Greenlane completes $110 million private placement to acquire BERA tokens

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, the company announced.

The offering was supported by the Berachain Foundation, with investment led by Polychain Capital and participation from 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 to purchase common stock. Cryptocurrency subscribers received 15,504,902 pre-funded warrants, subject to stockholder approval. The company issued strategic advisor warrants to purchase 5,264,757 shares of common stock to certain advisors.

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 at 12:00 a.m. ET on October 23, 2025. The company plans to manage these tokens to generate yields through staking activities.

The company appointed Bruce Linton as Chairman of the Board of Directors and Billy Levy as a director. Linton previously led Canopy Growth Corporation to a $15 billion market capitalization. Levy is described as a serial entrepreneur and capital markets executive who co-founded Virgin Gaming with Sir Richard Branson.

Ben Isenberg was appointed as Chief Investment Officer to manage the company's Berachain treasury strategy. "We are pleased to close this private placement investment," Isenberg said. "We are excited to move forward with executing our Berachain treasury strategy."

BERA is the fee token of Berachain, described as the first Layer 1 blockchain powered by Proof of Liquidity. Greenlane plans to use the proceeds to implement a digital asset treasury strategy and acquire additional BERA tokens as its primary treasury reserve asset while continuing to operate its distribution business.

Aegis Capital Corp. served as exclusive placement agent for the offering, according to the press release.

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