Greenlane Holdings ended the second quarter with 81.3 million BERA and BERA-equivalent tokens valued at $16.4 million, compared with a cost basis of approximately $70 million. The company recorded a $19.1 million noncash fair-value loss on its digital assets as BERA declined sharply, contributing to a quarterly net loss of $24.8 million. Despite the decline in the value of its treasury, Greenlane generated $309,000 in staking and yield revenue during the quarter.
Greenlane’s BERA Treasury Loses More Than Three-Quarters of Its Value
Greenlane Holdings’ BERA-focused digital asset treasury ended the second quarter significantly below its original cost basis as the price of Berachain’s BERA token continued to decline.
The Nasdaq-listed company held approximately 81.3 million BERA and BERA-equivalent tokens as of June 30. The portfolio had a fair value of $16.4 million, compared with a total cost basis of approximately $70 million.
That represents a gap of $53.8 million and places the treasury at approximately 76.6% below its acquisition cost.
The sharp decline highlights the risks faced by publicly traded companies that adopt individual cryptocurrencies as primary treasury assets. Unlike diversified digital asset strategies, a concentrated treasury can experience substantial balance-sheet volatility when the underlying token experiences a prolonged decline.
BERA Decline Drives $19.1M Noncash Loss
Greenlane reported a $19.1 million noncash fair-value loss on its digital assets during the second quarter.
The valuation loss was a major contributor to the company’s $24.8 million net loss for the period.
The loss occurred despite Greenlane increasing its BERA holdings. The company ended March with approximately 77.7 million BERA and BERA-equivalent tokens and increased that position to 81.3 million by the end of June.
The increase in token holdings therefore did not offset the substantial decline in BERA’s market value.
BERA was trading at approximately $0.146 at the time of reporting, according to CoinGecko data cited in the source material. The token had declined approximately 75.9% year to date after briefly trading above $1.20 earlier in the year.
Greenlane Generates Staking and Yield Revenue
While the treasury experienced significant mark-to-market losses, Greenlane’s digital asset operations generated recurring income.
The company’s digital asset segment produced approximately $309,000 in staking and yield revenue during the second quarter.
The income provides a limited revenue stream from the company’s BERA holdings and demonstrates one of the potential benefits of maintaining a yield-generating digital asset treasury.
However, the quarterly income remained small compared with the $19.1 million valuation loss recorded on the portfolio.
This difference illustrates the challenge facing crypto treasury companies when token prices fall substantially. Staking and yield income can provide recurring cash flow, but it may not be sufficient to offset large declines in the market value of the underlying assets.
Greenlane’s Shift Toward BERA
Greenlane’s transformation into a BERA-focused digital asset treasury company represents a significant change from its previous business model.
The company was formerly focused on cannabis accessories before adopting BERA as its primary treasury reserve asset in October 2025.
The strategy followed a $110.7 million private placement that provided capital for the company’s digital asset treasury approach.
Since then, Greenlane has increased its BERA holdings even as the token’s market value has declined.
The strategy reflects a broader trend in which publicly traded companies seek to build cryptocurrency treasuries around specific digital assets rather than maintaining traditional cash-heavy balance sheets.
Treasury Strategy Faces Market Risk
Greenlane’s second-quarter results demonstrate the substantial financial risk associated with concentrated cryptocurrency treasury strategies.
The company owns considerably more BERA tokens than it held at the end of the first quarter, but the value of those assets has fallen sharply. Consequently, increasing the number of tokens has not translated into an increase in treasury value.
The strategy also exposes Greenlane’s financial results to continued BERA price volatility. A further decline could increase pressure on the company’s balance sheet, while a sustained recovery could significantly improve the reported value of its digital asset holdings.
The $309,000 in staking and yield revenue provides some recurring income, but the scale of the quarterly valuation loss shows that token price performance remains the dominant factor affecting the treasury.
Closing Insights
Greenlane’s second-quarter results highlight both the opportunity and risk associated with corporate cryptocurrency treasury strategies. The company ended June with 81.3 million BERA and BERA-equivalent tokens, but the portfolio was worth only $16.4 million against a $70 million cost basis after BERA’s steep decline. The resulting $19.1 million noncash valuation loss underscores the financial sensitivity of a concentrated digital asset strategy. For Greenlane, the outlook will depend heavily on whether BERA can recover from its prolonged decline and whether staking and yield income can become a more meaningful source of recurring revenue while the company maintains its digital asset treasury strategy.
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