How a public firm’s $70 million altcoin bet crashed 77% and left it facing Nasdaq delisting

Here is the latest from the digital-asset markets: Greenlane Holdings is a Nasdaq-listed company holding about 81. 3 million BERA and BERA-equivalent units. Its token treasury ended the second quarter valued at about 77% below cost.

A stayed Nasdaq rule could eventually expose the company to a $5 million listing test with no ordinary cure period. At June 30, the treasury's $70. 2 million cost basis compared with $16.

Market Dynamics

4 million of fair value, according to Greenlane's quarterly filing. 6% gap was a mark-to-market shortfall, not a realized loss from selling the tokens. Berachain market data puts the price at roughly $0.

At that price, the same 81. 3 million units would be worth about $11. That estimate is illustrative, not a company-reported current value.

It assumes the holding was unchanged after quarter-end and that all BERA-equivalent positions value one-for-one. Related Reading The 10 biggest failures in crypto in 2025 (and what went wrong) Was crypto "maturation" a lie? This brutal insider playbook explains why 2025’s top narratives imploded.

Market Impact

Dec 31, 2025 Gino Matos Greenlane's liquidity and losses Greenlane reported $6. 1 million of cash at June 30, down from $32. 5 million at the end of 2025.

In addition, it held $8. 1 million of aUSDC and sUSDe protocol instruments, presented separately from cash, against $6. 5 million of current liabilities.

The filing flags liquidity, redemption, counterparty, protocol and valuation risks around those instruments. 8 million second-quarter net loss included a $19. 1 million noncash change in digital-asset fair value.

This shift continues to shape the digital-asset landscape, with analysts examining its near-term effects.