SCHEDULE: Generate Capital Entities Disclose 9.99% Stake in Soluna

Generate Strategic Credit Master Fund I-B, L.P. and affiliated entities have reported a 9.99% beneficial ownership stake in Soluna Holdings, Inc. through warrant exercise.

Summary

• Generate Strategic Credit Master Fund I-B, L.P., along with its general partner Generate Strategic Credit Fund GP, L.P., GCP Holdings I, LLC, and Generate Capital, PBC, collectively reported beneficial ownership of 3,345,829 shares of Soluna Holdings, Inc. common stock.
• This ownership represents 9.99% of Soluna Holdings, Inc.'s outstanding common stock.
• The shares are acquired through the exercise of warrants, which are subject to a beneficial ownership limitation of 9.99%.
• An additional 654,171 shares are excluded from this reported amount due to the beneficial ownership limitation.
• The percentage is calculated based on 30,145,958 shares of common stock outstanding as of August 8, 2025.

Sentiment

Score: 5

Explanation: The filing is a factual disclosure of beneficial ownership and does not inherently convey positive or negative sentiment regarding the issuer's performance, though a significant institutional stake can be perceived as a positive signal.

Positives

• A significant institutional investor group, Generate Capital, has taken a substantial 9.99% stake in Soluna Holdings, Inc., potentially signaling confidence in the company's future.
• The investment is structured through warrants, indicating a prior strategic financial arrangement.

Risks

• The beneficial ownership limitation of 9.99% on the warrants restricts the immediate conversion of an additional 654,171 shares, potentially limiting the investor's immediate upside or influence.

Future Outlook

This filing is a disclosure of beneficial ownership and does not contain forward-looking statements or guidance regarding Soluna Holdings, Inc.'s future performance or operations.

Industry Context

The filing indicates a significant institutional investment in Soluna Holdings, Inc., a company involved in an industry that attracts capital from entities like Generate Capital, PBC, which focuses on sustainable infrastructure. This type of investment suggests continued interest from specialized funds in companies operating in sectors aligned with renewable energy or digital infrastructure.

Comparison to Industry Standards

• This Schedule 13G filing is a standard regulatory disclosure for reporting beneficial ownership exceeding 5%.
• The 9.99% stake is a substantial position for an institutional investor, often indicating a strategic interest rather than a purely passive one, though the filing certifies a non-control purpose.
• Without specific industry benchmarks for Soluna Holdings, Inc.'s sector or comparable investment sizes in similar companies, a direct comparison of the results is not applicable, as this filing reports an investment rather than operational results.

Stakeholder Impact

• Shareholders: Increased institutional ownership may be viewed positively, potentially enhancing market confidence and liquidity.
• Company Management: A significant institutional investor may lead to increased scrutiny or engagement regarding strategic decisions.

Key Dates

Keywords

Soluna Holdings, Generate Capital, beneficial ownership, Schedule 13G, institutional investment, warrants, common stock, equity stake, SEC filing