ALBANY, New York, April 29, 2026, 18:11 EDT
- Soluna moved to register 2,459,400 common shares for potential resale, noting it won’t collect any proceeds from the selling holders.
- Sazmining has kicked off a 3-megawatt Bitcoin mining site at Soluna’s Project Dorothy 1B, West Texas.
- Soluna closed at $1.28 on Wednesday. The S-3 filing, though, referenced a $1.08 Nasdaq sale price from April 28.
Soluna Holdings on Wednesday filed a preliminary registration statement for the resale of roughly 2.46 million common shares. That filing landed just a day after the renewable-powered data center operator revealed a new Bitcoin mining deployment with Sazmining at its Project Dorothy 1B site.
The filing puts Soluna’s capital structure squarely back in the spotlight, right as the company works to highlight new interest in its West Texas campus. According to the filing, the registered shares cover 2.4 million shares that could go to YA II PN, LTD. if its warrant is exercised, plus another 59,400 shares linked to Harmattan Energy, Ltd.
Soluna shares swung sharply, changing hands at $1.28 most recently after hitting $1.37 earlier in the session. About 39.6 million shares traded, market data showed. In its S-3, the company cited a last Nasdaq sale price of $1.08 as of April 28.
Soluna’s update was more focused, zeroing in on business operations. Sazmining plans to launch with 3 megawatts (MW) of capacity at Project Dorothy 1B. MW measures power—crucial for both Bitcoin mining and AI data centers. Under Sazmining’s Bitcoin Mining as a Service model, customers supply the mining rigs, while Sazmining handles hosting and operation.
Soluna CEO John Belizaire pointed to the Sazmining deal as proof the company can convert “stranded renewable energy” into useful computing power, covering both Bitcoin mining and AI tasks. Sazmining’s chief executive and co-founder Kent Halliburton called the tie-up an example of how Bitcoin mining could serve as a “net positive for energy grids.”
Sazmining has opened its first Texas facility, marking the company’s second U.S. data center after South Dakota. The West Texas site launches with 3 MW of capacity but is built to expand past 10 MW as needed, according to the company.
Project Dorothy is linked to the Briscoe Wind Farm, a 150-megawatt wind facility in West Texas that Soluna picked up for $53 million earlier this month. Soluna said owning Briscoe gives it direct control over both the power supply and Dorothy’s data center setup—and potentially paves the way for a third phase that could add up to 300 megawatts of AI computing power.
This new S-3 isn’t a primary stock sale for Soluna. According to the company, once the registration statement is effective, selling stockholders might sell their registered shares whenever they choose. Soluna itself won’t see any proceeds from those resales.
The filing spells out a key point for investors eyeing dilution risk. Soluna counted roughly 141.3 million common shares outstanding as of April 24. The 2.46 million newly registered shares? That’s about 1.7% of the total, if you use that share count. Elsewhere in the filing: more than 27.5 million common shares could come from exercising outstanding warrants, pre-funded included.
Power is the new bottleneck, and Soluna faces plenty of rivals. This week, Core Scientific—a heavyweight in digital infrastructure—unveiled plans to boost its Pecos, Texas campus to roughly 1.5 gigawatts of total power. The company is also shifting some of its existing Bitcoin mining capacity over to AI data centers.
Still, there’s no guarantee things play out on the upside. Soluna has tied any Sazmining expansion to two variables: demand from customers and whether there’s enough space in its facilities. Then there’s the S-3—clear language on the risks tied to the common stock. So right now, investors are juggling two threads: Dorothy adds a new customer, but there’s also a chunk of registered shares that might hit the market down the line.
