Ionic Digital, the bitcoin miner that acquired assets from bankrupt crypto lender Celsius, has shelved plans to go public after losing its CEO and auditor.

- Former CEO Matt Prusak told the company in July that he would not be staying on beyond the end of his employment contract on August 14.

- Ionic has launched a search for a new CEO and named recently hired CFO John Penver as interim chief.

- Auditor RSM US has severed ties with the company, citing a strategic decision to stop servicing crypto firms.

- Ionic said the move was not due to disagreements over accounting principles or audit procedures.

- The absence of an auditor temporarily prevented the company from updating its SEC filings, delaying the IPO.

- Competition in mining has intensified following the recent Bitcoin halving, which has reduced miner rewards.

- The availability of spot Bitcoin ETFs has also scared many investors away from the mining industry, making it difficult to raise capital.

Swan Bitcoin recently cancelled its IPO plans, stopped hosted mining, and laid off staff due to declining revenue.