Key Takeaways
- • Sachem Head Capital Management founder Scott Ferguson said on October 20, 2026 that Ionic Digital's shares, trading near $63, could rise to $151, a gain of nearly 140%, as the former bitcoin miner shifts into digital infrastructure leasing.
- • Sachem Head owns roughly 9.9% of Ionic, having joined Oaktree Capital Management and Attestor Capital in a $400 million private placement in June.
- • Ionic's anchor asset is a 10-year triple-net lease in Texas' Ward County, with a possible 10-year extension, leased to London-based Nscale, with Microsoft as the end customer, according to Ferguson.
- • Ferguson said Sachem Head will file a regulatory disclosure with the SEC on Wednesday and may become more involved with management, which he described as "pretty good."
Summary
Hedge fund Sachem Head Capital Management said on Tuesday that it believes the share price of Ionic Digital can more than double, according to Reuters. Speaking at the 13D Monitor Active-Passive Investor Summit in New York, founder Scott Ferguson said the stock, which trades on the Nasdaq and was worth about $63 per share, could rise to $151. Ionic started trading in July after being formed out of the bankruptcy restructuring of crypto lender Celsius Network. The company is shifting from bitcoin mining into digital infrastructure leasing as demand for data center power grows.
Sachem Head, alongside Oaktree Capital Management and Attestor Capital, participated in a $400 million private placement in June. Sachem Head owns roughly 9.9% of Ionic, and Ferguson said the firm will file a disclosure detailing its stake with the Securities and Exchange Commission on Wednesday.
Ionic already holds a 10-year triple-net lease at Ward County, Texas, with a possible 10-year extension, leased to Nscale, a London-based vertically integrated AI infrastructure and neocloud company operating high-density GPU data centers. Ferguson said Microsoft is the end customer for this site. He said an expansion in Ward County and sites in Midland, Texas could further support the share price.
Ferguson said Sachem Head views management favorably but, as a firm that periodically pushes portfolio companies to make changes, it may become more involved at Ionic.
Sachem Head, alongside Oaktree Capital Management and Attestor Capital, participated in a $400 million private placement in June. Sachem Head owns roughly 9.9% of Ionic, and Ferguson said the firm will file a disclosure detailing its stake with the Securities and Exchange Commission on Wednesday.
Ionic already holds a 10-year triple-net lease at Ward County, Texas, with a possible 10-year extension, leased to Nscale, a London-based vertically integrated AI infrastructure and neocloud company operating high-density GPU data centers. Ferguson said Microsoft is the end customer for this site. He said an expansion in Ward County and sites in Midland, Texas could further support the share price.
Ferguson said Sachem Head views management favorably but, as a firm that periodically pushes portfolio companies to make changes, it may become more involved at Ionic.
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