Greenlane Holdings raises $110M, plans BERA token accumulation strategy

Greenlane Holdings Inc. (NASDAQ: GNLN) completed a $110 million private placement offering consisting of approximately $50 million in cash and stablecoin investment and $59.5 million in BERA tokens, according to a company statement.

The offering was supported by the Berachain Foundation and led by Polychain Capital, with participation from investors including Blockchain.com, Kraken, North Rock Digital, CitizenX, and dao5.

Cash and stablecoin subscribers received 3,328,012 shares of Class A common stock and 9,789,166 pre-funded warrants. Cryptocurrency subscribers received 15,504,902 pre-funded warrants, subject to stockholder approval. The company also issued strategic advisor warrants for 5,264,757 common stock shares to advisors in the crypto technology sector.

Greenlane now holds 54,227,042 BERA tokens valued at approximately $108 million based on Binance's 24-hour volume-weighted average price for the period ending October 23, 2025. The company plans to manage these tokens through staking activities and acquire additional BERA as its primary treasury reserve asset.

BERA serves as the fee token of Berachain, described as the first Layer 1 blockchain powered by Proof of Liquidity. Greenlane stated it will continue operating its distribution business while implementing the digital asset treasury strategy.

The company appointed Bruce Linton as Chairman of the Board of Directors and Billy Levy as a director. Ben Isenberg was named Chief Investment Officer to manage the Berachain treasury strategy.

Directors and officers of the company, the Berachain Foundation, and Polychain Capital agreed to 180-day lock-up agreements for their securities, subject to customary exceptions.

Aegis Capital Corp. served as exclusive placement agent for the offering. The securities were offered through a private placement exempt from Securities Act registration requirements.

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