Woofun AI reports that Ionic Digital, a Bitcoin miner repositioning power sites for AI infrastructure, generated 90% of its second-quarter revenue from leasing. This pivot highlights a structural divergence where operating revenue has shifted away from mining faster than reported earnings have decoupled from Bitcoin.

Adjusted EBITDA reached $37.6 million after Ionic's reconciliation added back the crypto mark, a $27.2 million tax provision, depreciation, stock compensation, and other costs. The company also changed the non-GAAP measure this quarter to exclude realized and unrealized crypto gains and losses and recast prior periods. This metric reflects management's view of operating performance, while GAAP earnings remain sensitive to Bitcoin prices. Deferred digital infrastructure leasing revenue fell by $39.8 million during the first half, while current other receivables reached $49.0 million at the end of June without a category breakdown.

Woofun AI data shows financing accounted for most of Ionic's increase in cash, with the company starting the year with $43.5 million and receiving $400 million in financing proceeds. After using $25.9 million in operations and $1.8 million in investing, the firm ended June with $415.7 million in cash and no outstanding borrowings.

Meanwhile, the 2,882-BTC treasury keeps reported earnings sensitive to Bitcoin prices, while recurring cash payments from the Ward County lease began after the quarter closed.

The operational transition is evident as operating revenue now depends far less on mining.

However, the persistent exposure to Bitcoin volatility in reported earnings suggests the financial restructuring is incomplete. This marks a critical juncture where recurring cash payments will determine the sustainability of the new model.