Berachain’s Rally Exposes a Valuation Disconnect at NASDAQ:GNLN Greenlane Holdings
Berachain’s Move to $0.90 Drives a Clear Net Asset Value Gap at Greenlane Holdings
Berachain’s native token, BERA, has climbed to approximately $0.90,
materially increasing the mark-to-market value of public companies with direct exposure.
For Greenlane Holdings, Inc., this move highlights a growing disconnect between
the Company’s net asset value and its equity market capitalization.
Greenlane’s digital asset position
As disclosed by the Company, Greenlane holds approximately 60.17 million BERA tokens.
Of this total, roughly 8.33 million BERA represent the liquid, on-chain portion,
substantially all of which is currently staked under Berachain’s Proof of Liquidity (PoL) framework.
The remaining tokens are subject to lock-ups or vesting and represent longer-dated optionality.
Since launching its Berachain Treasury Strategy in October 2025, Greenlane has earned
over 180,000 BERA in staking rewards. As of early December, reported PoL staking
yields were approximately 30% annualized, subject to network conditions.
Net asset value (NAV): a conservative snapshot
Using a conservative framework that includes only liquid BERA, earned staking rewards,
and cash — and excluding locked tokens, operating businesses, and future optionality —
Greenlane’s current net asset value can be estimated as follows:
| Asset | Amount | Assumption | Implied Value |
|---|---|---|---|
| Liquid & staked BERA | 8.33M BERA | $0.90 / BERA | $7.5M |
| Staking rewards earned | 180k BERA | $0.90 / BERA | $0.16M |
| Cash & stablecoins | N/A | Reported balance | $32.0M |
| Total conservative NAV | Liquid assets only | $39.7M | |
This NAV estimate excludes approximately 51.8 million locked or vesting BERA tokens,
which represent additional long-term asset value not reflected in the conservative NAV figure above.
NAV per share vs. market price
Assuming approximately 41 million shares outstanding, Greenlane’s
conservative NAV equates to roughly $0.97 per share, before assigning any value
to locked BERA, future staking rewards, protocol participation, or operating businesses.
Importantly, this framework assigns zero value to the majority of Greenlane’s BERA holdings
that remain subject to vesting, as well as to its strategic flexibility from $32 million of dry powder
that could be deployed into the Berachain ecosystem over time.
The embedded upside the market is not pricing
In addition to its conservative NAV, Greenlane retains significant embedded optionality through
its locked BERA position and its cash reserves. For illustrative purposes only, the Company has
noted that at $1.00 per BERA, its cash could equate to approximately 31 million additional
BERA, representing a meaningful percentage of circulating supply — though no assurance
exists that such purchases could occur at those levels.
As Berachain matures and staking rewards compound, the gap between Greenlane’s liquid NAV,
long-dated asset value, and public equity valuation may become increasingly difficult to ignore.
