Sachem Head Sees 140% Upside in Ionic

Sachem Head Capital Management sees nearly 140% upside in Ionic Digital, with founder Scott Ferguson saying the stock could rise from about $63 to $151 as the former bitcoin miner pivots toward leasing digital infrastructure for data centers. Ionic, formed through Celsius Network’s bankruptcy restructuring, has signed a 10-year lease, with a possible 10-year extension, for its Ward County, Texas, site with AI infrastructure provider Nscale; Microsoft is the site’s end customer, Ferguson said. Sachem Head owns about 9.9% of Ionic after participating in a $400 million private placement alongside Oaktree Capital Management and Attestor Capital, and Ferguson said expansion in Ward County and development in Midland, Texas, could support the company’s growth. He said Sachem Head may take a more active role in Ionic, while expressing confidence in its management.