Greenlane Holdings, Inc. has completed a strategic transition to a digital asset treasury strategy focused on BERA, the native token of the Berachain blockchain network, following a $110.7M capital raise in October 2025. As of December 31, 2025, the company held 51,659,912 units of BERA with a cost basis of $58.3M and a fair value of $36.6M, recognizing a $31.1M loss on the change in fair value during fiscal year 2025. The company reported a Q4 2025 net revenue of approximately $1.4M, an 18% decrease from Q4 2024, and a net loss of $(69.6)M, compared to $(8.8)M in Q4 2024. For the full year 2025, total net revenue was approximately $4.4M, a 67% decrease from the prior year, with a net loss of $(85.6)M, compared to $(17.6)M in the prior year. Operating loss for Q4 2025 was $(38.6)M, significantly higher than $(3.8)M in Q4 2024, primarily due to $18.6M in non-cash stock-based compensation and a $6.0M increase in compensation costs. The company received a Nasdaq delisting notice on March 25, 2026, due to non-compliance with the minimum bid price requirement and ineligibility for the 180-day compliance period after two reverse stock splits. Stockholders approved a reverse stock split at a ratio of 1-for-5 to 1-for-15 on March 25, 2026, which is expected to be effected shortly. As of February 27, 2026, the company held approximately 70.4 million units of BERA and had deployed up to 50 million units into validator infrastructure. Jason Hitchcock was appointed Chief Executive Officer on February 11, 2026. An At-The-Market (ATM) Offering was initiated on January 7, 2026, to sell up to $5,355,687 of Class A common stock through Yorkville Securities, LLC.