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Soluna Holdings (SLNH), a Bitcoin (BTC) mining data center, announced in a press release that it has received a $14 million investment for project development.
What Will the Company Use the Investment for?
Under a new agreement with Navitas Global, Soluna Holdings will use the investment to complete the development of Project Dorothy 1B in Texas. The deal includes a $2 million loan and a $12 million equity investment to finish the 25 megawatt (MW) facility.
Soluna will provide operations and maintenance expertise while retaining a 51% stake in the project.
John Belizaire, CEO of Soluna Holdings, said:
Navitas is a strong partner for Soluna now and in the long term. The Navitas team not only understands the value of Bitcoin mining and having a reliable partner, but also the long-term value of connecting our infrastructure to renewable power plants.
Navitas Managing Partner Chad Roach said:
Soluna has done a fantastic job on the Dorothy Project facility and we are excited to work together in the coming weeks and bring this phase of the project online. Their quality construction and competitive operating framework make this project an ideal partnership for Navitas. This facility is able to compete in all market conditions.
Bitcoin Mining Company’s Shares Rise 14
Soluna Holdings’ shares have lost nearly 22% of their value this year. Following the latest announcement, shares of the Bitcoin mining data center jumped 14% from $0.2001 to $0.229 yesterday.
The largest single purchase by an insider in the last twelve months was the purchase of over $52,000 worth of shares by CEO and Director Michael Toporek at a price of $3.38 per share. That is, an insider was willing to buy shares even if the price was higher than US$0.27 (representing the price at the time of writing).
This may mean that the insiders’ perspective may have changed since then, but it may have been an indication that they were optimistic at the time.
