The shares of crypto mining data center Soluna Holdings (SLNH) rose about 12% on Monday, after the firm said it will get $14 million in funding to finish the development of Project Dorothy 1B in Texas, under a new deal with Navitas Global.
The deal includes a $2 million loan to complete construction of the 25 megawatt (MW) site and a $12 million equity investment, the company said in a press release on Monday. Soluna will provide operations and maintenance expertise and will remain 51% owner of the project.
After a long crypto winter that saw capital dry up for miners, the industry seems to be getting back on its feet as the price of bitcoin has almost doubled this year. The shares of the data center firm has fallen about 22% this year, underperforming pure-play mining firms and bitcoin price.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.