On October 20, Greenlane Holdings announced a private placement to initiate a Berachain (BERA) crypto treasury strategy, and it’s expected to become one of the largest publicly traded BERA holders.
Greenlane is a global platform focused on the development and distribution of smoking accessories, vape devices, and lifestyle products to thousands of producers and retailers.
Berachain is a blockchain-powered PoL (Proof-of-Liquidity) that was created to help businesses scale and offer sustainable onchain economies.
The company’s announcement triggered a price spike for the BERA token.
Greenlane Announced $110 Million Private Placement to Create BeraStrategy
The official press release dated October 20, revealed that this funding round is led by Polychain Capital and important investors include top names like Blockchain.com, Kraken, CitizenX, dao5, North Rock Digital and more.
Greenlane will reportedly use the net proceeds of the transaction to create a BERA treasury – BERA is the native token of the Berachain blockchain.
Ben Isenberg, the incoming Chief Investment Officer at BeraStrategy – the upcoming BERA treasury- said that he believes BERA’s core feature is its yield source.
He explained that in contrast to historic PoS chains like Ethereum or Solana, BERA’s yield is fueled by the monetization of its block rewards, highlighting that there is still untapped potential in the project’s institutional overall growth.
Isenberg called Berachain 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 highlighted his excitement to work on the development of this BERA Treasury, saying that this is a key step of Berachain’s engagement with capital markets and institutions.
BERA’s Reach and Impact to Expand
BERA’s reach and impact are expected to expand thanks to the team’s conviction in the ecosystem and experience across traditional finance, crypto markets, and retail communities.
Two important names will be added to the board of directors:
- Chairman Bruce Linton, who led Canopy Growth Corp. to a $15 billion market cap
- Billy Levy, entrepreneur and capital markets executive, co-founder of Virgin Gaming
The $110 million PIPE transaction is composed of $50 million cash/cash equivalents and approximately $60 million in BERA tokens. The transaction is expected to close around October 23.
Greenlane’s common stock will continue to trade on NASDAQ, and the company will emphasize transparency and verification of holdings and engagement with the BERA ecosystem and community.
BERA Price Spiked
Following this important announcement regarding the establishment of a BeraStrategy treasury, the price of BERA token spiked on October 20.
At the moment of writing this article, BERA is trading at $2.07, up by more than 12% in the pasgt 24 hours.
Earlier, BERA reached prices of over $2.14. The current market cap of of the digital asset is over $268 million and its 24-hour trading volume is almost $90 million, up by over 251% today.
