Greenlane Holdings’ BERA-focused crypto treasury ended the second quarter valued at $16.4 million, far below its $70 million cost basis, according to a regulatory filing. The company held 81.3 million BERA and BERA-equivalent tokens as of June 30, leaving the portfolio 76.6% below its acquisition cost. Greenlane also reported a $19.1 million noncash fair-value loss on digital assets during the quarter, contributing to a net loss of $24.8 million. Its digital asset business generated only $309,000 in staking and yield revenue during the period.
Greenlane is a Nasdaq-listed company that was previously known for selling cannabis accessories but has since shifted its strategy towards digital assets. Its treasury strategy is centred on BERA, the native token of the Berachain network.
Source: sec.gov
The company adopted BERA as its main treasury reserve asset in October 2025 after completing a $110.7 million private placement. Since then, it has continued to increase the number of tokens held, even as the market value of BERA has fallen sharply.
At the end of March, Greenlane held 77.7 million BERA and equivalent tokens. By June 30, that figure had increased to 81.3 million. However, the increase in token holdings did little to protect the value of the treasury as BERA’s market price declined.
The difference between the company’s $70 million cost basis and the $16.4 million fair value represents a gap of $53.8 million. In percentage terms, the portfolio was worth only around 23% of what Greenlane had paid for the assets.
The decline in BERA has been particularly severe. The token was down 75.9% year to date and was trading at around $0.146 at the time of writing. BERA had briefly traded above $1.20 earlier in the year before steadily falling towards the $0.15 level.
The fall in the token price also had a direct effect on Greenlane’s quarterly financial results. The company recorded a $19.1 million noncash fair-value loss on its digital assets. That loss was a major contributor to the company’s $24.8 million net loss for the quarter.
There was some income from the treasury strategy, but it was relatively small compared with the decline in asset value. Greenlane’s digital asset segment generated $309,000 in staking and yield revenue during the quarter.
The numbers highlight one of the biggest risks facing companies that build corporate treasuries around individual crypto assets. Increasing the number of tokens does not necessarily increase the value of the treasury. If the underlying token falls sharply, the company can end up holding more units while the overall portfolio becomes much less valuable.
Greenlane’s strategy therefore remains closely tied to BERA’s market performance. The company has increased its holdings despite the decline, but investors will now be watching whether the token can recover and whether the treasury strategy can generate enough income or asset appreciation to offset earlier losses.
For now, the second-quarter figures show just how difficult the crypto treasury approach can become when a company’s chosen digital asset experiences a prolonged price decline.
Greenlane BERA Treasury Drops From $70M to $16M After 76% Token Decline 📉#CryptoNews #Blockchain #Crypto pic.twitter.com/JxOlJiY96c
— Blockchain Academics (@bc_academics) August 17, 2026
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