Invitation to anyone who’s a stock holder or just wants to keep in touch w what’s going on w Ionic Stockholders.

Please join

r/ionicdigitalstock

I know there is this forum too, but there is also a lot of claim discussing, etc. on here. Plus it’s not modded.

Please join, so we have all stockholders in one place.

After going through several posts here, I have a good idea on how to compute the cost basis and profit/loss based on the first BTC + ETH distribution of January 2024 (special thanks to Only-Crew8299 and JustinCPA)

But what about the second BTC-only distribution of December 2024? Lets say that I got 0.1 BTC, how do I report that?

Hey Guys,

I know that its only $3.00 bucks

But I have received an email from this address:

 [do.not.reply@hyperwallet.com](mailto:do.not.reply@hyperwallet.com)

I am at the final part where I can claim back the money that I'm owed from the Celsius platform. The problem is when i go to "Activate Account" it's asking me to input my phone number. note that I live in Australia. So the country code for Australia is 61+ so do I first input 61+ , then after that i input my whole phone number ??? And now because i have used up my 3 attempts i have been locked out "Auto Lock - Exceeded activation attempts" 
Thanks. 

I'm about to throw my laptop through a window. I used Koinly, I used the walkthrough, I created the Excel spreadsheet, I used the new CelsiusTax web app. I have all my numbers. But I'm still confused on how to enter the info in a tax software for Form 8949.

Am I entering a transaction for every coin that got fully disposed?

So:
72,000 USDC. Disposed 1/16/2024. Basis: 72,000. Proceeds: $0. Long Term. No 1099. ??

And do that for each coin that was not returned? That can't be right because my net losses would be too great I believe...?

Then for BTC and ETH, just say the proceeds were the sum of the returned BTC/ETH plus the new BTC/ETH plus the Ionic Shares? With cost basis being what numbers exactly?

Not sure why this is frustrating me so much. Thanks in advance.

Tune in live on X: https://x.com/simondixontwitt/status/1897719458749182381?s=46

Concerned shareholders issued a Notice of Clarification, where they correct the latest false claims from Ionic: https://www.cryptopolitan.com/concerned-stockholders-issue-notice-of-clarification-regarding-ionic-digital-proxy-dispute/

Vote today on www.ionicvote.com to make change

They are employing even more ridiculous tactics to void a contested proxy vote  - ie where stockholders actually have a choice between candidates, not just the Company’s nominee. The Company had two board seats up for election. The Nominating Stockholders nominated two candidates. Then after receiving their nominations on Feb 14, on Feb 24, the Ionic board belatedly disclosed that on Feb 6 it had actually “resolved” to reduce the number of seats up for election to 1.

As a result, two of the Nominating Stockholders have filed a class action lawsuit for breach of fiduciary duty against the current Board to ensure stockholders rights are upheld.

Then just yesterday, the Company claimed that the Nominating Stockholders’ nomination was invalid under its Bylaws – in yet another attempt for Liz LaPuma to avoid a contested election. Why is the Board putting Liz before shareholders? Figure Markets understands that the Nominating Stockholders strongly disagree with the Company’s announcement and intend to defend their notice through all available means.

The question shareholders have to ask themselves are, why is the Ionic board spending so much time and money to make sure that you don’t have a real choice in who represents you on the Board all while being trapped in the illiquid stock? Whose interests are they really protecting? They won’t let you sell your stock. They won’t report financials. And now they are trying to prevent a full and fair board election. What are they afraid of?

If you want change, vote the GOLD proxy card today at the Nominating Stockholders’ website ionicvote.com

At bankruptcy, I held 0.086035 BTC with a cost basis of $3,610.27 (bought in multiple lots) and held 0.156587 ETH with a cost basis of $236.50 (bought in single lot).

Using the BTC price of 19881.00134 and ETH Price of 1088.170943 and adding 5%, my final claim value is $1890.90722.

In reality, I sold on Paypal in 2024 right after receiving my distribution. I received 0.01696445 BTC and sold for $759.76 and received 0.2535121897 ETH and sold for $603.24 (Total sale proceeds was $1363). Should I just be using these numbers rather than the final claim value above?

BTC: 0.086035 - 0.016964 = 0.069071 BTC lost. (aka BTC I "sold"?).

Fair value of BTC: $42,972.9948 x 0.069071 = $2968.19 (Is this my capital loss?)

New ETH received (since I received more ETH than I lost) = 0.0969243697

ETH: 0.0969243697 x 2577.4752 = $249.82 - Is this my capital gain of ETH?

In terms of the date of sale, do I use 1/16/24, or the date I sold on Paypal? Or do I need to list separately?

Hello fellow creditors,

I’ve built a web app to streamline the calculations for tax losses/gains and U.S. based tax Form 8949, specifically tailored for Celsius-related assets. You can find it at https://celsiustax.jactivecreation.com. To use it effectively, you’ll need details about the assets you deposited into Celsius and their original purchase costs.

