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Greenlane Holdings Inc. (GNLN) announced a $110 million private investment in public equity transaction to establish a digital asset treasury strategy focused on BERA, the native cryptocurrency of the Berachain blockchain.
The financing was led by Polychain Capital with participation from institutional investors including Blockchain.com, Kraken, North Rock Digital, CitizenX, and dao5. The transaction consists of approximately $50 million in cash or cash equivalents and $60 million in BERA tokens.
Under the transaction, investors will purchase Class A common stock at $3.84 per share and pre-funded warrants at $3.83 per warrant. Investors funding their purchases with BERA tokens will receive only pre-funded warrants. The transaction is expected to close on or about October 23, 2025.
Greenlane intends to use the proceeds to acquire BERA through open market purchases and over-the-counter transactions, establishing BERA as its primary treasury reserve asset. The company will continue operating its distribution business for smoking accessories and vape devices.
Following the transaction’s completion, Ben Isenberg will join as Chief Investment Officer to lead the Berachain Treasury Strategy. Bruce Linton, former leader of Canopy Growth Corporation, will join as board Chairman, and Billy Levy will serve as Director.
Berachain operates as a Layer 1 blockchain using Proof of Liquidity, a consensus mechanism that derives staking yield from revenues of companies building on the network. The Berachain Foundation has raised $150 million from digital asset investors including Brevan Howard and Framework Ventures.
Aegis Capital Corp. served as exclusive placement agent for the offering. The company’s stock will continue trading on the Nasdaq Capital Market under ticker GNLN.