Greenlane raises $110 M to build BERA crypto treasury
Nasdaq-listed Greenlane secured a $110 million private placement to amass a BERA crypto treasury.
- Publicly traded firm Greenlane announced a $110 million BERA treasury strategy
- Investors in this private placement include Polychain Capital, Kraken, and more
- The company will be buying BERA with OTC and market purchases
Altcoins are increasingly becoming popular on Wall Street. On Monday, Oct. 20, Greenlane Holdings announced a $110 million private placement to create a Berachain (BERA) token treasury. The Nasdaq-listed firm aims to become the largest publicly traded holder of BERA.
The private placement is led by Polychain Capital, with participation from Blockchain.com, Kraken, North Rock Digital, CitizenX, dao5, and more. As part of this strategy, the firm will launch a crypto asset management arm, BeraStrategy, with new leadership.
“BeraStrategy represents a key step in Berachain’s broader engagement with capital markets and institutional participants. The team’s deep conviction in our ecosystem, combined with their experience across traditional finance, crypto markets, and retail communities, positions them perfectly to expand BERA’s reach and impact,” said Jonathan Ip, General Counsel, Berachain Foundation.
Investors welcome Greenlane’s BERA crypto treasury
Berachain (BERA) is a layer 1 blockchain for decentralized applications, with a unique Proof of Liquidity validation model. This means that validators need to provide liquidity to the ecosystem to earn yield on the network. The network secured significant institutional backing, including from Polychain, OKX, Brevan Howard and more.
“I believe BERA’s key differentiation is its yield source – in contrast to historic PoS chains like Ethereum and Solana, BERA’s yield is fueled by the monetization of its block rewards. I think there’s untapped potential in Berachain’s institutional growth as a whole” said Ben Isenberg, incoming Chief Investment Officer of BeraStrategy.
Markets seemed to have approved of Greenlane’s treasury move. Following the announcement, the GNLN stock rose 30% in premarket trading.