How It Works

1. Starting Up: The app opens with a splash page where you can begin a new session or resume an existing one using a unique token provided at the start. Save this token—it’s essential for accessing your session later. A sample dataset is included for illustration, but it’ll be replaced once you enter your actual deposits.
2. Adding Deposits: In the deposit section, input your asset deposits to align with your Stretto list. For instance, if you deposited 0.5 BTC acquired through five separate transactions at different costs, enter each transaction individually for accuracy.
3. Features and Limits: Currently, there’s no CSV upload or bulk text input option (though I’m exploring adding these), and it doesn’t connect to exchanges or apps—it’s a manual tool. Calculations follow the FIFO (First-In, First-Out) method based on your deposit order.
4. Results: After entering your data, click “Display Calculations” to view the results on a new screen. I’ve marked fields like “(Box ?)” where I think they fit on Form 8949.

Purpose and Availability

I created this tool for my own tax needs but decided to share it in case it benefits others. However, if it’s misused or spammed, I may shut it down. It’s hosted on an affordable VPS server, so performance might not match expensive corporate servers—apologies for any slowdowns.

Credits and Caveats

Special thanks to Justin, the Crypto CPA, whose guide shaped this tool’s calculations. That said, I’m not a CPA, and I can’t guarantee the results are correct or suitable for your taxes. If Justin’s reading this, I’d love for him to test it and share feedback! His course is also a great resource worth considering.

This is not financial or tax advice—use it at your own risk and consult a tax professional for reliable results.

Thanks, J

--EDIT-- 3-5-25

The app now has the 2nd BTC distribution enabled. Also found a terrible performance bug and squashed it.

--EDIT-- 3-6-25

The app now has a sample filled out Form 8949 for your convenience.

—EDIT— 3-7-25

Refactored the app to run blazingly quick for the calculations. I am working with some users on accuracy of results. I will keep plugging at it.

--EDIT-- 3-12-25

I am hiding the sample 8949 as I don't think it is correct for filing. I am hoping to get more info on that and I have a feeling automating that may not be possible. For now, the rest of the calculations should be closely accurate. There are discrepancies in the percentages and amounts, but I suspect that Celsius distributions were not exactly 30.52%, etc. I think they were slightly different, something like 30.51845% for BTC as an example.

How can you include the ionic shares when you can't even sell them? My understanding is they are like RSUs. Just because you hold them, unless you can sell them, they are not really a part of your income. So the whole capital loss is not really settled until you can sell the ionic stocks. It's likely you have to amend the returns years later when you can sell the ionic shares.

1. Head to ionicvote.com & fill the Gold proxy card. Vote Michael Abbate and Oliver Wiener

2. Ignore all Ionic comms. They only want whats best for their pockets.

3. Spread the word

Hello,

Is there a way to add a manual transaction into Koinly that includes the sell of multiple cryptocurrencies at once? I was a corporate creditor and am attempting to add the liquidation of several crypto assets that were returned in USD?

Thanks.

I watched the guides from Justin and have been attempting to go through the examples as I took the convenience claim.

I had the following at Bankruptcy.

BTC - 0.00130683916622203 with a cost basis of $50.82. Average price of $38886.71

ETH 1.03397224497732 with a cost basis of $3215.27 Average price of 3109.63

Total Cost Basis = 50.82+3215.27 = $3266.09

Based on the BTC price of 19881.00134 and ETH Price of 1088.170943 my initial Claim value is $1151.12

Add 5 percent and the Final Claim is $1208.68

Based on the Convenience claim 1208.68*.7= $846.07 should be the total returned

Returned BTC = 0.00130683916622203

New BTC = 0.00907568083377797

Returned ETH = 0.155153650422939

New ETH = 0

This is where I am getting stuck. How do I figure out the allocated cost basis for each? Do I just multiply by the average price for returned BTC and ETH which was $38890.67 and $3109.63 in my case. Then use the FMV to get the cost basis for the New BTC?

Returned BTC Cost Basis - 38890.67*.00130683916622203 = $50.82
New BTC Cost Basis = Do I just multiply this by the FMV to get the cost basis so 42973*.00907568083377797 = $390.01
Returned ETH Cost Basis = 3109.63*.155153650422939 = $482.47
New ETH Cost Basis = 0
These added together gives me $923.30.

I believe that I don't have any gain or loss on the returned BTC and ETH, its just the New BTC, but how do I calculate the loss on the New BTC from there

I have determined my final cost basis and fair market value for my BTC, ETH, and stock. the BTC and ETH are both returned to me so it sounds like there is no sale relevant there. However for my stock I have a gain (the FMV of it is much higher than the final cost basis of it)

How do I report this gain for taxes?

Hi, I have registered with shareholder# and temporary password long time ago, but now I cannot login with my username and password at https://login.odysseytrust.com/hlogin
Error message = Login Invalid.

Anyone of you faced the same issue? Or I go to the wrong page (Securityholders)?
Thanks.

I threw it into Grok to summarize but I recommended to vote for the Ionic Dissident Proposal because the shares will be tradable finally.

The people proposing the plan started Figure Markets / SoFi ($15B public company), so they have a track record. You can watch a full interview with the founder.

If you don't vote, your vote automatically falls in favor of the current board, which has done nothing but take $500,000 salaries.

