TLDR
- Greenlane Holdings ended Q2 with its BERA treasury valued at $16.4 million, down from a $70 million cost basis.
- The company reported a $19.1 million noncash valuation loss on its digital assets during the quarter.
- Greenlane posted a net loss of $24.8 million for the quarter.
- The digital asset segment brought in $309,000 in staking and yield revenue.
- BERA has fallen more than 75% since the start of the year and traded near $0.146.
Greenlane Holdings closed out the second quarter with a crypto treasury worth far less than it paid for it. The company’s BERA holdings were valued at $16.4 million as of June 30.
That figure sits well below the $70 million cost basis Greenlane used to build the position. The gap between cost and fair value reached $53.8 million by the end of the quarter.
The company disclosed the numbers in a regulatory filing released Friday. Greenlane said it held 81.3 million BERA and BERA-equivalent tokens as of June 30.
The portfolio’s value now sits 76.6% below what Greenlane originally paid for the tokens. The decline reflects the drop in BERA’s market price this year.
From Cannabis Accessories to Crypto Treasury
Greenlane Holdings is listed on the Nasdaq exchange. The company was previously known for selling cannabis accessories.
In October 2025, Greenlane shifted its business strategy toward digital assets. It adopted BERA, the native token of Berachain, as its main treasury reserve asset.
The move followed a private placement that raised $110.7 million. Greenlane used the funds to build its BERA position.
Despite the token’s falling price, Greenlane kept adding to its holdings. The company increased its BERA and equivalent token count from 77.7 million at the end of March to 81.3 million by the end of June.
Quarterly Losses Tied to Token Price
Greenlane’s financial results for the quarter reflect the impact of the falling token price. The company reported a $19.1 million noncash fair value loss on its digital assets.
That loss contributed to a net loss of $24.8 million for the quarter. The figures were included in the same filing that disclosed the treasury’s value.
Not all the news from the digital asset segment was negative. Greenlane said the segment generated $309,000 in staking and yield revenue during the quarter.
That revenue came from staking the BERA tokens rather than trading them. It represents a small offset to the larger valuation loss.
Greenlane’s approach follows a strategy used by other public companies. These firms hold cryptocurrency on their balance sheets as a treasury reserve asset.
The strategy can produce paper gains when token prices rise. It can also produce paper losses when prices fall, as shown in Greenlane’s latest results.
BERA has fallen 75.9% since the start of the year, according to CoinGecko. The token traded at about $0.146 at the time of writing.
Earlier this year, BERA traded above $1.20 before falling steadily. The token has continued to trade near its yearly lows in recent weeks.
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