Greenlane Holdings, the Nasdaq-listed company that built a treasury of BERA tokens, said it would fall below a new $5 million market value threshold required by the exchange if a regulatory stay is lifted. The warning came alongside second-quarter results showing its BERA holdings are now worth about 77% less than what the company paid for them.
The BERA treasury shortfall
At the end of June, Greenlane held roughly 81.3 million BERA and BERA-equivalent units. Those tokens had a cost basis of $70.2 million but a fair value of just $16.4 million, a 76.6% mark-to-market shortfall. The company stressed that this is not a realized loss from selling tokens; it reflects the current market price.
Using a recent BERA price of about $0.142, the same 81.3 million units would be worth approximately $11.6 million, though that figure is illustrative and changes with the token's price.
Cash, losses and the second quarter
Greenlane ended the quarter with $6.1 million in cash, down from $32.5 million at the end of 2025. It also held $8.1 million in aUSDC and sUSDe protocol instruments, which are presented separately from cash.
The company reported a net loss of $24.8 million for the quarter. That includes a $19.1 million noncash change in digital-asset fair value and a $1.8 million impairment of its investment in Airgraft. Operating loss came in at $3.3 million, and cash used in operations for the first half totaled about $7.1 million.
Nasdaq's MVLS rule and the stay
Nasdaq's Market Value of Listed Securities, or MVLS, metric is calculated using the consolidated closing bid price multiplied by the number of listed securities. It does not factor in Greenlane's BERA, cash, or protocol assets. The SEC approved Nasdaq's new rule requiring a minimum $5 million MVLS on July 22, but stayed that approval on July 29 for further review.
If the rule becomes operative, a company with 30 consecutive business days of MVLS below $5 million would receive a Staff Delisting Determination without the usual compliance period. Greenlane said that as of Aug. 14, it would be below the $5 million threshold if the stay were not in effect, and it has received no deficiency notice so far.
What it would take to stay listed
Using Greenlane's disclosed 694,544 shares and a $1.93 closing price, the one-day MVLS proxy is about $1.34 million. To reach $5 million, the stock would need to trade at roughly $7.20 per share — about 273% above $1.93.
The company said it is evaluating unspecified alternatives to increase its MVLS. What those alternatives might be, and whether the SEC will lift the stay, are the open questions.
