Soluna Holdings: The $1.3B Question Remains Unanswered
Soluna Holdings is transitioning from Bitcoin mining to AI data center hosting, but investor focus has shifted to its financing strategy. Q2 2026 revenue rose 145% to $15.06M, though gross profit declined and the share count more than doubled amid aggressive equity financing, highlighting dilution risk. The company's execution depends on securing a definitive lease and project-level debt for Kati 2.
Why it matters — SLNH watchers would care because dilution risk and the company's ability to finance growth without further equity issuance are central to its valuation.