Greenlane Holdings’ bet on Berachain’s BERA token has produced a stark paper loss, with the company’s crypto treasury ending the second quarter of 2026 valued at $16.4 million against a $70 million cost basis, according to a regulatory filing disclosed on Friday.
Portfolio 76.6% Below Cost as BERA Slides
As of June 30, Greenlane held 81.3 million BERA and BERA-equivalent tokens. The $53.8 million gap between their acquisition cost and fair market value left the portfolio 76.6% underwater. The company recorded a $19.1 million noncash fair-value loss on its digital assets during the quarter alone, which fed directly into a net loss of $24.8 million for the period.
Greenlane also bought during the fall. Its token count rose from 77.7 million BERA and equivalents at the end of March to 81.3 million by June 30, meaning the company was adding to the position over the same three months its value was collapsing.
Staking and yield activity offered only modest relief. Greenlane’s digital asset segment generated $309,000 in staking and yield revenue over the same three months.
From Cannabis Accessories to Crypto Treasury
Greenlane is a Nasdaq-listed company that previously sold cannabis accessories before pivoting its corporate strategy entirely toward digital assets. The firm officially adopted BERA as its primary treasury reserve asset in October 2025, following the completion of a $110.7 million private placement.
BERA Price Collapse Drives the Damage
The losses are a direct function of BERA’s price trajectory. The token has fallen 75.9% year to date and was trading at approximately $0.146 at the time of the filing, according to CoinGecko. BERA had briefly climbed above $1.20 earlier in 2026 before entering a sustained decline toward the $0.15 range.
