Greenlane Holdings Faces Nasdaq Delisting After $70 Million Altcoin Investment Plummets

Greenlane Holdings, a Nasdaq-listed company, is facing potential delisting after its investment in altcoins saw a dramatic decline. The company's token treasury, which was valued at approximately $70.2 million at the end of the second quarter, has now decreased in fair value to around $16.4 million, marking a 77% drop.

As of June 30, Greenlane held about 81.3 million BERA and BERA-equivalent units, but the current market conditions have led to a significant mark-to-market shortfall. This situation is compounded by a new Nasdaq rule requiring a minimum market value of listed securities (MVLS) of $5 million, which could trigger a delisting process if not met.

Greenlane's financial report indicated a net loss of $24.8 million for the second quarter, including a substantial noncash change in the fair value of its digital assets. The firm has also seen a decrease in liquidity, reporting only $6.1 million in cash, down from $32.5 million at the end of 2025.

The SEC has temporarily stayed the new MVLS requirement, but if it is enacted, Greenlane could face a delisting determination if it remains below the threshold for 30 consecutive business days. The company is currently exploring options to improve its market value and avoid delisting.