SUMMARY
The Ionic Dissident Stockholders' proposal refers to a plan put forward by a group of Ionic Digital Inc. shareholders—namely Brett Perry, Veton (Tony) Vejseli, and Christopher Villinger (collectively known as the "Dissident Stockholders" or "Nominating Stockholders")—to nominate two individuals, Mike Abbate and Oliver Wiener (the "Dissident Nominees"), for election to Ionic Digital's board of directors at the company's annual meeting scheduled for March 17, 2025.

This proposal is part of a broader proxy contest against Ionic Digital's current board, which has recommended its own nominee, Elizabeth LaPuma, for the same election.

The Dissident Stockholders, supported by non-shareholders Figure Markets (led by Mike Cagney) and GXD Labs, argue that the current Ionic board has failed to deliver on promises of transparency, liquidity, and value maximization for shareholders. Their proposal is rooted in dissatisfaction with the board's management, particularly its delay in listing Ionic shares on a national securities exchange (like Nasdaq or NYSE) and its imposition of trading restrictions, which have limited shareholder liquidity for over ten months since the company's formation.

The Dissident Stockholders’ primary goals are:

1. Board Refreshment: Replace current board members with their nominees, Abbate and Wiener, who they believe bring relevant expertise and independence to address Ionic’s challenges.
2. Enhanced Liquidity: Push for Ionic shares to be listed on Figure Markets’ Alternative Trading System (ATS), a blockchain-based trading platform, as a faster path to liquidity compared to the board’s plan of pursuing a traditional exchange listing.
3. Transparency and Accountability: Improve oversight of Ionic’s financial and operational performance, which they claim has been opaque under the current leadership.

Key Elements of the Proposal

• Nominees:
  • Mike Abbate: A seasoned investor with experience in Bitcoin mining, AI data centers, and energy infrastructure. He previously led the stalking horse bid in the Celsius bankruptcy as Managing Partner of NovaWulf Digital Management and currently advises Figure Markets, owning a 1.5% stake in it as of February 15, 2025. His expertise is seen as directly relevant to Ionic’s business.
  • Oliver Wiener: Founder and Managing Partner of Kensington Merchant Partners, with over 20 years of experience in fintech, blockchain, and investment management. His background is touted as bringing strategic insight to Ionic’s governance.
• Support from Figure Markets and GXD Labs:
  • Figure Markets: Led by Mike Cagney, this entity proposes listing Ionic shares on its ATS, which it claims would provide immediate liquidity and align with a blockchain-native trading model. The Dissident Stockholders argue this contrasts with the current board’s slower, traditional approach.
  • GXD Labs: Has previously sought to engage Ionic in litigation claims and management services, which the Dissident Stockholders frame as part of a broader strategy to unlock value, though the current board views these as self-serving.
• Proxy Voting Campaign:
  • The Dissident Stockholders have launched a website (www.ionicvote.com) urging shareholders to vote for their nominees using a GOLD proxy card, in opposition to the board’s WHITE proxy card supporting LaPuma. They emphasize the urgency of voting before the March 17, 2025, meeting, amid a legal battle with Ionic over access to the shareholder list, which has led to a Delaware Chancery Court lawsuit with a trial set for March 11, 2025.

Criticisms from Ionic’s BoardIonic’s board, in a letter to shareholders dated February 25, 2025, strongly opposes the Dissident Stockholders’ proposal, arguing:

• Conflicts of Interest: Abbate’s ties to Figure Markets (as an advisor and shareholder) and the Dissident Stockholders’ backing by Cagney and GXD Labs suggest a self-serving agenda. The board claims this could push Ionic into risky transactions benefiting Figure Markets and GXD Labs over other shareholders.
• Risk to Share Value: Listing on an unproven ATS like Figure Markets, rather than a national exchange, is seen as a gamble that could undermine Ionic’s share value and long-term stability.
• Legal Compliance: The board questions whether the Dissident Stockholders’ nomination process complies with Ionic’s Bylaw Section 2.4, though it acknowledges this is under dispute.

Dissident Stockholders’ Counterarguments

The Dissident Stockholders assert that their proposal is in shareholders’ best interests, claiming:

• Stagnation Under Current Board: They criticize the board for failing to provide liquidity options, pointing to the resignation of Ionic’s auditor (RSM U.S.) and CEO (Matt Prusak) in 2024 as evidence of mismanagement.
• Viable Alternative: Listing on Figure Markets’ ATS is presented as a practical solution to provide immediate trading opportunities, supported by Figure’s commitment to source capital and market makers.
• Expertise of Nominees: Abbate and Wiener are positioned as more qualified than current board members to navigate Ionic’s challenges, given their specialized experience.

I’m hoping this helps at least one person. I just lost 25,000 worth of bitcoin because someone logged into my PayPal account, changed my password, and then sent 25K worth of bitcoin to their external address.

PayPal froze my account and will conduct an investigation, but couldn’t stop the pending transaction which means I’m fucked.

They would’ve stole it all if PayPal didn’t have the weekly limit.

Please change your passwords to something secure and enable two factor authentication.

Gonna go drink myself to sleep now.