The Greenlane BERA treasury loss crystallised fully in Q2 2026: the former cannabis accessories company’s 81.3 million BERA and BERA-equivalent tokens were marked at $16.4 million at 30 June, against a cost basis of $70 million, per a regulatory filing. That is a 76.6% drawdown on purchase price, concentrated in a single token position on a single chain.
How the BERA Position Got Built
Greenlane pivoted to a Berachain-native treasury strategy in October 2025, completing a $110.7 million private placement led by Polychain Capital and supported by the Berachain Foundation. The raise comprised approximately $50 million in cash and stablecoins alongside $59.5 million in BERA tokens. At close, Greenlane held 54,227,042 BERA tokens, valued at roughly $108 million based on Binance’s 24-hour VWAP through 12:00 a.m. ET on 23 October 2025.
The company kept buying. Between October 2025 and late February 2026, it accumulated additional tokens at prices ranging from $0.40 to $0.93 per unit, per a Greenlane IR update, bringing holdings to approximately 70.4 million units by 27 February 2026. A further top-up took the position to 77.7 million BERA-equivalent tokens by end of March, and 81.3 million by 30 June, the company was still accumulating even as BERA was collapsing.
BERA describes itself as the first blockchain running Proof of Liquidity, and has raised $150 million from backers including Brevan Howard, Framework Ventures, Polychain Capital, Samsung Next, Laser Digital by Nomura, and GoldenTree Asset Management, per Greenlane’s December 2025 press release. The token briefly cleared $1.20 earlier this year. By the time of the Q2 filing it was trading around $0.146, per CoinGecko, down 75.9% year to date.
Greenlane BERA Treasury Loss and the Full P&L Damage
Greenlane reported a $19.1 million noncash fair-value loss on digital assets for Q2, contributing to a net loss of $24.8 million for the quarter. StockTitan reporting on the Q2 results also noted a $1.8 million investment impairment during the period, separate from the digital-asset mark. The $309,000 in staking and yield revenue the digital asset segment generated was not close to covering either.
The full-year 2025 picture was bleaker still. StockTitan’s reporting on Greenlane’s 8-K filing put the FY2025 net loss at $85.6 million, with an operating loss of $54.2 million. Revenue came in at $4.4 million for the year, down 67% from $13.3 million in 2024, as legacy wholesale sales evaporated. The company also recorded a $31.1 million change in fair value of digital assets across fiscal 2025.
One metric the company has been tracking is BERA per Class A share. Per StockTitan’s coverage of the Q2 results, that figure stood at approximately 117 units per share as of 30 June 2026, up roughly 37% from year-end 2025. In the current price environment that accumulation arithmetic reads differently than it did when BERA was above $1.
Validator Deployment and What Comes Next
Greenlane has not simply parked the tokens. As of early April 2026, 50.0 million BERA units were deployed into validator infrastructure across multiple operators, with cumulative protocol rewards of 1.46 million units since inception, per a Greenlane IR treasury update. At that point the company held approximately 77.9 million BERA units, representing roughly 32% of circulating supply per CoinMarketCap. The board simultaneously authorised a $2.0 million share repurchase programme.
The structural question is straightforward. Greenlane is 76.6% underwater on cost, carrying a token that has lost most of its value from peak, with revenue from legacy operations shrinking fast. The staking yield at $309,000 per quarter does not move the needle on a $53.8 million unrealised loss. A sustained BERA recovery above the $0.86 average-cost range would be required before the treasury strategy looks anything other than deeply offside.
