$Soluna Holdings, Inc.(SLNHP)$ Soluna Holdings preferred shares are a unique investment case, a hybrid of special situation and capital structure arbitrage.

The management keep issuing common shares, which makes $Soluna Holdings, Inc.(SLNH)$ risky, but insiders are heavily invested in the preferred share, where the vaue from common share issuance accrues.

The company builds and operates renewable powered data centers in the USA, used for crypto mining and AI compute power provision.

If a change of control happens such as if the company is acquired, preferred share holders are entitled to receive over $30. But even if a consent agreement reduces this, the upside could still be substantial.

Data centers are running behind schedule in the USA and those that are on time, may lack power provision, hence companies like Soluna bringing their own power supply may be ideal acquisition targets.

In the mean time it provides a ramping exposure to BTC mining.