Greenlane Holdings' treasury of roughly 81.3 million BERA and BERA-equivalent units sat 76.6% below cost at the end of the second quarter, and a stayed Nasdaq rule could soon force the altcoin-holding company to clear a $5 million market-value threshold with no ordinary grace period. Greenlane says it would already miss that bar without the SEC's stay, and closing the gap through share-price gains alone would take roughly a 273% rally.
Greenlane's BERA treasury carried a $70.2 million cost basis against $16.4 million of fair value at June 30, according to the company's quarterly filing. That 76.6% gap is a mark-to-market shortfall, not a realized loss from selling the tokens.
Cash reserves shrink as losses mount
Cash on hand fell to $6.1 million at June 30, down from $32.5 million at the end of 2025. The company separately held $8.1 million of aUSDC and sUSDe protocol instruments against $6.5 million of current liabilities, and its filing flags liquidity, redemption, counterparty and valuation risks tied to those holdings.
The second-quarter net loss reached $24.8 million, including a $19.1 million noncash change in digital-asset fair value and a separate $1.8 million impairment of Greenlane's Airgraft investment. Operating loss was $3.3 million, while cash used in operations totaled about $7.1 million for the first half.
A stayed rule with no ordinary cure period
The SEC approved Nasdaq's new $5 million minimum Market Value of Listed Securities rule on July 22, then stayed that approval on July 29 while it reviews the decision, with no later merits order or timetable on the docket as of Aug. 15. The metric itself uses only the consolidated closing bid price multiplied by listed securities — it doesn't factor in Greenlane's BERA, cash or protocol assets, though those balances can still shape investor valuation and financing options.
If the rule takes effect, 30 consecutive business days below the $5 million threshold would trigger a Staff Delisting Determination without the ordinary compliance period used for most listing deficiencies, and a hearing request would not stay a trading suspension. A panel could still reverse an error or grant up to 180 days to meet all initial-listing standards.
Greenlane disclosed that, as of Aug. 14, it would already sit below the threshold without the stay in place, though it has received no deficiency notice or Delisting determination and says it is evaluating unspecified ways to lift its market value.
Using Greenlane's 694,544 disclosed shares and its $1.93 close on Aug. 13, the one-day MVLS proxy comes to about $1.34 million, versus the $5 million bar. Clearing that threshold through price alone would require roughly $7.20 per share, about 273% above the Aug. 13 close, since a share-price recovery, unlike a dilutive raise, isn't mathematically required to lift MVLS. Greenlane has disclosed no specific route to get there.
Sources: SEC EDGAR filing, CryptoSlate
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