Greenlane Completes Strategic Shift to Berachain-Focused Digital Asset Treasury

Company Reports Q4 and Full Year 2025 Financial Results, Announces Nasdaq Delisting Appeal and Reverse Stock Split

Mar. 31, 2026 at 10:04pm

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Greenlane Holdings, Inc., a publicly traded digital asset treasury company, has reported its financial results for the fourth quarter and full year ended December 31, 2025. The company completed a strategic transition to a Berachain-focused digital asset treasury strategy in October 2025, deploying capital to acquire the BERA token, participate in Proof of Liquidity staking, and pursue other initiatives within the Berachain ecosystem.

Why it matters

Greenlane's shift to a digital asset treasury strategy centered on the Berachain network reflects the company's conviction in the long-term potential of the Berachain ecosystem. This strategic reorientation represents a fundamental change in the organization's capital deployment and focus, as it seeks to build value for shareholders on a per-share basis through its participation in the Berachain network.

The details

In the fourth quarter of 2025, Greenlane reported net revenue of approximately $1.4 million, a decrease of 18% from the prior year, as the company continued to wind down its legacy wholesale and distribution operations. The company's operating loss was $38.6 million, driven primarily by $18.6 million in non-cash stock-based compensation and a $6 million increase in compensation costs associated with the strategic transition. For the full year 2025, Greenlane reported a net loss of $85.6 million, which included $31.1 million in digital asset fair value losses, $18.6 million in non-cash stock-based compensation, and $4.8 million in other stock-based compensation.

  • In October 2025, Greenlane adopted a Treasury Policy and initiated a strategic shift toward a digital asset treasury strategy focused on BERA, the native token of the Berachain blockchain network.
  • As of December 31, 2025, the company held 51,659,912 units of BERA at a cost basis of $58.3 million with a fair value of $36.6 million.
  • On March 3, 2026, the company disclosed that, as of February 27, 2026, it held approximately 70.4 million units of BERA and had deployed up to 50 million units of BERA into validator infrastructure across multiple operators.

The players

Greenlane Holdings, Inc.

A publicly traded digital asset treasury company focused on the acquisition, management, and strategic deployment of BERA, the native token of the Berachain blockchain network.

Jason Hitchcock

The Chief Executive Officer of Greenlane, who has over 15 years of experience building and scaling revenue engines across SaaS, blockchain infrastructure, and decentralized finance.

Berachain

A decentralized, open-source, EVM-compatible layer-1 blockchain engineered for high throughput, low latency, and full compatibility with Ethereum tooling, smart contracts, and infrastructure.

BSQD Corp.

An entity that is wholly owned by Ben Isenberg, Greenlane's Chief Investment Officer, which may conduct significant transactions with the Counterparty to source BERA tokens.

Yorkville Securities, LLC

The sales agent for Greenlane's at-the-market (ATM) offering of up to $5,355,687 of shares of the company's Class A common stock.

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What they’re saying

“Fiscal year 2025 marked a pivotal year for Greenlane as we initiated our Berachain-focused Digital Asset Treasury strategy and began deploying capital into the ecosystem. We took deliberate steps to reposition the Company, acquiring BERA and participating in Proof of Liquidity staking, while maintaining a disciplined approach to capital allocation and transparent reporting. These foundational actions reflect our conviction in the long-term potential of Berachain and our commitment to building value for shareholders on a per-share basis.”

— Jason Hitchcock, Chief Executive Officer

What’s next

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The takeaway

Greenlane's strategic shift to a Berachain-focused digital asset treasury strategy reflects the company's belief in the long-term potential of the Berachain ecosystem and its commitment to building shareholder value through active participation in the network's development and governance.