Company: SLNH
Filing Date: 2025-09-23
Form Type: 424B5
Source: 0001493152-25-014549
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Company: Soluna Holdings, Inc
Filing Date: 2025-09-23
Form: 424B5
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PROSPECTUS SUPPLEMENT

(To Prospectus dated April 29, 2025)

Filed Pursuant to Rule 424(b)(5)

Registration No. 333-286638

<div align='center'>Up to $87,650,000

Common Stock</div>

This prospectus supplement amends and supplements the information in the prospectus, dated April 29, 2025, filed as a part of our registration statement on Form S-3 (File No. 333-286638), as supplemented by our prospectus supplements dated April 29, 2025 and September 2, 2025 (the “Prior Prospectuses”). This prospectus supplement should be read in conjunction with the Prior Prospectuses, and is qualified by reference thereto, except to the extent that the information herein amends or supersedes the information contained in the Prior Prospectus. This prospectus supplement is not complete without, and may only be delivered or utilized in connection with, the Prior Prospectuses, and any future amendments or supplements thereto.

We filed the Prior Prospectuses to register the offer and sale of our common stock, par value $0.001 per share (the “common stock”), from time to time pursuant to the terms of that certain At the Market Offering Agreement, or Sales Agreement, between H.C. Wainwright & Co., LLC, or Wainwright, acting as the agent, and us. Through the date hereof, we have sold 13,680,483 shares of common stock under the Sales Agreement pursuant to the Prior Prospectuses.

We are filing this prospectus
supplement to amend the Prior Prospectuses to update the aggregate market value of our outstanding common stock held by non-affiliates,
or the public float, and indicate that, since our public float is above $75.0 million, we are no longer subject to the sales limitations
of General Instruction I.B.6 of Form S-3 with respect to the registration statement of which the Prior Prospectuses, as amended by this
prospectus supplement, form a part. As of September 23, 2025, our public float was $98.5 million, which was calculated based on 47,036,233
shares of our outstanding common stock held by non-affiliates at a price of $2.10 per share, the closing price of our common stock on
September 22, 2025. If we become subject to the limitations of General Instruction I.B.6