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ALBANY, N.Y. - Soluna Holdings, Inc. (NASDAQ:SLNH) announced a new partnership with KULR Technology Group, Inc. (NYSE American:KULR) to operate 3.3 megawatts of Bitcoin mining capacity at its Project Sophie facility in Kentucky. KULR, currently valued at $205.84 million, has demonstrated strong revenue growth of 35.81% over the last twelve months. According to InvestingPro analysis, the company appears undervalued based on its Fair Value assessment.
The agreement marks Soluna’s first partnership with a Bitcoin treasury-focused company, expanding beyond its traditional customer base of Bitcoin miners and hyperscalers. Under the agreement, Soluna will purchase, service, and manage KULR’s mining hardware while delivering guaranteed hashrate and uptime targets. KULR maintains a strong financial position with a current ratio of 8.29, indicating robust liquidity to support its operations.
"This partnership represents a new chapter in how we serve the market," said John Belizaire, CEO of Soluna, according to the press release.
The deployment at Project Sophie is expected to begin operations in the fourth quarter of 2025. The partnership aligns with KULR’s previously announced Bitcoin Treasury Accumulation Strategy, which committed up to 90% of its surplus cash reserves to Bitcoin.
Michael Mo, CEO of KULR Technology Group, stated, "Partnering with Soluna allows us to engage in Bitcoin mining through a renewable, reliable, and operationally efficient framework."
Soluna develops green data centers for intensive computing applications, positioning its facilities alongside renewable energy sources such as wind, solar, and hydroelectric power plants. This approach aims to utilize surplus renewable energy for computing applications including Bitcoin mining and generative AI.
The partnership represents Soluna’s adaptation of its renewable-powered hosting model to meet evolving demand profiles in Bitcoin mining and adjacent industries. The information in this article is based on a company press release statement. For comprehensive analysis and additional insights, including 12 key ProTips and detailed financial metrics, visit InvestingPro, where you can access the complete Pro Research Report on KULR Technology Group.
In other recent news, KULR Technology Group Inc. reported its Q2 2025 earnings, marking a significant milestone with its first-ever quarterly profit. The company achieved an earnings per share of $0.22, greatly exceeding the anticipated $0.02 loss. Revenue for the quarter reached $4 million, surpassing expectations by 14.29%. Additionally, KULR launched its next-generation Battery Management System, designed for critical applications in defense and space sectors. This system offers multiple configurations, including cost-effective and premium versions with radiation-tolerant components. Furthermore, KULR introduced a new CubeSat battery line, featuring six commercial off-the-shelf models with capacities from 100 to 500Wh. These new batteries cater to various space sector requirements, including safety-prioritized missions and customizable platforms. These developments highlight KULR’s ongoing expansion and innovation in the space and defense industries.
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