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Greenlane faces potential Nasdaq listing test after BERA treasury plunge

Greenlane reported its token treasury ended the second quarter with a roughly 77% markdown from cost, while cash fell to $6.1 million from $32.5 million at end of 2025.

Reported · Written up by our desk · Market Structure

Greenlane Holdings, a Nasdaq-listed company, holds about 81.3 million BERA and BERA-equivalent units, and its token treasury ended the second quarter valued at about 77% below cost, according to its quarterly filing reviewed by CryptoSlate.

At June 30, Greenlane reported a $70.2 million cost basis versus $16.4 million of fair value for the treasury. CryptoSlate notes that if a stayed Nasdaq rule is lifted, the company could be exposed to a $5 million listing test with no ordinary cure period, even though Nasdaq's Market Value of Listed Securities metric uses consolidated closing bid price on listed securities rather than the fair value of its BERA holdings.

CryptoSlate said the markdown was a mark-to-market shortfall rather than a realized loss from selling tokens. The filing also flagged risks around liquidity, redemption, counterparty, protocol, and valuation tied to its additional digital-asset instruments, including $8.1 million of aUSDC and sUSDe protocol instruments.

Greenlane reported a $24.8 million second-quarter net loss that included a $19.1 million noncash change in digital-asset fair value, plus a $1.8 million impairment of its Airgraft investment. It reported $6.1 million of cash at June 30, down from $32.5 million at the end of 2025, and cash used in operations of about $7.1 million for the first half, CryptoSlate said.

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