Greenlane Holdings, Inc. reported a net loss of $85.6 million for the fiscal year ending December 31, 2025, as the company completed a fundamental strategic shift from legacy wholesale operations to a digital asset treasury focused exclusively on BERA, the native token of the Berachain blockchain network. The company's fourth quarter net loss reached $69.6 million, driven primarily by a $31.1 million loss on the change in fair value of its BERA holdings, which were acquired following a $110.7 million private placement in October 2025.
The strategic importance of this transition lies in Greenlane's conviction that the Berachain ecosystem represents a significant long-term opportunity in the blockchain infrastructure space. The company's digital asset treasury strategy consists of five core components: acquiring BERA through market purchases, participating in Proof of Liquidity staking and validator infrastructure, earning Berachain Governance Tokens, deploying capital into decentralized finance protocols on the Berachain network, and maintaining capital allocation discipline. As of December 31, 2025, Greenlane held 51,659,912 units of BERA at a cost basis of $58.3 million with a fair value of $36.6 million, representing a substantial market value decline that impacted the company's financial results.
Beyond the financial implications, Greenlane's transition reflects broader industry trends where traditional companies are pivoting toward blockchain and digital asset strategies. The company's approach involves significant risk, as BERA is a digital asset that is not legal tender, is not backed by any government or central bank, and may be subject to extreme price volatility, regulatory uncertainty and technological risk. These risks are detailed in the company's SEC filings available at https://www.sec.gov. The company also held $22.6 million in stablecoins classified as cash equivalents and maintained $32.5 million in cash and cash equivalents with no outstanding debt, providing financial flexibility for continued deployment.
Subsequent to the fiscal year end, Greenlane faced significant challenges including a Nasdaq delisting notice received on March 25, 2026, citing non-compliance with minimum bid price requirements. The company plans to appeal this determination before a Nasdaq Hearings Panel. On the same date, stockholders approved a reverse stock split at a ratio between 1-for-5 and 1-for-15 to address the listing concerns. The company also entered into complex token transaction agreements with Berachain Operations Corporation, including a Token Purchase and Sale Agreement and a Token Lending Agreement that allows Greenlane to lend stablecoins to the counterparty for BERA acquisition.
Management commentary from newly appointed CEO Jason Hitchcock emphasized the foundational nature of 2025's actions, stating that the company took deliberate steps to reposition while maintaining disciplined capital allocation and transparent reporting. The company's full financial statements are available through its investor relations website at https://investor.gnln.com. For additional information about the Berachain blockchain network that forms the foundation of Greenlane's strategy, visit https://berachain.com. The company's transition resulted in a 67% decrease in total net revenue to approximately $4.4 million for 2025, reflecting the wind-down of legacy wholesale and distribution operations, while operating losses expanded significantly due to non-cash stock-based compensation and restructuring charges associated with the strategic shift.
