Greenlane Holdings, Inc. (NASDAQ: GNLN) announced the closing of a $110 million private placement, comprising approximately $50 million in cash and stablecoin investment and $59.5 million in BERA tokens. The financing was backed by the Berachain Foundation and led by Polychain Capital, with participation from Blockchain.com, Kraken, North Rock Digital, CitizenX, dao5, and others. The company issued 3,328,012 Class A shares and 9,789,166 pre-funded warrants to cash and stablecoin investors, 15,504,902 pre-funded warrants to cryptocurrency investors subject to stockholder approval, and 5,264,757 strategic advisor warrants. Following the placement, Greenlane holds 54,227,042 BERA tokens valued at roughly $108 million based on Binance’s 24-hour VWAP as of Oct. 23, 2025.
The company intends to use the proceeds to execute its digital asset treasury strategy, with BERA as its primary reserve asset, while continuing its distribution business. Directors, officers, the Berachain Foundation, and Polychain Capital have entered 180-day lock-up agreements. Greenlane also appointed Bruce Linton as Chairman and Billy Levy as director. Aegis Capital Corp. served as exclusive placement agent, with legal counsel provided by Kaufman & Canoles, P.C., Sichenzia Ross Ference Carmel LLP, and Paul Hastings LLP. For more details, view the full press release at https://ibn.fm/4glfM.
This announcement is significant as it marks a major strategic shift for Greenlane, a company traditionally focused on distribution of smoking accessories and vape devices, into the digital asset space. By adopting BERA as a primary reserve asset, Greenlane is positioning itself at the intersection of physical goods distribution and cryptocurrency treasury management. The involvement of prominent crypto investors like Polychain Capital and Kraken lends credibility to this strategy, while the 180-day lock-ups signal long-term commitment from insiders. The appointment of Bruce Linton, a seasoned executive in the cannabis and tech sectors, as Chairman further underscores the company's ambitions.
Greenlane was founded in 2005 and operates as a global platform for the development and distribution of premium smoking accessories, vape devices, and lifestyle products. The company offers its own brand portfolio and exclusively licensed products such as Marley Natural and K.Haring, alongside third-party products through direct sales and e-commerce platforms including Vapor.com, PuffItUp.com, HigherStandards.com, and Wholesale.Greenlane.com. For more information, visit https://gnln.com/.
The success of this private placement could pave the way for other traditional distributors to explore similar strategies, blending physical product distribution with digital asset reserves. It also highlights the growing acceptance of cryptocurrencies like BERA in corporate treasury management, potentially influencing how companies balance fiat and digital assets. The market will be watching closely to see how Greenlane integrates its new treasury strategy with its existing operations.
