Greenlane's BERA Treasury Falls to $16.4M, Down From $70M Cost Basis

3 min readPublished 17 Aug 2026

Greenlane Holdings’ bet on a single altcoin has cost the company most of the value it put into it. The Nasdaq-listed firm, once a distributor of cannabis accessories, ended the second quarter of 2026 holding a BERA token treasury worth $16.4 million — a fraction of what it paid to build the position, according to a regulatory filing cited by both Cointelegraph and Crypto Briefing, who published write-ups within roughly half an hour of each other on August 17.

The two outlets agree on the core numbers: a $16.4 million quarter-end valuation, a $19.1 million non-cash fair-value loss on digital assets, and a $24.8 million net loss for the quarter. Both also report that Greenlane held approximately 81.3 million BERA and BERA-equivalent tokens as of June 30, and that BERA itself has dropped nearly 76% year to date — Cointelegraph puts the figure at 75.9%, Crypto Briefing at "nearly 76%."

Where the reporting agrees

Cointelegraph reported that the gap between cost and fair value left the portfolio 76.6% below cost, a $53.8 million shortfall. Crypto Briefing describes essentially the same hole in slightly different terms, putting the paper loss at roughly $54 million. Both outlets also confirm that Greenlane increased its BERA holdings during the quarter despite the falling price — Cointelegraph notes the position grew from 77.7 million tokens at the end of March to 81.3 million by June 30.

Both outlets trace the strategy back to October 2025, when Greenlane shifted its treasury reserve to BERA, the native token of Berachain, following a large private placement. Crypto Briefing adds that the company branded the pivot "BeraStrategy," an explicit reference to Michael Saylor’s MicroStrategy playbook of using equity markets to fund a concentrated token position.

Where the numbers diverge

The two write-ups disagree on two figures tied to the same filing. Cointelegraph reports Greenlane’s cost basis for its BERA holdings at $70 million; Crypto Briefing reports $70.2 million. Separately, Cointelegraph puts the October 2025 private placement that funded the strategy at $110.7 million, while Crypto Briefing reports $110 million. Neither discrepancy is large, but both are unresolved in the evidence available, and this article does not attempt to pick the more accurate of the two.

What only one outlet reported

Cointelegraph alone reports that Greenlane’s digital asset segment generated $309,000 in staking and yield revenue during the quarter, and that BERA was trading at about $0.146 at the time of its report, according to CoinGecko, after briefly trading above $1.20 earlier in the year.

Crypto Briefing alone reports the fuller half-year picture: a $32 million total fair-value loss on digital assets for the first six months of 2026, contributing to a $43.2 million net loss over that period. It also reports that Greenlane’s cash and cash equivalents shrank to $6.1 million by the end of June, and that the company took an additional $1.8 million impairment charge on a legacy private-equity investment. Crypto Briefing further reports a December 2025 BERA acquisition of $8 million, and cites a metric Greenlane has used to argue progress: by the end of Q2, each Class A share represented roughly 117 BERA tokens, which the company frames as growth in per-share exposure even as the dollar value collapsed.

Why it matters

Greenlane is among a small group of Nasdaq-listed companies that adopted a single altcoin, rather than Bitcoin, as a primary treasury reserve asset. Its Q2 results are an early data point on how that model performs when the underlying token is far more volatile and less liquid than Bitcoin. Crypto Briefing’s reporting on the $6.1 million cash position is significant because Greenlane has largely wound down its original cannabis accessories business, leaving the company with little revenue to offset treasury losses without raising additional capital.

What is not known

Neither outlet’s reporting confirms whether Greenlane has announced plans for further capital raises or asset sales to shore up its cash position. The underlying SEC filing itself was not independently reviewed for this article; both outlets’ figures trace back to it, and the small discrepancies in cost basis and placement size remain unreconciled.