachem Head says Ionic Digital shares could nearly double

Sachem Head Capital Management says Ionic Digital could reach $151 a share as the former bitcoin miner shifts toward leasing power and sites for AI infrastructure.

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Oct 21, 2026 - 11:53

Oct 21, 2026 - 12:11

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Sachem Head says Ionic Digital shares could nearly double

Activist investor Sachem Head Capital Management believes Ionic Digital’s shares could rise to $151, nearly 140% above the roughly $63 level reported on October 20. Founder Scott Ferguson presented the view at an investor conference, framing the former bitcoin miner as a potential data-center infrastructure landlord rather than a pure cryptocurrency operator.

Ionic emerged from the bankruptcy restructuring of Celsius Network and began trading on Nasdaq in July. Sachem Head, Oaktree Capital Management and Attestor Capital participated in a $400 million private placement in June. Sachem Head owns about 9.9% and said it would file an ownership disclosure with the US Securities and Exchange Commission.

Lease economics drive the thesis

The company already has a 10-year triple-net lease in Ward County, Texas, with a possible extension, to Nscale, a London-based AI infrastructure and neocloud operator. Ferguson said Microsoft is the site’s end customer and pointed to expansion in Ward County and Midland, Texas, as potential catalysts. The price target is an investor’s assessment, not a guarantee; Ionic’s shift also leaves it exposed to the capital intensity and execution risks of the AI data-center cycle.