Polychain Capital Leads $110M Deal to Build Berachain Treasury as Greenlane Taps BERA as Primary Reserve Asset, Sending Shares Soaring 65%

Polychain Capital has led a $110 million private investment into Nasdaq-listed Greenlane Holdings to build a corporate treasury centered on Berachain’s BERA token, marking one of the more aggressive moves by a U.S.-listed company into a single crypto asset. The deal is structured as a private investment in public equity (PIPE) and crypto, comprising roughly $50 million in cash and stablecoins and about $60 million worth of BERA tokens, with participation from the Berachain Foundation, Blockchain.com, Kraken, dao5, CitizenX, North Rock Digital and others. In exchange, investors received newly issued Greenlane common shares and a large package of pre-funded warrants, while crypto subscribers were issued additional pre-funded warrants subject to shareholder approval. Greenlane plans to make BERA its primary treasury reserve asset, using the funds to accumulate BERA and manage the position for yield through staking and related on-chain activities. Following completion of the financing, the company reported holding over 54 million BERA tokens on its balance sheet, valued at around $108–110 million using Binance’s volume‑weighted average price at the time. The move effectively pairs a public‑equity vehicle with a concentrated crypto‑treasury strategy focused on Berachain, a Cosmos-based, EVM-compatible Layer 1 chain that uses a “Proof of Liquidity” model to reward liquidity providers instead of traditional stakers. The announcement triggered a sharp market reaction in traditional equity markets: Greenlane’s stock price surged more than 65% intraday, briefly trading above $6 before paring gains, as traders responded to the perceived upside leverage to BERA and Berachain’s ecosystem growth. The transaction also reshapes Greenlane’s governance and strategic direction. The company appointed Ben Isenberg as Chief Investment Officer to run the Berachain-focused treasury strategy and added cannabis-industry veteran Bruce Linton as Chairman and Billy Levy as a director, signaling a pivot from its legacy accessories business toward digital-asset balance sheet management. For Berachain and its native token BERA, the deal establishes a sizable, publicly traded holder and a formal treasury program backed by blue-chip crypto investors such as Polychain, Kraken, and Blockchain.com, underscoring ongoing institutional interest in new Layer 1 networks and in corporate adoption of crypto as a reserve asset.

✨ AI-generated background, compiled from web sources — not editorial content.

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