Sachem Head Sees Upside for Ionic
Sachem Head Capital Management believes Ionic Digital shares could more than double as the former bitcoin miner shifts toward digital infrastructure leasing. Founder Scott Ferguson cited high demand for data center power and a major Texas lease agreement backed by Microsoft.
Ionic Digital shares could more than double to reach $151 from $63 as the former bitcoin miner shifts toward digital infrastructure leasing, Sachem Head Capital Management founder Scott Ferguson said on Tuesday afternoon.
The projection comes as the firm, alongside Oaktree Capital Management and Attestor Capital, holds a stake approaching 10% following a $400 million private placement in June. Ionic Digital shares began trading on the Nasdaq exchange in July after the company emerged from the bankruptcy restructuring of crypto lender Celsius Network.
