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Soluna seeks more share authorization to fund AI and Bitcoin expansion

Soluna plans a Oct. 16 vote to expand authorized stock to 1 billion shares and broaden its ability to issue shares above Nasdaq’s 20% limit under a YA standby equity deal.

Reported · Written up by our desk · Market Structure

Soluna Holdings is asking shareholders to approve major increases to its authorized common stock as it seeks financing for an AI and high-performance computing buildout in Texas alongside Bitcoin-related infrastructure, according to a regulatory filing reviewed by CryptoSlate.

At its Oct. 16 annual meeting, investors will vote on raising authorized common stock to 1 billion shares from 375 million, and on a separate proposal to allow Soluna to issue more than 20% of outstanding shares under a standby equity agreement with YA II PN. Soluna reported having 246.7 million shares outstanding as of Aug. 21, and said the votes would not automatically issue shares, but would give management more flexibility to use equity.

The stock expansion is tied to Soluna’s capital needs for Project Dorothy 3, a planned AI and HPC campus with potential capacity of more than 300 MW. The company has secured 397 acres for the initial buildout and is in master planning and design, while Dorothy 3 remains in development and is not included in Soluna’s 192 MW of currently energized capacity.

Soluna is also advancing revenue efforts from existing infrastructure, including an Aug. 25 agreement with Bitdeer to deploy about 28 MW of Bitcoin mining equipment at Project Kati 1 in Texas. Bitdeer will own the mining machines, Soluna will provide the site, electricity, and operations, and both companies will share mining proceeds.

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