Greenlane's 81.3M BERA tokens lost 77% of cost. Nasdaq's $5M MVLS rule, stayed pending review, could force delisting without a cure period. Shares need a 273% rally.
Greenlane Holdings holds 81.3 million BERA tokens and BERA-equivalent units. The tokens cost $70.2 million. At June 30 they were worth $16.4 million, a 76.6% gap, the company's quarterly filing shows. That shortfall is mark-to-market, not a realized loss from selling.
CryptoSlate market data puts the current BERA price near $0.142. At that level, the same 81.3 million units would be worth about $11.6 million. The estimate assumes the holding was unchanged after quarter-end and that all BERA-equivalent positions value one-for-one.
Greenlane reported $6.1 million of cash at June 30, down from $32.5 million at the end of 2025. The balance sheet also includes $8.1 million of aUSDC and sUSDe protocol instruments, presented separately from cash, against $6.5 million of current liabilities. The filing flags liquidity, redemption, counterparty, protocol, and valuation risks around those instruments.
The second-quarter net loss of $24.8 million included a $19.1 million noncash change in digital-asset fair value. A separate $1.8 million impairment covered the Airgraft investment. The operating loss was $3.3 million. Cash used in operations totaled $7.1 million across the first half.
The treasury markdown does not mechanically trigger a listing failure. Nasdaq's Market Value of Listed Securities metric uses the consolidated closing bid price multiplied by listed securities. It does not incorporate the value of Greenlane's BERA, cash, or protocol assets. Those balances matter indirectly because they can affect investor valuation and the company's financing options.
On July 22 the SEC approved Nasdaq's new $5 million MVLS requirement. The Commission stayed that approval on July 29 while it reviews the decision. No merits order or timetable has appeared as of Aug. 15.
The rule creates no current trigger for Greenlane. If it becomes operative, 30 consecutive business days below $5 million in MVLS would produce a Staff Delisting Determination. That process would not include the ordinary compliance period used for many listing deficiencies. A hearing request would not stay a trading suspension. A panel could reverse an error or allow up to 180 days to meet all applicable initial-listing standards. That is not a standard cure period.
Greenlane said that as of Aug. 14 it would be below the threshold without the stay. It had received no deficiency notice and was evaluating unspecified alternatives to increase MVLS.
Using Greenlane's disclosed 694,544 shares and its $1.93 Aug. 13 close gives a one-day proxy of about $1.34 million. With that share count fixed, $5 million would require roughly $7.20 per share, about 273% above $1.93. A dilutive raise is not the only route; a sufficient share-price recovery could lift MVLS without issuing stock. Greenlane did not disclose a specific approach. A single day's price cannot establish a 30-business-day compliance result.
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