Greenlane raises $110M to build Berachain treasury strategy
Nasdaq-listed Greenlane Holdings announced the pricing of a $110 million private placement led by Polychain Capital to acquire BERA, the native token of the Berachain blockchain.
Greenlane said it will use the funds to launch a crypto treasury program centered on Berachain, aiming to build one of the largest BERA holdings among public companies. The private placement is expected to close around October 23, 2025, pending standard conditions.
According to the official press release, financing was led by crypto-focused investment companies, including Polychain Capital, Blockchain.com, Kraken, and others. Greenlane will use the proceeds to create the first BERA treasury. Greenlane will use the proceeds to begin a cryptocurrency treasury program focused on Berachain and aims to build one of the largest institutionally managed BERA positions among public companies.
We firmly believe that BERA is ushering in the next age of blockchain incentive structures,said Bruce Linton, the chairman of Greenlane’s Blockchain Treasury Strategy.
As a result, we believe it provides a compelling opportunity in the capital markets.
Founded in 2005, and based in Florida, Greenlane is a platform for development and distribution of vaporization products. The company stock GNLN rose 45% after the announcement of Berachain treasury plans, currently trading at $3.54. Berachain is a Layer 1 blockchain, launched on the mainnet in February 2025, 1 year after its testnet went live in early 2024. The platform’s native token BERA currently trades at $2.01, around 86% down from its record high of $14.99 reached on February 6, 2025.
Crypto treasury companies beyond Bitcoin have been gaining traction. According to CoinGecko, there are currently 14 Ethereum treasury companies holding 4,434,707 ETH valued at over $17.6 billion and 9 Solana treasury companies holding a total of 13,541,583 SOL, valued at over $2.5 billion. Greenlane’s entry into Berachain marks another sign of rising institutional interest in non-Bitcoin crypto treasuries.
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