How a public firm’s $70 million altcoin bet crashed 77% and left it facing Nasdaq delisting
Greenlane Holdings holds about 81.3 million BERA and BERA-equivalent units, with a June 30 cost basis of $70.2 million and fair value of $16.4 million, a 76.6% mark-to-market shortfall. The company also reported $6.1 million in cash, $8.1 million in aUSDC and sUSDe protocol instruments, and $6.5 million in current liabilities, highlighting liquidity and valuation risks. Q2 net loss was $24.8 million, including a $19.1 million noncash digital-asset fair-value charge and a $1.8 million impairment. Nasdaq’s new $5 million MVLS rule was approved but stayed by the SEC, so it is not currently effective. If it becomes operative, 30 business days below $5 million could lead to delisting without the usual cure period. Greenlane said it would be below the threshold if the stay is lifted, but it has not received a deficiency notice.
