ChainCatcher report: In late 2025, Nasdaq-listed e-cigarette wholesaler Greenlane Holdings shifted to a corporate crypto treasury strategy, focusing on Berachain’s native token BERA instead of Bitcoin, emulating the Strategy (formerly MicroStrategy) model by accumulating a single asset through equity and debt financing while disclosing assets per share. In October 2025, it completed a private placement of approximately $110.7 million to fund its “BERA Strategy.” By the end of 2025, it held 51.6 million BERA tokens (cost basis of ~$58 million, market value of ~$36.6 million). In the first half of 2026, it further increased its holdings to 81.3 million BERA, with a total cost basis of ~$70 million. The Q2 2026 financial report disclosed on August 14, 2026, showed a net loss of $24.8 million, of which approximately $19.1 million stemmed from non-cash impairments of BERA; cash and cash equivalents declined to $6.1 million, with an additional $8.1 million in aUSDC and sUSDe reserves, and current liabilities of $6.5 million. As of June 30, the fair value of BERA holdings was approximately $16 million, representing a decline of about 77% against cost in less than a year. The traditional e-cigarette business has been scaled back to a near-zero-revenue drop-shipping model, and Proof of Liquidity staking yields have been insufficient to offset treasury losses. In March 2026, Nasdaq issued a delisting determination due to minimum price requirements; the company appealed and, following an 1-for-8 reverse stock split in April, regained compliance on April 27. Nasdaq also maintains a minimum listed security market value requirement of $5 million.
Greenlane's Q2 report shows a $19.1 million loss due to BERA impairment, with a 77% decline in holding value.
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Summary
Greenlane’s Q2 2026 daily market report shows a $24.8M net loss, with $19.1M attributable to BERA token impairment. BERA holdings declined 77% to a fair value of $16M as of June 30. The company’s e-cigarette business has nearly ceased operations, and staking rewards failed to offset losses. Greenlane avoided Nasdaq delisting following a 1-for-8 reverse split in March 2026. The weekly market report underscores ongoing pressure on crypto treasury strategies.
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