Greenlane Holdings just posted a $24.8 million net loss for the second quarter of 2026, with a $19.1 million non-cash fair value hit on its digital asset holdings doing most of the damage. The culprit: BERA, the native token of Berachain, which has dropped nearly 76% year to date.
The company now holds roughly 81.3 million BERA tokens valued at just $16.4 million. It paid $70.2 million for them.
A pivot that hasn’t paid off
Greenlane, once a Nasdaq-listed distributor of cannabis accessories, reinvented itself in October 2025 with a strategic shift toward a digital asset treasury model it branded “BeraStrategy.” The name is a play on MicroStrategy’s Bitcoin-heavy balance sheet approach, except Greenlane chose to concentrate its bet on a single, far less liquid altcoin.
To fund the transformation, Greenlane raised $110 million through a private placement in October 2025. An $8 million BERA acquisition followed in December 2025. For the first half of 2026, Greenlane’s total fair value loss on digital assets reached $32 million, contributing to an overall net loss of $43.2 million across the six-month period. Cash and cash equivalents shrank to $6.1 million by the end of June.
There is an additional $1.8 million impairment charge on a legacy private-equity investment.
The MicroStrategy playbook, with different odds
Greenlane’s strategy borrows heavily from the corporate treasury model pioneered by Michael Saylor’s MicroStrategy, now called Strategy. The idea is simple: use equity markets to raise capital, convert that capital into a digital asset, and let shareholders gain exposure to the token’s upside through a publicly traded vehicle.
Berachain launched its mainnet in February 2025, making it barely a year old as a live network at the time of these losses.
Greenlane has pointed to one metric as a sign of progress: BERA-per-share growth. By the end of Q2, each Class A share represented roughly 117 BERA tokens, an improvement over prior periods.
Fair value accounting magnifies the pain
A significant portion of Greenlane’s reported losses are non-cash in nature. Under current accounting standards, companies holding digital assets must mark them to fair value each reporting period. When BERA drops 76%, that decline flows directly through the income statement even though Greenlane hasn’t sold a single token.
What to watch from here
Greenlane’s $6.1 million in remaining cash raises questions about operational runway. The company has largely wound down its legacy cannabis accessories business to focus on digital asset accumulation, which means there isn’t a meaningful revenue stream to offset treasury losses. Any further BERA purchases would likely require additional capital raises.
Berachain’s own trajectory matters too. The network uses a proof-of-liquidity consensus mechanism. The gap between Greenlane’s $70.2 million cost basis and its $16.4 million current valuation represents roughly $54 million in paper losses. For a company that raised $110 million just nine months ago, burning through that much value this quickly puts the entire BeraStrategy thesis on trial.