Greenlane’s $70M BERA treasury ends Q2 valued at $16M
Greenlane Holdings' BERA-focused crypto treasury ended the second quarter valued at $16.4 million, less than a quarter of its $70 million cost basis, according to a regulatory filing.
Intelligence analysis by Llama
Greenlane recorded a $19.1 million noncash valuation loss as BERA's price fell nearly 76% year to date. The company held 81.3 million BERA and BERA-equivalent tokens as of June 30.
Imagine you bought a bunch of special tokens called BERA, but their value dropped really low. Greenlane, a company that invested in these tokens, lost a lot of money because of it. They held onto the tokens, hoping their value would go back up, but it didn't.
Analysis
BERA's Decline and Greenlane's Losses
Greenlane Holdings' BERA-focused crypto treasury ended the second quarter valued at $16.4 million, less than a quarter of its $70 million cost basis, according to a regulatory filing. This represents a significant decline in value for the company's digital asset holdings. The $53.8 million gap between their cost and fair value left the portfolio 76.6% below cost.
Greenlane's Digital Asset Strategy
Greenlane Holdings is a Nasdaq-listed former cannabis accessories company that shifted to a digital asset treasury strategy centered on Berachain's BERA token. The company adopted BERA as its primary treasury reserve asset in October 2025, after completing a $110.7 million private placement. It increased its holdings from 77.7 million BERA and equivalent tokens at the end of March despite the declining valuation.
BERA's Price and Market Reaction
BERA has fallen 75.9% year to date and was trading at about $0.146 at the time of writing, according to CoinGecko. The token briefly traded above $1.20 earlier this year before declining steadily toward $0.15. This significant decline in value has contributed to Greenlane's net loss of $24.8 million during the quarter.
Key points
- Greenlane's BERA treasury ended Q2 valued at $16.4 million, down from its $70 million cost basis.
- The company recorded a $19.1 million noncash valuation loss due to BERA's decline.
- Greenlane held 81.3 million BERA and BERA-equivalent tokens as of June 30.
- The company's digital asset segment generated $309,000 in staking and yield revenue over the same period.
If BERA's price were to recover, Greenlane's digital asset segment could potentially generate more revenue from staking and yield, which could help offset the losses.
However, if BERA's price continues to decline, Greenlane's digital asset segment may face further losses, which could impact the company's overall financial performance.
