Soluna Saw 10X Volume Spike After Nasdaq Warning as Bitcoin-to-AI Pivot Gains Focus

Shares of bitcoin mining and AI data center operator Soluna have surged in recent trading sessions following a Nasdaq warning that the company risks falling out of compliance with listing requirements.

Soluna’s stock (SLNH) closed Monday up 23.9%, far outpacing the low single-digit moves seen among other public mining peers. The momentum carried into Tuesday’s pre-market session, with shares rising another 15%.

The rally traces back to April 13, shortly after Soluna disclosed on April 10 that it had received a Nasdaq notice for trading below the $1 minimum bid price for 30 consecutive business days.

The notice triggered a compliance clock under exchange rules, giving Soluna until Oct. 7 to regain compliance by maintaining a closing price of at least $1 for 10 consecutive sessions.

Since then, the stock has climbed sharply alongside a surge in trading activity well above historical norms.

Trading volume reached roughly 5.7 million shares on April 13—the first session after the notice—pushing the stock to a $0.93 close from around $0.70 in prior weeks. Momentum continued to build, with volume nearly tripling to 14 million shares on Tuesday, ahead of the company’s announcement of a $16.5 million acquisition of its Dorothy 1A project later that week.

The move culminated in a sharp spike on Monday, when volume jumped to about 57 million shares—roughly 10 times its average daily turnover over the past three years. The stock gained nearly 24% in that session alone, significantly outperforming other publicly traded bitcoin miners.

The rally reflects the volatility often seen in small-cap mining and infrastructure names, particularly those trading below $1, where compliance risk and corporate catalysts can trigger outsized price swings.

A similar pattern has emerged elsewhere. Cango, which recently received a delisting risk warning from the NYSE after its shares fell below $1, saw its stock jump nearly 30% on Monday, with about 17 million shares traded—more than 10 times its three-month average volume.