BERA treasury company Greenlane released Q2 earnings report: losses of more than $19.1 million, holdings plummeted 77% from cost

Comparatively, at the end of 2025, Nasdaq-listed e-cigarette wholesaler Greenlane Holdings switched to a corporate cryptographic treasury strategy, focusing on Berachain's native token BERA rather than Bitcoin, and followed the Strategy (formerly MicroStrategy) model to accumulate a single asset and disclose each share of assets through equity and debt financing. In October 2025, it completed a private placement of approximately US$117 million for BERA Strategy. By the end of 2025, it held 51.6 million BERAs (cost about US$58 million, market value of about US$36.6 million), and continued to increase its holdings to 81.3 million units in the first half of 2026, with a total cost of about US$70 million.

According to the second-quarter report disclosed on August 14, 2026, the net loss was US$24.8 million, of which approximately US$19.1 million came from BERA's non-cash impairment; cash and equivalents fell to US$6.1 million; and US$8.1 million aUSDC and SusdE reserves, and current liabilities of US$6.5 million. As of June 30, BERA's position had a fair value of about $16 million, down about 77% from the cost in less than a year. The traditional e-cigarette business has shrunk to a dropshipping model with almost no revenue, and Proof of Liquidity pledge proceeds are difficult to make up for treasury losses.

In March 2026, NASDAQ issued a delisting decision due to the lowest price. The company appealed and resumed compliance on April 27 after implementing a 1 for 8 reverse split in April. There is also a minimum market value of Nasdaq's $5 million listed securities