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Greenlane’s $70M BERA treasury ends Q2 valued at $16M
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- DeepHorus
Greenlane Holdings, a Nasdaq-listed company that pivoted from cannabis accessories to digital assets, reported that its BERA-focused crypto treasury ended the second quarter at just $16.4 million, down from a $70 million cost basis. The company disclosed in a regulatory filing that it held 81.3 million BERA and BERA-equivalent tokens as of June 30. The $53.8 million gap between cost and fair value left the portfolio 76.6% below cost. This marks a dramatic decline for a treasury strategy centered entirely on Berachain's BERA token.
Greenlane adopted BERA as its primary treasury reserve asset in October 2025, following a $110.7 million private placement. The company increased its holdings from 77.7 million BERA and equivalent tokens at the end of March despite the falling price. In the second quarter alone, Greenlane recorded a $19.1 million noncash fair-value loss on digital assets, contributing to a net loss of $24.8 million. The digital asset segment generated only $309,000 in staking and yield revenue during the same period.
The token's price collapse is the core driver of the treasury's impairment. BERA has fallen 75.9% year to date and was trading near $0.146 at the time of writing, according to CoinGecko. The token briefly exceeded $1.20 earlier this year before steadily sliding toward $0.15. This represents a near-total erosion of value for a token that once traded at nine times its current price.
The implications for Greenlane are severe. A treasury that once backed the company's balance sheet now holds assets worth less than a quarter of what it paid. The noncash loss has pushed the company deeper into net losses, raising questions about its long-term financial sustainability. Unlike cash or stablecoins, BERA's volatility exposes the company to ongoing mark-to-market swings.
Investor and market reactions have been largely negative, reflecting broader concerns about crypto treasury strategies. Other firms, such as ZeroStack, have warned of survival risk amid similar digital asset losses. Greenlane's experience highlights the danger of concentrating corporate reserves in a single volatile token.
Looking ahead, Greenlane faces a challenging path. The company may need to reconsider its BERA-heavy strategy or diversify its holdings to reduce risk. However, given the token's depressed price, selling now would lock in losses. The company's future will depend on whether BERA can recover or whether Greenlane can pivot its treasury management approach.
