# EDGAR Filing Document

**Accession Number:** 0002085233
**File Stem:** 0001213900-25-088985
**Filing Date:** 2025-9
**Character Count:** 17978
**Document Hash:** 9cffad10e828683fc44f47cbab85c9af
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-088985.hdr.sgml**: 20250918

**ACCESSION NUMBER**: 0001213900-25-088985

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13G

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250918

**DATE AS OF CHANGE**: 20250918

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Soluna Holdings, Inc
- **CENTRAL INDEX KEY:** 0000064463
- **STANDARD INDUSTRIAL CLASSIFICATION:** FINANCE SERVICES [6199]
- **ORGANIZATION NAME:** 09 Crypto Assets
- **EIN:** 141462255
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-03199
- **FILM NUMBER:** 251323467

**BUSINESS ADDRESS:**
- **STREET 1:** 325 WASHINGTON AVENUE EXTENSION
- **CITY:** ALBANY
- **STATE:** NY
- **ZIP:** 12205
- **BUSINESS PHONE:** 518-218-2500

**MAIL ADDRESS:**
- **STREET 1:** 325 WASHINGTON AVENUE EXTENSION
- **CITY:** ALBANY
- **STATE:** NY
- **ZIP:** 12205

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MECHANICAL TECHNOLOGY INC
- **DATE OF NAME CHANGE:** 19920703
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Generate Strategic Credit Master Fund I-B, L.P.
- **CENTRAL INDEX KEY:** 0002085233

**ORGANIZATION NAME:**
- **EIN:** 990784438
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G

**BUSINESS ADDRESS:**
- **STREET 1:** 560 DAVIS ST SUITE 250
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94111
- **BUSINESS PHONE:** 415-360-3063

**MAIL ADDRESS:**
- **STREET 1:** 560 DAVIS ST SUITE 250
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94111

## Ex-99

**Exhibit 99**

**JOINT FILING AGREEMENT<br> PURSUANT TO RULE 13d-1(k)**

The undersigned acknowledge and agree that the foregoing statement on Schedule 13G is filed on behalf of each of the undersigned and that all subsequent amendments to this statement on Schedule 13G shall be filed on behalf of each of the undersigned without the necessity of filing additional joint filing agreements. The undersigned acknowledge that each shall be responsible for the timely filing of such amendments, and for the completeness and accuracy of the information concerning him or it contained herein and therein, but shall not be responsible for the completeness and accuracy of the information concerning the others, except to the extent that he or it knows or has reason to believe that such information is inaccurate.

---

| | | |
|:---|:---|:---|
| Date: September 18, 2025 | **Generate Strategic Credit Master Fund I-B, L.P.** | **Generate Strategic Credit Master Fund I-B, L.P.** |
|  | By: | Generate Strategic Credit Fund GP, L.P., its general partner |
|  | /s/ Scott Gosselink | /s/ Scott Gosselink |
|  | Name: | Scott Gosselink |
|  | Title: | Authorized Signatory |
|  | **Generate Strategic Credit Fund GP, L.P.** | **Generate Strategic Credit Fund GP, L.P.** |
|  | /s/ Scott Gosselink | /s/ Scott Gosselink |
|  | Name: | Scott Gosselink |
|  | Title: | Authorized Signatory |
|  | **GCP Holdings I, LLC** | **GCP Holdings I, LLC** |
|  | /s/ Harsi Thethi | /s/ Harsi Thethi |
|  | Name: | Harsi Thethi |
|  | Title: | Chief Financial Officer |
|  | **Generate Capital, PBC** | **Generate Capital, PBC** |
|  | /s/ Harsi Thethi | /s/ Harsi Thethi |
|  | Name: | Harsi Thethi |
|  | Title: | Chief Financial Officer |

---

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13G

### Under the Securities Exchange Act of 1934

**Issuer:** Soluna Holdings, Inc.

**Title of Class of Securities:** Common Stock, par value $0.001 per share

**CUSIP Number:** 583543301

**Date of Event Which Requires Filing of this Statement:** 09/12/2025

**Check the appropriate box to designate the rule pursuant to which this Schedule is filed:**

- [ ] Rule 13d-1(b)

- [x] Rule 13d-1(c)

- [ ] Rule 13d-1(d)

---

| 1. | Names of Reporting Persons<br>Generate Strategic Credit Master Fund I-B, L.P. | Names of Reporting Persons<br>Generate Strategic Credit Master Fund I-B, L.P. |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>3345829.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>3345829.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>3345829.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>3345829.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>9.99% | Percent of Class Represented by Amount in Row (9)<br>9.99% |
| 12. | Type of Reporting Person (See Instructions)<br>PN | Type of Reporting Person (See Instructions)<br>PN |

---

| 1. | Names of Reporting Persons<br>Generate Strategic Credit Fund GP, L.P. | Names of Reporting Persons<br>Generate Strategic Credit Fund GP, L.P. |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>3345829.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>3345829.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>3345829.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>3345829.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>9.99% | Percent of Class Represented by Amount in Row (9)<br>9.99% |
| 12. | Type of Reporting Person (See Instructions)<br>PN | Type of Reporting Person (See Instructions)<br>PN |

---

| 1. | Names of Reporting Persons<br>GCP Holdings I, LLC | Names of Reporting Persons<br>GCP Holdings I, LLC |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>3345829.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>3345829.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>3345829.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>3345829.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>9.99% | Percent of Class Represented by Amount in Row (9)<br>9.99% |
| 12. | Type of Reporting Person (See Instructions)<br>OO | Type of Reporting Person (See Instructions)<br>OO |

