Greenlane Holdings Faces Listing Test with $70 Million Treasury Markdown

Greenlane Holdings, a Nasdaq-listed company, reported that its treasury holding of BERA and BERA-equivalent units is valued at 77% below cost. The company's token treasury was worth $16.4 million as of June 30, compared to a cost basis of $70.2 million.

The stay of Nasdaq's new listing rule could potentially expose Greenlane to a $5 million listing test with no ordinary cure period. This is because the SEC approved the new rule on July 22 but stayed its approval on July 29, and as of August 15, there was no later merits order or timetable.

The company's liquidity and losses are also a concern. Greenlane reported $6.1 million in cash at June 30, down from $32.5 million at the end of 2025. It also held $8.1 million of aUSDC and sUSDe protocol instruments against $6.5 million of current liabilities.

The treasury markdown does not directly cause a listing failure, as Nasdaq's Market Value of Listed Securities metric uses the consolidated closing bid price multiplied by listed securities. However, the balances matter indirectly because they can affect investor valuation and the company's financing options.