New York, June 5, 2026, 14:03 EDT
- Soluna shares fell about 14.6% in afternoon trading, tracking sharp losses across bitcoin- and AI-linked infrastructure names.
- Bitcoin traded near $60,857, while QQQ, a Nasdaq-100 tracking fund, dropped 3.4%.
- Soluna’s latest company updates point to an AI data-center push, but its bitcoin exposure remains a near-term pressure point.
Soluna Holdings shares fell sharply on Friday as a selloff in bitcoin and technology stocks spilled into small-cap data-center names tied to both crypto mining and artificial intelligence.
The stock was recently down 22 cents at $1.285, a drop of about 14.6%, after trading between $1.27 and $1.52. Volume stood at about 17.6 million shares, market data showed.
The move mattered because Soluna sits in a narrow, volatile corner of the market: renewable-powered data centers used for bitcoin mining and high-performance computing. That makes the stock sensitive to both bitcoin prices and the wider appetite for AI infrastructure shares.
Pressure was not limited to Soluna. Applied Digital fell about 12%, IREN lost 14% and TeraWulf dropped 9.2%, showing a broader pullback in companies investors often link to data centers, power access and digital-asset computing.
The wider tape was rough. Reuters reported that Wall Street indexes fell after stronger-than-expected U.S. jobs data raised bets that the Federal Reserve could lift rates later this year, with technology shares leading the decline. “We’re talking about a strong economy,” Gary Schlossberg, market strategist at Wells Fargo Investment Institute, told Reuters, adding that it made rate cuts harder to contemplate. Reuters
Crypto added another drag. Bitcoin was down about 4% at $60,857, while Reuters reported it was heading for its worst week since November 2022 as investors pulled money from bitcoin exchange-traded funds and chased AI and semiconductor trades instead. Mark Dowding, chief investment officer for fixed income at RBC BlueBay Asset Management, wrote that assets can struggle when they go from “flavour of the month” to out of fashion. Reuters
Soluna has tried to shift the story toward AI power infrastructure. In May, the company said it bought the remaining 49% equity interest in Project Dorothy 1B from Navitas Global for about $8.8 million, giving it full ownership of the site in Silverton, Texas, and more control over a campus it says could be converted for AI and high-performance computing workloads.
Chief Executive John Belizaire said in that release that completing the Dorothy 1 acquisition was an “important step” toward building Dorothy 3 for AI and high-performance computing. Earlier, after Soluna regained Nasdaq bid-price compliance, Belizaire said the company’s focus was on “disciplined execution” and scaling its renewable-computing platform. Soluna
The company’s first-quarter report still showed the strain from bitcoin-linked economics. Soluna said revenue rose 58% year over year, but its net loss widened to $17.9 million; it also said hashprice — the revenue bitcoin miners earn for a given amount of computing power — fell 18% from the fourth quarter and hurt proprietary mining and profit-share revenue.
But the risk is that the market keeps treating Soluna more like a crypto-linked miner than an AI infrastructure developer. If bitcoin stays weak, rate expectations rise further, or Soluna’s AI conversion timetable slips, investors could keep pressing the stock despite the company’s push to own more power and land around its projects.
Soluna said in April that it had closed a $53 million purchase of the 150-megawatt Briscoe Wind Farm in West Texas, financed with balance-sheet cash and debt, and projected year-one adjusted EBITDA of $6 million to $11 million. Adjusted EBITDA is a profit measure that excludes interest, taxes, depreciation, amortization and certain company adjustments; it is not the same as net income.
