Greenlane Holdings Inc announces $110 million private placement to launch Berachain token treasury strategy
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Greenlane Holdings Inc announces $110 million private placement to launch Berachain token treasury strategy
Expected to become one of the largest companies holding BERA in the market.
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The first and only digital asset treasury for Berachain (“BERA”) endorsed by the Berachain Foundation
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This financing was led by institutional and crypto-native investors including Polychain Capital, with participation from prominent investors such as Blockchain.com, Kraken, North Rock Digital, CitizenX, dao5, and others.
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Berachain is a Layer 1 blockchain utilizing Proof of Liquidity—a mechanism designed to accelerate on-chain business growth and capture value through the BERA token.
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Following the transaction, Ben Isenberg will lead the Berachain treasury strategy, BeraStrategy, as Chief Investment Officer (CIO); Bruce Linton will join the board as Chairman, and Billy Levy will join the board as Director.
October 20, 2025—Greenlane Holdings, Inc. (Nasdaq: GNLN) announced it has priced and signed a private investment in public equity (“PIPE”) transaction (“the Transaction”). The Transaction is led by Polychain Capital and includes high-quality investors such as Blockchain.com, Kraken, North Rock Digital, CitizenX, dao5, among others.
The company intends to use the net proceeds from the Transaction to implement its digital asset treasury strategy and acquire BERA, the native token of the Berachain blockchain. BERA will become the company’s primary treasury reserve asset. BERA is also the fee token for Berachain, the first Proof of Liquidity-powered Layer 1 blockchain designed to enable business expansion and drive the on-chain economy.
Ben Isenberg, incoming Chief Investment Officer of BeraStrategy, said: “I believe the key differentiator for BERA lies in its yield source—unlike prior PoS chains like Ethereum and Solana, BERA’s yield comes from monetizing its block rewards. I believe there remains untapped potential in Berachain’s institutionalized growth overall. The team has built a highly recognizable brand within the crypto-native community, and we believe this brand can grow further as it gains exposure in traditional capital markets.”
Jonathan Ip, General Counsel of the Berachain Foundation, said: “We are excited to collaborate with this talented and forward-thinking team on developing their treasury strategy. BeraStrategy represents an important step for Berachain in broadening its engagement with capital markets and institutional participants. Their strong conviction in our ecosystem, combined with their experience in traditional finance, crypto markets, and retail communities, positions them well to expand BERA’s reach and impact.”
Upon closing, the company’s management team is expected to bring decades of experience in global capital markets and technology ventures, including incoming Chairman Bruce Linton and Director Billy Levy. Billy Levy is a serial entrepreneur and capital markets executive with a track record of building, scaling, and successfully exiting companies across multiple industries; he previously co-founded Virgin Gaming with Sir Richard Branson. Bruce Linton previously led Canopy Growth Corporation to a $15 billion market capitalization and has extensive leadership experience in telecommunications and clean technology sectors.
Bruce Linton said: “We believe BERA is pioneering the next era of blockchain incentive structures. As such, we see it as offering a highly attractive opportunity within capital markets.”
Transaction Overview
The Transaction is a $110 million PIPE involving the purchase and sale of Greenlane’s Class A common stock, and/or pre-funded warrants to purchase Class A common stock, at a purchase price of $3.84 per share and $3.83 per pre-funded warrant. Investors contributing BERA, whether locked or unlocked, will receive and sell only pre-funded warrants. The PIPE consists of approximately $50 million in cash or equivalents and approximately $60 million in BERA tokens. The transaction is expected to close around October 23, 2025, subject to customary closing conditions.
Following closing, the company intends to use the net proceeds primarily to acquire BERA via open market purchases and over-the-counter (OTC) transactions to establish its BERA treasury operations, as well as for working capital and general corporate purposes.
Transaction and Follow-On Arrangements
The company’s common stock will continue to trade on the Nasdaq Capital Market (Nasdaq: GNLN), and the updated treasury strategy will take effect immediately upon closing of the Transaction. The company will emphasize transparency and verifiability of holdings and maintain close engagement with the BERA ecosystem and community.
Greenlane will continue to operate its distribution business. The company expects to provide regular updates, including on its BERA acquisition progress, treasury performance, and governance initiatives, aiming to establish the largest institutionally managed BERA position in the public markets.
Advisors
Aegis Capital Corp. is serving as the exclusive placement agent for the offering.
Kaufman & Canoles, P.C. is acting as legal counsel to Aegis Capital Corp. Sichenzia Ross Ference Carmel LLP is acting as legal counsel to the company. Paul Hastings LLP is acting as legal counsel to Polychain Capital LP.
About Berachain
Berachain (BERA) is the first blockchain powered by Proof of Liquidity, designed to enable business expansion and deliver a sustainable on-chain economy. Proof of Liquidity provides staking yield for BERA derived from revenue or equity in profitable, revenue-generating companies built on the network. Berachain has raised $150 million from leading digital asset investors, including Brevan Howard, Framework Ventures, Polychain Capital, Samsung Next, Laser Digital by Nomura, Goldentree Asset Management, and SBI VC Trade.
About Polychain Capital LP
Founded in 2016 by Olaf Carlson-Wee, Polychain Capital is a leading investor in cryptocurrency protocols and companies. This highly crypto-native firm employs a hands-on, participatory investment approach aimed at accelerating the global adoption of crypto.
About Greenlane Holdings, Inc.
Founded in 2005, Greenlane is a global premium platform focused on developing and distributing premium smoking accessories, vaporizers, and lifestyle products, serving thousands of manufacturers, processors, specialty retailers, smoke shops, convenience stores, and retail consumers. We operate through a strong portfolio of brands, third-party brand acceleration services, and an omnichannel distribution platform.
We own a diversified brand portfolio and hold exclusive licensed products for Marley Natural and K.Haring. We also curate third-party products through direct-to-consumer channels and our owned and operated e-commerce platforms, including Vapor.com, PuffItUp.com, HigherStandards.com, Wholesale.Greenlane.com, and MarleyNaturalShop.com.
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