Berachain Treasury Receives $110M Boost from Greenlane Holdings, BERA Price Skyrockets

Key Points

• Greenlane Holdings announces a private placement for a Berachain (BERA) crypto treasury strategy.
• The announcement triggers a price spike for the BERA token.

On October 20, Greenlane Holdings revealed a private placement to start a Berachain (BERA) crypto treasury strategy. This is anticipated to make it one of the largest publicly traded BERA holders.

Greenlane is a worldwide platform that concentrates on the development and distribution of smoking accessories, vape devices, and lifestyle products to various producers and retailers.

Berachain and Greenlane’s Strategy

Berachain is a blockchain-powered PoL (Proof-of-Liquidity) that was established to assist businesses in scaling and providing sustainable onchain economies.

The announcement by the company led to a price increase for the BERA token.

The official press release on October 20, disclosed that this funding round is led by Polychain Capital, and includes significant investors like Blockchain.com, Kraken, CitizenX, dao5, North Rock Digital, and others.

Greenlane reportedly plans to use the net proceeds from the transaction to establish a BERA treasury. BERA is the native token of the Berachain blockchain.

Views on BERA’s Core Feature

Ben Isenberg, the incoming Chief Investment Officer at BeraStrategy – the future BERA treasury, stated that he believes BERA’s core feature is its yield source.

He clarified that unlike historic PoS chains like Ethereum or Solana, BERA’s yield is driven by the monetization of its block rewards, pointing out that there is still untapped potential in the project’s overall institutional growth.

Isenberg referred to Berachain as one of the most recognizable brands in the crypto industry, which can grow with exposure in traditional capital markets.

Jonathan Ip, the General Counsel at Berachain Foundation, also expressed his eagerness to work on the development of this BERA Treasury. He said this is a crucial step of Berachain’s engagement with capital markets and institutions.

Expansion of BERA’s Reach and Impact

The reach and impact of BERA are expected to grow due to the team’s conviction in the ecosystem and experience in traditional finance, crypto markets, and retail communities.

Two significant names will be added to the board of directors: Chairman Bruce Linton, who led Canopy Growth Corp. to a $15 billion market cap, and Billy Levy, entrepreneur and capital markets executive, co-founder of Virgin Gaming.

The $110 million PIPE transaction consists of $50 million cash/cash equivalents and approximately $60 million in BERA tokens. The transaction is anticipated to close around October 23.

Greenlane’s common stock will continue to trade on NASDAQ, and the company will focus on transparency and verification of holdings and engagement with the BERA ecosystem and community.

BERA Price Increase

Following the significant announcement concerning the establishment of a BeraStrategy treasury, the price of the BERA token increased on October 20.

At the time of writing this article, BERA is trading at $2.07, up by more than 12% in the past 24 hours.

Earlier, BERA reached prices of over $2.14. The current market cap of the digital asset is over $268 million and its 24-hour trading volume is almost $90 million, up by over 251% today.