<SEC-DOCUMENT>0001213900-25-109009.txt : 20251112
<SEC-HEADER>0001213900-25-109009.hdr.sgml : 20251112
<ACCEPTANCE-DATETIME>20251112123308
ACCESSION NUMBER:		0001213900-25-109009
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20251112
DATE AS OF CHANGE:		20251112

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Soluna Holdings, Inc
		CENTRAL INDEX KEY:			0000064463
		STANDARD INDUSTRIAL CLASSIFICATION:	FINANCE SERVICES [6199]
		ORGANIZATION NAME:           	09 Crypto Assets
		EIN:				141462255
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-03199
		FILM NUMBER:		251471103

	BUSINESS ADDRESS:	
		STREET 1:		325 WASHINGTON AVENUE EXTENSION
		CITY:			ALBANY
		STATE:			NY
		ZIP:			12205
		BUSINESS PHONE:		518-218-2500

	MAIL ADDRESS:	
		STREET 1:		325 WASHINGTON AVENUE EXTENSION
		CITY:			ALBANY
		STATE:			NY
		ZIP:			12205

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MECHANICAL TECHNOLOGY INC
		DATE OF NAME CHANGE:	19920703

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ALPHA CAPITAL ANSTALT
		CENTRAL INDEX KEY:			0001140358
		ORGANIZATION NAME:           	
		EIN:				000000000
		STATE OF INCORPORATION:			N2

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A

	BUSINESS ADDRESS:	
		STREET 1:		LETTSTRASSE 32
		STREET 2:		FL-9490
		CITY:			VADUZ
		STATE:			N2
		ZIP:			00000
		BUSINESS PHONE:		011-423-2323195

	MAIL ADDRESS:	
		STREET 1:		LETTSTRASSE 32
		STREET 2:		FL-9490
		CITY:			VADUZ
		STATE:			N2
		ZIP:			00000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ALPHA CAPITAL AKTIENGESELLSCHAFT
		DATE OF NAME CHANGE:	20010510
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13G/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
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<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:com="http://www.sec.gov/edgar/common">
  <headerData>
    <submissionType>SCHEDULE 13G/A</submissionType>
    <filerInfo>
      <filer>
        <filerCredentials>
          <!-- Field: Pseudo-Tag; ID: Name; Data: ALPHA CAPITAL ANSTALT -->
          <cik>0001140358</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>


    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <amendmentNo>1</amendmentNo>
      <securitiesClassTitle>COMMON STOCK, $0.001 PAR VALUE PER SHARE</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>09/30/2025</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0000064463</issuerCik>
        <issuerName>SOLUNA HOLDINGS INC.</issuerName>
        <issuerCusip>583543301</issuerCusip>
        <issuerPrincipalExecutiveOfficeAddress>
          <com:street1>325 Washington Avenue Extension</com:street1>
          <com:city>Albany</com:city>
          <com:stateOrCountry>NY</com:stateOrCountry>
          <com:zipCode>12205</com:zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(c)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
    </coverPageHeader>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Alpha Capital Anstalt</reportingPersonName>
      <citizenshipOrOrganization>N2</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>1045318.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>1045318.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>1045318.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>1.531</classPercent>
      <typeOfReportingPerson>CO</typeOfReportingPerson>
      <comments>Note to 5, 7, 9 and 11: Based on 68,265,626 shares outstanding as of October 22, 2025 as per Form S-1 filed on October 27, 2025 with the Securities and Exchange Commission.</comments>
    </coverPageHeaderReportingPersonDetails>
    <items>
      <item1>
        <issuerName>SOLUNA HOLDINGS INC.</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>325 Washington Avenue Extension, Albany, New York 12205</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>Alpha Capital Anstalt</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>Altenbach 8, FL-9490 Vaduz, Liechtenstein</principalBusinessOfficeOrResidenceAddress>
        <citizenship>LIECHTENSTEIN</citizenship>
      </item2>
      <item4>
        <amountBeneficiallyOwned>1,045,318.00</amountBeneficiallyOwned>
        <classPercent>1.531%</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>1,045,318.00</solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>0 Shares</sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>1,045,318.00</solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>0 Shares</sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>N</notApplicableFlag>
        <classOwnership5PercentOrLess>Y</classOwnership5PercentOrLess>
      </item5>
      <item6>
        <notApplicableFlag>Y</notApplicableFlag>
      </item6>
      <item7>
        <notApplicableFlag>Y</notApplicableFlag>
      </item7>
      <item8>
        <notApplicableFlag>Y</notApplicableFlag>
      </item8>
      <item9>
        <notApplicableFlag>Y</notApplicableFlag>
      </item9>
      <item10>
        <notApplicableFlag>N</notApplicableFlag>
        <certifications>By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.</certifications>
      </item10>
    </items>
    <signatureInformation>
      <reportingPersonName>Alpha Capital Anstalt</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Konrad Ackermann</signature>
        <title>Konrad Ackermann/Director</title>
        <date>11/12/2025</date>
      </signatureDetails>
    </signatureInformation>
  </formData>
</edgarSubmission>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
