Key Takeaways:
A 76.6% markdown on Greenlane's $70.2 million BERA treasury has left the Nasdaq-listed firm facing a $5 million listing test with no cure period.
The treasury's cost basis compared with $16.4 million of fair value at June 30, according to Greenlane's quarterly filing with the SEC. The gap was a mark-to-market shortfall, not a realized loss from selling tokens. CryptoSlate data puts BERA at roughly $0.142, which would value the same 81.3 million units at about $11.6 million.
Greenlane reported $6.1 million of cash at June 30, down from $32.5 million at the end of 2025, plus $8.1 million of aUSDC and sUSDe protocol instruments against $6.5 million of current liabilities. Its $24.8 million second-quarter net loss included a $19.1 million noncash change in digital-asset fair value and a separate $1.8 million impairment of its Airgraft investment. Operating loss was $3.3 million, while cash used in operations totaled about $7.1 million for the first half.
The SEC approved Nasdaq's new $5 million Market Value of Listed Securities requirement on July 22 but stayed that approval on July 29 while it reviews the decision. If the rule becomes operative, 30 consecutive business days below the threshold would produce a Staff Delisting Determination without the ordinary compliance period, and a hearing request would not stay trading suspension. Greenlane said it would be below the line as of Aug. 14 and was evaluating unspecified alternatives to increase MVLS.
The treasury markdown does not mechanically cause a listing failure. Nasdaq's MVLS metric uses the consolidated closing bid price multiplied by listed securities, not the value of Greenlane's BERA, cash or protocol assets. Still, those balances matter indirectly because they affect investor valuation and financing options.
Using Greenlane's disclosed 694,544 shares and its $1.93 Aug. 13 close gives a one-day proxy of about $1.34 million. With that share count fixed, $5 million would require roughly $7.20 per share, about 273% above $1.93. A dilutive raise is not mathematically required — a sufficient share-price recovery could lift MVLS without issuing stock — but Greenlane disclosed no specific route.
BERA has fallen 62.08% over the past 90 days and trades 99.03% below its Feb. 6, 2025 all-time high of $14.99, per CryptoSlate. The token's slide mirrors broader pressure on altcoin treasuries as public companies that loaded up on digital assets during the 2025 rally face mark-to-market losses and listing scrutiny. Greenlane's case echoes the fate of other crypto treasury holders that have sold holdings or diluted shareholders to stay compliant with exchange rules.
This article is for informational purposes only and does not constitute investment advice.
