Greenlane’s BERA Bet Comes Under Pressure as Losses Mount
Greenlane Holdings is facing a major test of its crypto treasury strategy as there has been a sharp drop in the value of its BERA holdings as reported by ChainCatcher on X today, August 17, 2026. The company, which trades on Nasdaq and once focused on wholesale vaping products and cannabis accessories, switched direction in late 2025, making BERA, the native token of Berachain, the focal point of its new treasury plan. They modeled their strategy after Strategy’s Bitcoin-centric approach, but Greenlane opted for a newer, much less liquid asset.
Back in October 2025, Greenlane raised about $110.7 million in a private placement to fund the BERA Strategy. By year-end 2025, the company held 51.7 million BERA tokens at a cost of roughly $58 million, though the market value had dropped to around $36.6 million.
BERA Losses Put the Treasury Plan Under Pressure
Greenlane’s second-quarter numbers show how quickly that plan lost value. The company reported a net loss of $24.8 million in Q2 2026, blaming about $19.1 million on a non-cash fair value loss from its digital assets. As of June 30, the BERA holdings were worth about $16 million, far below the approximate $70 million it paid.
Another report put the BERA holdings at $16.4 million versus a $70.2 million purchase cost, as BERA dropped nearly 76% since the start of the year. In the first six months of 2026, Greenlane’s total fair value loss on digital assets hit $32 million.
There has also been a pressure in Greenlane’s core business performance. Adjusted EBITDA from continuing operations was $65,000 for the quarter ending June 30, 2026, down sharply from $3.406 million in the same period last year.
Falling Cash and a Smaller Core Business
Greenlane’s cash position has weakened too. By June’s end, cash and cash equivalents were $6.1 million, down from $32.5 million at the end of 2025. The company also holds about $8.1 million in aUSDC and sUSDe protocol instruments. Current liabilities are $6.5 million.
Meanwhile, Greenlane’s traditional operations have shrunk to an asset-light drop-ship model. Revenue from its legacy wholesale business is now almost zero. The company responded by reducing operating expenses by 37% compared to the previous quarter.
Greenlane still gets some staking income from Berachain’s Proof of Liquidity system, but it hasn’t been enough to make up for treasury losses.
Nasdaq History Creates Another Layer of Uncertainty
In March 2026, the exchange moved to delist the company’s shares for falling below the minimum bid price. Greenlane appealed and executed a 1-for-8 reverse split in April, regaining compliance on April 27.
But another Nasdaq rule might become relevant. On July 22, the SEC approved a new rule requiring listed companies to keep a minimum market value of securities of $5 million. The SEC put that rule on hold a week later while it reviews things. As of mid-August, a final decision hadn’t been made.
This entire situation puts a spotlight on the gap between Greenlane’s approach and the original Bitcoin treasury model. Bitcoin brings deep institutional liquidity, more mature ETF markets, and a long track record. BERA, in contrast, only launched in February 2025 and doesn’t have an ETF, similar institutional support, or a long-term holder base.
Other public companies are experimenting with non-Bitcoin treasury strategies too; BitMine has focused on Ethereum and DeFi Development Corp on Solana. Greenlane’s recent experience is a reminder of how quickly a crypto treasury plan can come under pressure when its chosen asset falls sharply and the company has limited cash.
