Greenlane's $70 million BERA pool plunged to just $16.4 million in the second quarter

Greenlane Holdings 'BERA digital asset treasury fell to the fair value of US$16.4 million at the end of the second quarter, approximately 76.6% lower than its US$70 million cost base.

As of June 30, the company held 81.3 million BERA and equivalent tokens, up from 77.7 million at the end of March. Greenlane recorded a fair value loss of $19.1 million on digital assets during the quarter, with a net loss of $24.8 million. BERA has fallen 75.9% year-to-date and is trading close to $0.146.

According to Greenlane's latest regulatory documents, the Nasdaq-listed company held approximately 81.3 million BERA and equivalent tokens as of June 30. Although the token market price continued to decline, its holdings increased from approximately 77.7 million at the end of the first quarter.

positions and the quarter-end fair value was approximately US$53.8 million. In the three months to June, Greenlane recorded a non-cash fair value loss of $19.1 million on its digital assets, which resulted in a net loss of $24.8 million for the quarter. At the same time, the company continues to deploy its positions in the Berachain ecosystem. Its digital asset operations generated approximately $309,000 in pledge and income income during the quarter, providing income from BERA and other assets while the value of the underlying treasury declined.

Greenlane's exposure has increased since the beginning of the year. The company reported holding 77.7 million BERA and equivalent tokens at the end of March, which means that its holdings increased by approximately 3.6 million in the second quarter.

Despite declining valuations, Greenlane's BERA treasury is growing.

Greenlane entered the cryptocurrency treasury business in October 2025, transforming a company previously known mainly for marijuana accessories and consumer goods into a public holder of Berachain's native tokens. The strategy followed a $110.7 million private placement backed by digital asset investors. The financing was led by Polychain Capital, with participation from Blockchain.com, Kraken, North Rock Digital, CitizenX and Dao5. Greenlane said at the time that the proceeds would be used to support its BERA treasury, acquiring tokens through open market and over-the-counter transactions. The company also established BeraStrategy as its digital asset management operations unit as part of the transaction.

According to the company's disclosure, as of the end of February, Greenlane's positions included an initial holding of 54.2 million BERAs, an additional 14.9 million tokens purchased on the open market, and additional BERAs obtained through pledges, verification of node participation and structured token trading agreements.

Greenlane's first-quarter documents later showed how the speed of BERA's price decline affected the strategy. For the three months ended March 31, the company reported a net loss of $18.2 million, while its balance sheet already relies heavily on digital assets, cash and stablecoins pegged to the dollar. Management stated in the document that its financial condition and operating results have been significantly affected by digital asset market conditions, especially the fair value of its BERA holdings.

The company continues its traditional lifestyle accessories business through vapor.com and related channels, but Greenlane said the business has been scaled back after a strategic adjustment in 2025. Warehouse operations have basically been withdrawn, and the remaining e-commerce business has shifted to an asset-light delivery model.

Falling BERA prices cut the value of Greenlane's holdings

Valuation losses occurred as BERA continued to fall sharply from early 2026 levels. According to CoinGecko data, Berachain was trading at approximately $0.146 at the time of writing, and the token has dropped approximately 75.9% since the beginning of the year. BERA briefly traded above $1.20 in early 2026, and then fell to around $0.15.

The decline followed a period of extreme volatility in February. BERA briefly surged to $1.43 after an abnormal imbalance in the perpetual futures market triggered a large number of short liquidations. During that swing, BERA rose 82% to about US$0.94 in 24 hours, futures volume surged 632% to US$2.94 billion, and open interest increased 102% to US$142.8 million. After the release of tokens involving 63.75 million BERA on February 6, traders repositioned their positions and the funding rate fluctuated between deeply negative and positive.

The rebound did not develop into a sustained recovery. As of July 15, BERA was trading at approximately $0.187, and the token has fallen more than 30% in the past 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 is also well below the level shortly after Berachain went online in February 2025. After going online on several major exchanges, including Crypto.com, Upbit, MEXC and Bithumb, BERA hit an all-time high of nearly $15 before starting a long-term decline.

The supply of tokens has also increased since the early trading days of the Internet. The May 2025 release of Boyco Vaults brought more assets and BERA into circulation, with the token falling 21% in the seven days before and after the event. The release involved US$2.7 billion in locked assets and included approximately 2% of BERA's total supply.

Greenlane earns gains from its Berachain position

Despite the decline in Greenlane's treasury valuation, the company's strategy goes far beyond holding BERA on the balance sheet. Greenlane participates in pledges, verification node operations, liquidity provision and other Berachain activities aimed at generating additional tokens or revenue. These activities accounted for $309,000 in digital assets segment revenue reported in the second quarter.

Berachain uses a Proof-of-Liquidity model to link network incentives to the liquidity provided in its decentralized financial ecosystem. BERA serves as the network's local gas token, BGT is used for governance, and HONEY serves as its collateral-backed stablecoin. Changes to the system have also expanded BERA's role as a revenue-producing asset. The Proof-of-Liquidity upgrade proposed in 2025 will direct one-third of protocol incentives to the BERA reward model, creating a protocol-level revenue source for token holders.

The network expanded its rewards beyond Berachain's BEX pool in March 2025, allowing more applications and vaults to participate in Proof-of-Liquidity incentives. Greenlane's strategy uses a similar network mechanism to increase its token holdings over time. Its February disclosure stated that Treasury accumulated BERA not only through purchases, but also through pledge and verification node participation. At the same time, the company warned that the agreement reward rate may change due to network conditions, verification node changes, reward plans and market fluctuations.

As of June 30, these activities helped Greenlane increase its BERA and equivalent positions to 81.3 million tokens, although the fair value of the treasury fell to US$16.4 million.