Greenlane Holdings bet about $70 million on a single altcoin and told investors the point was yield. Two quarters later the yield came to $309,000. The BERA treasury it built to earn that money was worth $16.4 million on June 30, against a cost basis near $70 million, a paper loss of $53.8 million.
That is a 76.6% hole under the position, disclosed in the company's quarterly filing and reported by Cointelegraph and crypto.news on August 17. The Nasdaq-listed accessories firm adopted the strategy last October after a $110.7 million private placement. It has been buying Berachain's token, BERA, ever since.
The yield never came close to the loss
Greenlane earned $309,000 from staking and network rewards in the second quarter. Over the same three months the BERA treasury took a noncash fair-value hit of $19.1 million, and the company posted a net loss of $24.8 million. Framed as an income play, the position produced the smallest number on the page. That pitch has soured before, when the yield turned out to be an afterthought next to the risk.
| Metric | Figure |
|---|---|
| BERA cost basis | ~$70.0 million |
| Fair value, June 30 | $16.4 million |
| Unrealized loss | $53.8 million (76.6%) |
| Q2 staking and yield revenue | $309,000 |
| Q2 net loss | $24.8 million |
| BERA held, June 30 | 81.3 million |
It bought more as the price fell
Holdings grew from 77.7 million BERA at the end of March to 81.3 million by the end of June, an addition of roughly 3.6 million tokens into a falling market. BERA changed hands near $0.146 when the filing landed, down 75.9% on the year and a long way below its February high near $1.43, against an implied average cost around $0.86. Some treasuries have bought the top and then stopped. This one bought the top and kept buying.
A stayed rule stands between it and delisting
A Nasdaq rule change approved on July 22, then stayed a week later, would require $5 million in market value of listed securities with no ordinary cure window. Greenlane's stock closed at $1.93 on August 13 across 694,544 shares, a market value near $1.34 million. Climbing back over the threshold would take roughly $7.20 a share. As of mid-August the company had disclosed no remediation plan.
The shape rhymes with other crypto treasuries that now trade below the assets they hold, like StablecoinX's ENA position. What sets Greenlane apart is the order of its numbers. A BERA treasury built for income earned six figures of it and sat on a principal loss counted in tens of millions. The next quarterly filing will show whether the buying has stopped.
