Greenlane reports $19M loss as BERA treasury valued at $16M

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...