Ionic Digital Revenue Rises 32% on Leasing
The data center operator reported third-quarter 2026 results driven by digital infrastructure leasing as its Bitcoin mining business shrinks.
Updated on Nov. 6, 2026 in Data Centers
Ionic Digital reported third-quarter 2026 revenue of $48.9 million, up 32% year over year, with leasing supplying nearly 90% of the total. The company also plans to offer potential customers about 499 megawatts of additional power capacity.
Why it matters
The results show the company moving away from Bitcoin mining toward leasing digital infrastructure, a shift that changes how its revenue is generated. For Texas, where the company plans its Ward County buildout, the expansion depends on grid approval from ERCOT.
Leasing revenue of $43.9 million and Bitcoin mining revenue of $5.1 million made up the third-quarter total, with cash rent of about $7 million received during the quarter. The company offers 499 megawatts of additional capacity, and whether customers will take that capacity remains unstated.
The players
Ionic Digital
Ionic Digital is a digital infrastructure company that has been shifting its business from Bitcoin mining toward leasing data center capacity.
ERCOT
The Electric Reliability Council of Texas is the grid operator for most of the state, and its approval is required for the planned Ward County buildout.
The details
Ionic Digital's digital infrastructure leasing supplied nearly 90% of third-quarter revenue, while Bitcoin mining revenue fell 86%. Net income was $17.4 million and adjusted EBITDA about $35 million, and the company held roughly $628 million in cash and Bitcoin with no outstanding borrowings.
Timeline
Second quarter 2026: revenue of $48.6 million, with 90% from leasing.
Third quarter 2026: revenue reported at $48.9 million.
Late 2027: the planned Ward County buildout could bring site capacity to 700 MW, contingent on ERCOT approval.
The Tech Race
Ionic Digital's pivot follows the broader pattern of former Bitcoin miners converting their power access and sites into leased data center capacity. The move positions the company to compete for hyperscale and AI-related tenants that need large blocks of grid-connected power.
For Texas residents, a large data center buildout in Ward County draws on the regional power grid, so grid approval and utility projects will shape local electricity demand. The company's planned capacity is not yet contracted, so the practical effects on power costs remain uncertain.
The takeaway
Watch whether Ionic Digital converts its offered 499 megawatts into signed leases, since that will show whether the leasing shift is generating durable demand. Texas readers tracking grid load should follow ERCOT's decision on the Ward County project.
Further reading
For more on the sector, see Data Centers coverage across Texas.
