- Bitcoin mining data center Soluna Holdings has secured an investment worth $14 million from Navitas Global.
- The company shares rose 14% to $0.229 following the announcement.
Soluna Holdings (SLNH), a Bitcoin [BTC] mining data center, has secured a $14 million investment for project development, the company announced in its press release.
Under a new agreement with Navitas Global, Soluna Holdings will receive the aforementioned investment to complete the development of Project Dorothy 1B in Texas. The agreement involves a $2 million loan to finish the 25-megawatt (MW) plant and a $12 million equity investment.
Soluna will provide operations and maintenance expertise, while maintaining a 51% stake in the project.
Soluna Holdings CEO John Belizaire said:
“Navitas is a strong partner for Soluna now and long-term. The Navitas team not only understands the value of Bitcoin mining and having a reliable partner, but they also understand the long-term value of our infrastructure being interconnected to renewable energy power plants.”
Chad Roach, Managing Partner at Navitas, stated:
“Soluna has done a fantastic job with the Project Dorothy facility, and we are excited to work together and bring this phase of the project online in the coming weeks. Their quality construction and competitive operating framework makes this project an ideal partnership for Navitas. This facility is poised to out-compete in all market conditions.”
Bitcoin mining company shares rise 14%
Soluna Holdings’ stock has dropped approximately 22% this year. Following the latest announcement, the shares of the Bitcoin mining data center rose from $0.2001 to $0.229 yesterday, reflecting a surge of 14%.
Source: MarketWatch
The largest single purchase by an insider within the last twelve months was over $52,000 worth of shares at a price of US$3.38 per share by CEO and Director Michael Toporek. That is, an insider wanted to buy shares even if the price was greater than US$0.27 (the press time price).
It means that the perspective of insiders may have shifted since then, but it demonstrates that they were optimistic at the time.
