- Bitcoin mining data center Soluna Holdings has secured a $14 million investment from Navitas Global.
- Shares of the company rose 14% to $0.229 after the announcement.
Soluna Holdings (SLNH), a Bitcoin [BTC] mining data center, has secured a $14 million project development investment, 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 includes a $2 million loan to complete the 25 megawatt (MW) plant and a $12 million equity investment.
Soluna will provide operational and maintenance expertise, while retaining a 51% stake in the project.
Soluna Holdings CEO John Belizaire said:
“Navitas is a strong partner for Soluna now and in the long term. Not only do the Navitas team understand the value of Bitcoin mining and having a reliable partner, but they also understand the long-term value of our infrastructure interconnected with 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 partner and bring this phase of the project online in the coming weeks. Their quality construction and competitive operational framework make this project an ideal partnership for Navitas. This facility is ready to compete in all market conditions.”
Bitcoin Mining Company Shares Up 14%
Soluna Holdings’ stock is down about 22% this year. Following the latest announcement, shares of the Bitcoin mining data center rose from $0.2001 to $0.229 yesterday, reflecting a 14% increase.
Source: Market overview
The largest single purchase by an insider in the past twelve months was more than $52,000 worth of shares at a price of $3.38 per share by CEO and director Michael Toporek. That is, an insider wanted to buy stock even if the price was above US$0.27 (the price at the time of writing).
It means insiders’ perspectives may have changed since then, but it shows they were optimistic at the time.