Company: SLNH
Filing Date: 2025-09-23
Form Type: 424B5
Source: 0001493152-25-014549
Chunk: 1

Company: Soluna Holdings, Inc
Filing Date: 2025-09-23
Form: 424B5
Chunk 1
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 in the future, we will file another supplement
to the Prior Prospectuses, as amended by this prospectus supplement.

Assuming a sale price of $2.10
per share, the closing price of our common stock on September 22, 2025, the sale of $87,650,000 of shares of our common stock would
result in the issuance and sale of approximately 41.7 million shares. As of September 22, 2025, we had approximately 4.3
million shares of common stock authorized and available for future issuance. Until we have additional shares of common
stock authorized and available, we will be limited in the number of shares that we may sell pursuant to the Sales Agreement and this
prospectus supplement.

Our common stock is listed on
the Nasdaq Capital Market under the symbol “SLNH.” On September 22, 2025, the last reported sale price of our common stock
on the Nasdaq Capital Market was $2.10 per share.

NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR PASSED UPON THE ADEQUACY OR ACCURACY OF THIS PROSPECTUS SUPPLEMENT AND THE ACCOMPANYING PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

<div align='center'>H.C. Wainwright & Co.

The date of this prospectus supplement is September 23, 2025</div>