The mining firm stated that RSM, Ionic Digital’s erstwhile accountant, has severed connections with all crypto audit clients.
Ionic Digital, the bitcoin miner that acquired the mining assets of insolvent crypto lender Celsius, has postponed its intention to go public following the departure of its CEO and auditor.
Penver was employed in July to oversee the company’s strategy for going public. Ionic stated that it remains committed to conducting an initial public offering, despite the recent leadership transition, and is “confident” that Penver will be able to guide the company toward this objective.
Ionic also disclosed that its auditor, RSM US, severed its relationship with the miner, attributing the decision to the accounting firm’s strategic decision to discontinue services to crypto-related organizations.
Ionic stated in the statement that RSM’s decision was not the result of any disagreements with the Company regarding accounting principles, practices, financial statement disclosure, or auditing scope or procedure. It also stated that it has made significant progress in the process of selecting a replacement.
Ionic emerged from the shadows earlier this year. The miner announced at that time that it would acquire all of Celsius’ mining assets as part of the insolvent lender’s emergence from Chapter 11 and that it would go public within 12 months.
In the news The delay occurs at a time when the mining landscape has become more competitive as a result of the recent Bitcoin halving, which reduced the block rewards paid to miners by half.
Many investors have also refrained from investing in the mining sector due to the availability of spot bitcoin exchange traded funds (ETFs), which has restricted the flow of capital to miners. This has resulted in pressure on certain companies that are attempting to go public.
The most recent development was that Swan Bitcoin, a bitcoin financial services firm that had intended to go public, canceled its IPO, discontinued its hosted mining business, and reduced staff across multiple divisions due to low revenues.
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