How a public firm’s $70 million altcoin bet crashed 77% and left it facing Nasdaq delisting
Greenlane Holdings is a Nasdaq-listed firm holding about 81.3 million BERA and BERA-equivalent models. Its token treasury ended the second quarter valued at about 77% beneath value. A stayed Nasdaq rule might ultimately expose the corporate to a $5 million itemizing take a look at with no bizarre remedy interval.
At June 30, the treasury’s $70.2 million value foundation in contrast with $16.4 million of honest worth, in response to Greenlane’s quarterly filing. The 76.6% hole was a mark-to-market shortfall, not a realized loss from promoting the tokens.
CryptoSlate Berachain market data places the value at roughly $0.142. At that worth, the identical 81.3 million models could be price about $11.6 million. That estimate is illustrative, not a company-reported present worth. It assumes the holding was unchanged after quarter-end and that every one BERA-equivalent positions worth one-for-one.
Greenlane’s liquidity and losses
Greenlane reported $6.1 million of money at June 30, down from $32.5 million on the finish of 2025. In addition, it held $8.1 million of aUSDC and sUSDe protocol devices, introduced individually from money, towards $6.5 million of present liabilities. The submitting flags liquidity, redemption, counterparty, protocol and valuation dangers round these devices.
The firm’s $24.8 million second-quarter internet loss included a $19.1 million noncash change in digital-asset honest worth. It additionally included a separate $1.8 million impairment of its Airgraft funding. Meanwhile, Greenlane’s working loss was $3.3 million, whereas money utilized in operations totaled about $7.1 million for the primary half. These figures separate the accounting hit from money consumed by the enterprise.
The treasury markdown doesn’t mechanically trigger a itemizing failure. Nasdaq’s Market Value of Listed Securities metric makes use of the consolidated closing bid worth multiplied by listed securities. It doesn’t use the worth of Greenlane’s BERA, money or protocol property. Nevertheless, these balances matter not directly as a result of they’ll have an effect on investor valuation and the corporate’s financing choices.
A stayed rule with no bizarre remedy
The SEC authorised Nasdaq’s new $5 million MVLS requirement on July 22. The Commission stayed that approval on July 29 whereas it opinions the choice. The official SEC docket confirmed no later deserves order or timetable as of Aug. 15.
The rule subsequently creates no present set off for Greenlane. If it turns into operative, nevertheless, 30 consecutive enterprise days beneath $5 million in MVLS would produce a Staff Delisting Determination. That course of wouldn’t embody the bizarre compliance interval used for a lot of itemizing deficiencies. A listening to request wouldn’t keep buying and selling suspension. A panel might reverse an error or enable as much as 180 days to satisfy all relevant initial-listing requirements. That isn’t a normal remedy interval.
Greenlane mentioned that, as of Aug. 14, it could be beneath the edge with out the keep. It had acquired no deficiency discover or Staff Delisting Determination and was evaluating unspecified options to extend MVLS.
Using Greenlane’s disclosed 694,544 shares and its $1.93 Aug. 13 shut provides a one-day proxy of about $1.34 million. With that share depend fastened, $5 million would require roughly $7.20 per share, about 273% above $1.93.
Separately, a dilutive increase isn’t mathematically required. A adequate share-price restoration might raise MVLS with out issuing inventory. For that purpose, on the disclosed share depend, clearing the edge would require that steep worth improve. Greenlane disclosed no particular route, and a single day’s worth can’t set up a 30-business-day compliance consequence.
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