Soluna Buys Out Dorothy 1B as Bitcoin-to-AI Campus Conversion Advances

Soluna (NASDAQ: SLNH) Holdings has acquired full ownership of another portion of its flagship Texas campus, continuing a broader effort to transform a bitcoin mining complex into an AI and high-performance computing site backed by owned renewable energy.

The company said Tuesday it purchased the remaining 49% equity interest in Project Dorothy 1B from Navitas Global for about $8.8 million, giving Soluna complete ownership of the 25-megawatt facility in Silverton, Texas.

The deal marks the latest step in Soluna’s consolidation of the Dorothy campus after its $53 million acquisition of the Briscoe Wind Farm and the earlier $16.5 million buyout of Project Dorothy 1A.

With the Briscoe wind farm supplying 150 megawatts of owned renewable power and Soluna now controlling 100% of both Dorothy 1A and 1B, the company has assembled what it described as a fully integrated “generation-to-compute” ownership chain across the 50-megawatt Dorothy 1 complex.

Chief Executive John Belizaire said the latest acquisition gives Soluna greater flexibility over how and when the campus transitions toward AI infrastructure.

“Completing the acquisition of Dorothy 1 is an important step in our broader roadmap toward building Dorothy 3 for AI and high-performance computing,” Belizaire said in a statement.

The Dorothy campus currently operates roughly 100 megawatts across three phases. Dorothy 1A is a 25-megawatt bitcoin mining hosting facility, while Dorothy 1B operates 25 megawatts dedicated to proprietary mining. Dorothy 2 contributes another 48 megawatts primarily for hosting operations, where Spring Lane Capital remains an investor.

Earlier this month, Belizaire told TheEnergyMag that Soluna intends to relocate existing mining customers from Dorothy 1A to other facilities within its portfolio as part of a longer-term plan to convert the campus for AI and HPC workloads.

The company has said it is “bifurcating” its operations by separating bitcoin mining and AI infrastructure into different sites, with future bitcoin operations focused more on hosting rather than expanding proprietary hashrate.

Soluna said full ownership of Dorothy 1 is necessary before marketing Dorothy 3, the next phase of the campus, to potential AI tenants. The company is also actively evaluating opportunities related to Dorothy 2 as part of its broader campus strategy.

The transaction was funded entirely with balance sheet cash and closed on May 19.

The move comes as a growing number of bitcoin miners seek to repurpose existing power infrastructure for AI and high-performance computing amid continued pressure on mining profitability. Industry hashprice has remained near historically compressed levels in recent months, pushing operators to pursue more stable, long-duration revenue streams tied to AI workloads.

Soluna’s broader development pipeline now exceeds 4.3 gigawatts, including more than 1 gigawatt across projects in development, construction and operation.