Greenlane Holdings Secures $110 Million Private Placement Backed by Berachain Foundation and Crypto Investors
Greenlane Holdings completed a $110 million private placement supported by major cryptocurrency investors, signaling a strategic shift toward digital asset treasury management while maintaining its core distribution business.
Greenlane Holdings, Inc. (NASDAQ: GNLN) has closed a $110 million private placement supported by the Berachain Foundation and led by Polychain Capital with participation from prominent cryptocurrency investors including Blockchain.com, Kraken, North Rock Digital, CitizenX, and dao5. The financing consists of approximately $50 million in cash and stablecoin investment alongside $59.5 million in BERA tokens, positioning the company to execute its digital asset treasury strategy with BERA as its primary reserve asset.
The company issued 3,328,012 Class A shares and 9,789,166 pre-funded warrants to cash and stablecoin investors, along with 15,504,902 pre-funded warrants to cryptocurrency investors subject to stockholder approval. Additionally, Greenlane issued 5,264,757 strategic advisor warrants as part of the comprehensive financing package. Following the transaction, the company now holds 54,227,042 BERA tokens valued at approximately $108 million based on Binance's 24-hour volume-weighted average price as of October 23, 2025.
This substantial investment represents a significant strategic pivot for Greenlane, which has historically operated as a global platform for smoking accessories, vape devices, and lifestyle products. The company intends to use the proceeds to advance its digital asset treasury strategy while continuing its established distribution business through platforms including Vapor.com, PuffItUp.com, and HigherStandards.com.
The transaction includes significant investor protections, with directors, officers, the Berachain Foundation, and Polychain Capital entering into 180-day lock-up agreements. Concurrent with the financing, Greenlane appointed Bruce Linton as Chairman and Billy Levy as director, signaling strengthened governance oversight for the company's evolving strategic direction. Aegis Capital Corp. served as exclusive placement agent for the transaction, with legal counsel provided by Kaufman & Canoles, P.C., Sichenzia Ross Ference Carmel LLP, and Paul Hastings LLP.
This financing marks one of the largest cryptocurrency-backed private placements in recent memory and demonstrates growing institutional acceptance of digital assets as corporate treasury instruments. The participation of established cryptocurrency exchanges and investment firms validates Greenlane's strategic approach to digital asset management while providing substantial capital to support both innovation and ongoing operations. For additional company information, investors can visit gnln.com.