---

| 1. | Names of Reporting Persons<br>Generate Capital, PBC | Names of Reporting Persons<br>Generate Capital, PBC |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>3345829.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>3345829.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>3345829.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>3345829.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>9.99% | Percent of Class Represented by Amount in Row (9)<br>9.99% |
| 12. | Type of Reporting Person (See Instructions)<br>CO | Type of Reporting Person (See Instructions)<br>CO |

---

**Item 1(a). Name of Issuer:**
Soluna Holdings, Inc.

**Item 1(b). Address of Issuer's Principal Executive Offices:**
325 Washington Avenue Extension Albany, NY 12205

**Item 2(a). Name of Person Filing:**
This Schedule 13G is being jointly filed, pursuant to a Joint Filing Agreement attached hereto as Exhibit 99.1, by the following entities, all of whom are together referred to herein as the "Reporting Persons":

(i) Generate Strategic Credit Master Fund I-B, L.P., a Delaware limited partnership ("Generate Master Fund");

(ii) Generate Strategic Credit Fund GP, L.P., a Delaware limited partnership ("Generate GP");

(iii) GCP Holdings I, LLC, a Delaware limited liability company ("GCP Holdings"); and

(iv) Generate Capital, PBC, a Delaware corporation ("Generate Capital").

Generate Master Fund is the record holder of the shares reported herein. Generate GP is the general partner of Generate Master Fund, GCP Holdings is the general partner of Generate GP and Generate Capital is the sole member of GCP Holdings. As a result of these relationships, each of these entities may be deemed to have or share beneficial ownership of the securities held of record by Generate Master Fund.

Information with respect to each Reporting Person is given solely by such Reporting Person, and no Reporting Person assumes responsibility for the accuracy or completeness of the information furnished by another Reporting Person. Pursuant to Rule 13d-4 of the Act, the Reporting Persons expressly declare that the filing of this schedule shall not be construed as an admission that any such person is, for the purposes of Section 13(d) and/or Section 13(g) of the Act or otherwise, the beneficial owner of any securities covered by this schedule held by any other person, and such beneficial ownership is expressly disclaimed.

**Item 2(b). Address of Principal Business Office:**
The address of each of the Reporting Persons is:
c/o Generate Capital, PBC
560 Davis St., Suite 250
San Francisco, CA 94111

**Item 2(c). Citizenship:**
Each of the Reporting Persons is an entity organized in Delaware.

**Item 2(d). Title of Class of Securities:**
Common Stock, par value $0.001 per share

**Item 2(e). CUSIP Number:**
583543301

**Item 3. If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:**

(a) [ ] Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).

(b) [ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).

(c) [ ] Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).

(d) [ ] Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8).

(e) [ ] An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);

(f) [ ] An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);

(g) [ ] A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);

(h) [ ] A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);

(i) [ ] A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);

(j) [ ] A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), if filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:

(k) [ ] Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).

**Item 4. Ownership:**

**(a) Amount beneficially owned:**

The information required by Item 4 is set forth in Rows (5) - (11) of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person.  The shares reported herein includes 3,345,829 shares of common stock of the Issuer ("Common Stock") which may be purchased by exercising warrants ("Warrants") of the Issuer held by Generate Master Fund that are presently exercisable.

**(b) Percent of class:**

The Warrants are subject to a beneficial ownership limitation of 9.99% of the number of shares of Common Stock outstanding immediately after giving effect to the issuance of the shares of Common Stock upon exercise of the Warrants (the "Beneficial Ownership Limitation"). As such, the amount reported herein does not include 654,171 shares of Common Stock, which are subject to the Beneficial Ownership Limitation.
The percentage set forth in Row 11 of the cover page is based on 30,145,958 shares of Common Stock outstanding as of August 8, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 14, 2025, and 3,345,829 shares of Common Stock issuable upon exercise of the Warrants, which due to the Beneficial Ownership Limitation is the maximum number of shares of Common Stock that would be issued upon exercise of the Warrants.

**(c) Number of shares as to which the person has:**

**(i) Sole power to vote or to direct the vote:**

Each Reporting Person may have been deemed to have had sole power to vote or to direct the vote of 0 shares of Common Stock.

**(ii) Shared power to vote or to direct the vote:**

Each Reporting Person may have been deemed to have had shared power to vote or to direct the vote of 3,345,829 shares of Common Stock.

**(iii) Sole power to dispose or to direct the disposition of:**

Each Reporting Person may have been deemed to have had sole power to dispose or to direct the disposition of 0 shares of Common Stock.

**(iv) Shared power to dispose or to direct the disposition of:**

Each Reporting Person may have been deemed to have had shared power to dispose or to direct the disposition of 3,345,829 shares of Common Stock.

**Item 5. Ownership of Five Percent or Less of a Class.**

[x] If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following.

**Item 6. Ownership of More than 5 Percent on Behalf of Another Person.**

Not Applicable

**Item 7. Identification and Classification of the Subsidiary**

Not Applicable

**Item 8. Identification and Classification of Members of the Group**

Not Applicable

**Item 9. Notice of Dissolution of Group**

Not Applicable

**Item 10. Certification:**

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**Generate Strategic Credit Master Fund I-B, L.P.**

**Date:** 09/18/2025

**By:** /s/ Scott Gosselink

**Name & Title:** Scott Gosselink/Authorized Signatory

**Generate Strategic Credit Fund GP, L.P.**

**Date:** 09/18/2025

**By:** /s/ Scott Gosselink

**Name & Title:** Scott Gosselink/Authorized Signatory

**GCP Holdings I, LLC**

**Date:** 09/18/2025

**By:** /s/ Harsi Thethi

**Name & Title:** Harsi Thethi/Chief Financial Officer

**Generate Capital, PBC**

**Date:** 09/18/2025

**By:** /s/ Harsi Thethi

**Name & Title:** Harsi Thethi/Chief Financial Officer