Greenlane’s $70m BERA treasury falls to just $16.4m in Q2

Greenlane Holdings’ BERA-focused digital asset treasury has fallen to $16.4 million in fair value at the end of the second quarter, leaving the portfolio about 76.6% below its $70 million cost basis.

According to Greenlane’s latest regulatory filing, the Nasdaq-listed company held about 81.3 million BERA and BERA-equivalent tokens as of June 30, up from roughly 77.7 million at the end of the first quarter despite a continued decline in the token’s market price.

The difference between the portfolio’s acquisition cost and quarter-end fair value stood at about $53.8 million. Greenlane recorded a $19.1 million noncash fair-value loss on its digital assets during the three months through June, which contributed to a net loss of $24.8 million for the period.

At the same time, the company continued putting its holdings to work across the Berachain ecosystem. Its digital asset operations generated about $309,000 in staking and yield revenue during the quarter, providing income in BERA and other assets while the value of the underlying treasury declined.

Greenlane’s exposure has increased since the start of the year. The company reported 77.7 million BERA and equivalent tokens at the end of March, meaning its holdings grew by about 3.6 million tokens during the second quarter.

Greenlane’s BERA treasury has grown despite falling valuations

Greenlane entered the crypto treasury business in October 2025, transforming a company previously known mainly for cannabis accessories and consumer products into a publicly traded holder of Berachain’s native token.

The strategy followed a $110.7 million private placement backed by digital asset investors. As previously reported by crypto.news, the October 2025 financing was led by Polychain Capital, with participation from Blockchain.com, Kraken, North Rock Digital, CitizenX and dao5.

Greenlane said at the time that proceeds would support its BERA treasury, with tokens acquired through open-market and over-the-counter purchases. The company also established BeraStrategy as its digital asset management operation as part of the transaction.

By the end of February, Greenlane’s holdings consisted of its initial 54.2 million BERA position, another 14.9 million tokens bought in the open market and additional BERA obtained through staking, validator participation and structured token trading agreements, according to company disclosures.

Greenlane’s first-quarter filing later showed how quickly falling BERA prices were affecting the strategy. For the three months ended March 31, the company reported a net loss of $18.2 million, while its balance sheet had become heavily tied to digital assets, cash and dollar-pegged stablecoins.

Management said in that filing that its financial condition and operating results had become significantly influenced by digital asset market conditions, particularly the fair value of its BERA holdings.

The company has continued its legacy lifestyle accessories business through vapor.com and related channels, although Greenlane said the operation was reduced after its 2025 strategy change. Warehouse operations were substantially exited, and the remaining commerce business moved toward an asset-light drop-ship model.

BERA price decline has cut into Greenlane’s holdings

The valuation losses have come as BERA continued a steep decline from levels reached earlier in 2026.

Berachain was trading at about $0.146 at the time of writing, according to CoinGecko, leaving the token down roughly 75.9% since the start of the year. BERA had briefly traded above $1.20 earlier in 2026 before falling toward the $0.15 area.

The decline followed a period of extreme volatility in February. BERA briefly surged as high as $1.43 after an unusual imbalance in perpetual futures markets triggered heavy short liquidations.

During that move, BERA rallied 82% within 24 hours to about $0.94, while futures volume jumped 632% to $2.94 billion and open interest increased 102% to $142.8 million. Funding rates had swung between deeply negative and positive levels as traders repositioned after a Feb. 6 token unlock involving 63.75 million BERA.

The rally did not develop into a sustained recovery. By July 15, BERA was trading around $0.187, with the token already down more than 30% over the preceding month. Its price has since moved closer to $0.15, further reducing the dollar value of large BERA-denominated positions such as Greenlane’s treasury.

BERA’s current price also sits far below levels recorded soon after Berachain launched in February 2025. Following listings across several major exchanges, including Crypto.com, Upbit, MEXC and Bithumb, BERA reached an all-time high near $15 before beginning a prolonged decline.

Token supply has also increased since the network’s early trading period. A May 2025 Boyco Vaults release brought additional assets and BERA into circulation, with the token falling 21% over a seven-day period around the event. The release involved $2.7 billion in locked assets and included about 2% of BERA’s total supply.

Greenlane is earning yield from its Berachain position

While Greenlane’s treasury valuation has fallen, the company’s strategy involves more than holding BERA on its balance sheet.

Greenlane participates in staking, validator operations, liquidity provisioning, and other Berachain activities designed to generate additional tokens or yield. Those activities accounted for the $309,000 in digital asset segment revenue reported for the second quarter.

Berachain uses a Proof-of-Liquidity model that links network incentives to liquidity supplied across its decentralized finance ecosystem. BERA serves as the network’s native gas token, while BGT is used for governance and HONEY operates as its collateral-backed stablecoin.

Changes to that system have also expanded the role of BERA as a yield-producing asset. A Proof-of-Liquidity upgrade proposed in 2025 directed one-third of protocol incentives toward a BERA rewards model, creating a protocol-level source of yield for token holders.

The network had expanded its rewards beyond Berachain’s BEX pools in March 2025, allowing additional applications and vaults to participate in Proof-of-Liquidity incentives.

Greenlane’s strategy uses similar network mechanics to add to its token holdings over time. Its February disclosure said the treasury had accumulated BERA not only through purchases but also through staking and validator participation, while the company cautioned that protocol reward rates could change with network conditions, validator changes, reward schedules, and market volatility.

As of June 30, those activities had helped increase Greenlane’s BERA and BERA-equivalent position to 81.3 million tokens even as the fair value of the portfolio fell to $16.4 million.