Greenlane's $70M BERA Treasury Ends Q2 Valued at $16M, 76.6% Below Cost
Key Takeaways
- •Greenlane Holdings reported that its BERA treasury was worth $16.4 million at the end of the second quarter, versus a $70 million cost basis.
- •The company held 81.3 million BERA and BERA-equivalent tokens as of June 30, up from 77.7 million at the end of March.
- •Greenlane booked a $19.1 million noncash fair-value loss on digital assets for the quarter, contributing to a $24.8 million net loss.
- •The digital asset segment generated $309,000 in staking and yield revenue during the quarter.
- •BERA had fallen 75.9% year to date and was trading around $0.146 at the time of writing.
Greenlane Holdings' cryptocurrency treasury built around Berachain's BERA token ended the second quarter valued at $16.4 million, less than a quarter of its $70 million cost basis, according to a regulatory filing.
On Friday, the company disclosed that it held 81.3 million BERA and BERA-equivalent tokens as of June 30. The $53.8 million gap between the portfolio's cost and its fair value left the holdings 76.6% below cost.
Greenlane reported a $19.1 million noncash fair-value loss on digital assets during the quarter, which contributed to a net loss of $24.8 million. Under U.S. fair-value accounting rules for digital assets (FASB ASU 2023-08), such mark-to-market swings run through earnings each period, tying reported results directly to BERA's market price. Over the same period, the company's digital asset segment generated $309,000 in staking and yield revenue — less than 2% of the quarter's fair-value loss.
Greenlane Holdings is a Nasdaq-listed former cannabis accessories company that shifted to a digital asset treasury strategy centered on BERA, the native token of Berachain, a layer-1 blockchain where the token pays transaction fees and can be staked for rewards. The company adopted BERA as its primary treasury reserve asset in October 2025, after completing a $110.7 million private placement. The pivot follows a wave of publicly traded companies adopting single-token crypto treasuries, a model pioneered by MicroStrategy (now renamed Strategy) after it began buying bitcoin in 2020 and since extended to ether, solana, XRP, and other tokens.
Despite the declining valuation, Greenlane increased its holdings during the quarter, up from 77.7 million BERA and equivalent tokens at the end of March.
BERA has fallen 75.9% year to date and was trading at approximately $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. Because the holdings are carried at fair value, Greenlane's future quarterly marks will continue to move with BERA's market price, alongside any further purchases or staking income the company discloses.
