Greenlane Holdings, a former Nasdaq-listed cannabis company, ended the second quarter with a BERA treasury valued at $16.4 million, less than a quarter of its $70 million cost basis. The $53.8 million gap between cost and fair value leaves the portfolio down 76.6% from cost, driven by BERA’s 75.9% year-to-date decline. The company recorded a $19.1 million noncash fair-value loss on digital assets during the quarter, contributing to a net loss of $24.8 million. Greenlane adopted BERA as its primary treasury reserve asset in October 2025 after raising $110.7 million in a private placement, and increased its holdings to 81.3 million BERA tokens by the end of Q2.
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