Greenlane announces $110M private placement to initiate Berachain strategy

Greenlane (GNLN) Holdings announced the pricing and signing of a private investment in public equity transaction. The Transaction is being led by Polychain Capital with participation from a high-quality group of investors including Blockchain.com, Kraken, North Rock Digital, CitizenX, dao5 and more. The Company intends to use the net proceeds of the Transaction to implement a digital asset treasury strategy, and acquire BERA, the native cryptocurrency of the Berachain blockchain. BERA will serve as the Company’s primary treasury reserve asset. BERA is the fee token of Berachain, the first Layer 1 blockchain powered by Proof of Liquidity to help businesses scale and power on-chain economies. The Transaction consists of a $110M PIPE transaction for the purchase and sale of Greenlane’s Class A common stock, and/or pre-funded warrants to purchase shares of Class A common stock, at a purchase price of $3.84 per share and $3.83 per pre-funded warrant. Investors that intend to fund their purchase amount with locked and/or unlocked BERA in the offering will only be issued and sold pre-funded warrants. The PIPE is composed of approximately $50M of cash or cash equivalents, and approximately $60M of BERA tokens. The Transaction is expected to close on or about October 23, 2025, subject to the satisfaction of customary closing conditions. Upon closing, the Company intends to use the net proceeds from the offering primarily to fund the acquisition of BERA through open market purchases and over-the-counter transactions for the establishment of the Company’s BERA treasury operations, as well as for working capital and general corporate purposes.