Company: SLNH
Filing Date: 2025-12-05
Form Type: 424B5
Source: 0001493152-25-026274
Chunk: 6

Company: Soluna Holdings, Inc
Filing Date: 2025-12-05
Form: 424B5
Chunk 6
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 We specialize in curtailment solutions, working closely with leading renewable energy developers to access underutilized, low-cost power. Our behind-the-meter model allows us to draw energy directly from the plant or the grid, while also providing demand response services-reducing costs and enhancing grid resilience.

A key strategic advantage is our model of co-locating data centers directly with renewable power generation assets. By building behind the meter, we are able to bypass long interconnection queues and source electricity directly from the generation site. This structure not only improves power economics but also accelerates time-to-market-an increasingly important factor for companies with large, time-sensitive computing workloads such as AI and HPC.

With a repeatable strategy and a growing pipeline of projects, we are scaling a new category of digital infrastructure-one that energizes the grid, lowers computing costs, and advances a more sustainable future.

We operate across multiple business lines and generate revenue from four primary sources, as described below:

| ● | Bitcoin                                                                                    
 Mining Business – We mine Bitcoin through proprietary operations and joint ventures        
 located at our data centers.                                                               |
| ● | Bitcoin                                                                                    
 Hosting Business – We provide hosting services to third-party Bitcoin mining customers     
 at our data centers.                                                                       |
| ● | High                                                                                       
 Performance Computing Business – We offer colocation and hosting services for companies    
 seeking to train large language models, fine-tune existing artificial intelligence models, 
 and deploy other compute-intensive AI or HPC workloads.                                    |
| ● | Demand                                                                                     
 Response Business – We leverage our data center infrastructure to provide demand           
 response services to grid operators.                                                       |

| S-1 |

Lines of Business

Bitcoin Mining Business

We engage in proprietary Bitcoin mining, a process that verifies transactions and secures the Bitcoin blockchain. This process involves the use of specialized computing equipment to solve complex cryptographic algorithms. Miners compete to solve these algorithms; the first to do so is awarded a predetermined number of newly issued Bitcoins (the “Block Reward”) and any transaction fees associated with that block.

We participate in one or more mining pools-collaborative networks of miners who combine computing power to improve the probability of earning rewards. Block Rewards earned by the pool are distributed among participants based on each member’s proportional contribution. This model helps reduce revenue volatility compared to solo mining operations.

Our mining operations are energy-intensive and require significant computational resources. We operate data centers equipped with both proprietary and third-party hardware and software. Our proprietary data center operating system, MaestroOS, is used to optimize performance, manage