Greenlane Holdings closed the second quarter of 2026 with its BERA-focused digital asset treasury valued at $16.4 million, far below the $70 million cost basis the company paid to assemble the position. The gap left an unrealized loss of approximately $53.8 million, or about 76.6 percent below acquisition cost, according to a regulatory filing released in mid-August.

As of June 30, the company held 81.3 million BERA and BERA-equivalent tokens. That figure rose from 77.7 million at the end of March, showing Greenlane continued to expand its stake even as the token’s market price fell sharply.

Quarterly Financial Results

The decline in token value produced a $19.1 million noncash fair-value loss on digital assets during the three months ended June 30. That charge contributed to a net loss of $24.8 million for the quarter. Offsetting a small portion of the pressure, the digital asset segment generated $309,000 in staking and yield revenue from activities within the Berachain ecosystem.

Management has previously noted that the firm’s financial condition and operating results are now significantly influenced by digital asset market conditions, particularly the fair value of its BERA holdings.

BERA Price Performance

BERA, the native token of the Berachain network, has fallen roughly 75.9 percent since the start of 2026. It was trading near $0.146 at the time of the filing reports, well below levels above $1.20 seen earlier in the year. The token had briefly surged higher in February amid volatility in perpetual futures markets before resuming a downward path.

Earlier history shows even greater swings. Shortly after Berachain’s launch and major exchange listings in early 2025, BERA reached an all-time high near $15 before a prolonged decline set in. Subsequent token unlocks and supply releases further pressured the price.

Shift to Crypto Treasury Strategy

Greenlane, formerly focused on cannabis accessories and consumer products, adopted BERA as its primary treasury reserve asset in October 2025. The change followed a $110.7 million private placement. Proceeds supported open-market and over-the-counter purchases of the token, and the company established BeraStrategy as its digital asset management operation.

The financing drew participation from digital asset investors including Polychain Capital, Blockchain.com, Kraken, North Rock Digital, CitizenX and dao5. By the end of February, holdings included an initial block of 54.2 million BERA plus additional tokens acquired in the market and through staking, validator participation and structured agreements.

The company has reduced its legacy lifestyle accessories business. Warehouse operations were largely exited, and remaining commerce activities shifted to an asset-light drop-ship model through channels such as vapor.com.

Greenlane continues to deploy its holdings across staking, validator operations, liquidity provisioning and other network activities designed to generate additional tokens or yield under Berachain’s Proof-of-Liquidity model. Protocol incentive changes have expanded opportunities for BERA holders to earn rewards, though reward rates remain subject to network conditions and market volatility.

The combination of rising token counts and falling valuations has made Greenlane’s quarterly results closely tied to BERA price movements. The company’s filings show it maintained and modestly grew its position throughout the second quarter despite the ongoing decline in market value.