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Greenlane Holdings ended the second quarter with 81.3 million BERA and BERA-equivalent tokens valued at $16.4 million, compared with a $70.2 million cost basis, as lower Berachain token prices weighed on its digital asset treasury.
The Nasdaq-listed company recorded a $19.1 million non-cash loss from changes in digital asset fair value during the quarter. Its net loss widened to $24.8 million from $3.2 million a year earlier.
BERA Holdings Rise to 81.3M as Fair Value Falls to $16.4M
Greenlane increased its BERA and BERA-equivalent holdings from 77.7 million units at the end of March while deploying another $1.2 million into the assets during the quarter.
BERA-per-share reached about 117 tokens per Class A share at June 30, up 37% from 86 at the end of 2025. Greenlane said the metric measures BERA holdings per outstanding Class A share and does not represent financial performance or the fair value of the tokens.
The contrast was pronounced during Q2: Greenlane accumulated more BERA while lower market prices reduced the dollar value of its position.
$19.1M BERA Valuation Loss Pushes Quarterly Loss to $24.8M
Greenlane generated $309,000 from staking and yield activities during the quarter through Berachain’s Proof of Liquidity mechanism and stablecoin-related protocol instruments. It also deployed about $4.1 million into those stablecoin-related strategies.
The company recorded a separate $1.8 million impairment on a legacy equity investment. Operating expenses declined 37% from the first quarter to $3.6 million, but the BERA fair-value decline remained the largest contributor to Greenlane’s quarterly loss.
Legacy wholesale revenue fell 90% year over year to $82,000 as Greenlane continued operating that business at a smaller scale.
Greenlane Keeps BERA Strategy Despite Q2 Valuation Decline
Greenlane adopted its Berachain-focused treasury strategy in October 2025 following a $110.7 million private placement. The company has since continued acquiring and deploying BERA while generating additional tokens and revenue through staking and related activities.
Greenlane ended June with $6.1 million in cash, $8.1 million in stablecoin-related protocol instruments and $32 million in total assets.
CEO Jason Hitchcock said Greenlane remains focused on executing its BERA strategy, managing liquidity and controlling costs despite the decline in the fair value of its token holdings.
