Greenlane’s $70M token treasury falls 77%, risks Nasdaq test

Greenlane Holdings reported a $70.2 million cost basis for its token treasury and a $16.4 million fair value at June 30, a 76.6% mark-to-market shortfall. The filing lists about 81.3 million BERA and BERA-equivalent units. Using market price data that places BERA near $0.142, those units would be worth roughly $11.6 million in an illustrative estimate. The company noted the quarter-end fair value is an accounting valuation and not the result of token sales.

Greenlane reported $6.1 million in cash at June 30, down from $32.5 million at Dec. 31, 2025. The company separately reported $8.1 million in aUSDC and sUSDe protocol instruments and $6.5 million of current liabilities. The filing flags liquidity, redemption, counterparty, protocol and valuation risks tied to those protocol assets. Greenlane recorded a $24.8 million net loss in the second quarter, which included a $19.1 million noncash change in digital-asset fair value and a $1.8 million impairment of its investment in Airgraft. Operating loss was $3.3 million and cash used in operations totaled about $7.1 million for the first half of 2026.

Nasdaq’s Market Value of Listed Securities metric multiplies the consolidated closing bid price by the number of listed shares and does not include token holdings or cash balances. The U.S. Securities and Exchange Commission approved a $5 million MVLS requirement on July 22 and issued a stay of that approval on July 29 while it reviews the decision. With the stay in place, the rule is not operative.

If the stay is lifted and the rule goes into effect, a failure to sustain an MVLS above $5 million for 30 consecutive business days would prompt a Staff Delisting Determination. That process would not provide the ordinary compliance period used for many listing deficiencies. A hearing request would not automatically stay a trading suspension, though a review panel could reverse a determination or provide up to 180 days to meet initial-listing standards.

In its filing, Greenlane disclosed that, without the stay, it would be below the $5 million threshold as of Aug. 14 and that it had not received any deficiency notice or Staff Delisting Determination. The company indicated it was evaluating unspecified alternatives to increase MVLS.

Using Greenlane’s disclosed 694,544 shares outstanding and a $1.93 closing price on Aug. 13 produces an approximate MVLS of $1.34 million. At that fixed share count, reaching a $5 million MVLS would require a share price near $7.20, about 273% higher than $1.93.

Because the MVLS calculation is based on listed shares and share price rather than balance-sheet items, the treasury markdown does not automatically trigger a listing failure.