- Greenlane Holdings announced a $110 million private placement to support a new cryptocurrency treasury strategy.
- The funding round is led by Polychain Capital with participants including Blockchain.com and several other investment groups.
- Proceeds from the investment will be used to acquire BERA, the native cryptocurrency of the Berachain blockchain.
- Greenlane Holdings plans to use BERA as its main treasury reserve asset moving forward.
- Shares of Greenlane Holdings rose nearly 27% in premarket trading following the announcement.
Greenlane Holdings revealed its plan on Monday to raise $110 million through a private investment in public equity, aiming to launch a digital asset treasury strategy centered around the Berachain blockchain. The initiative will be led by Polychain Capital, with added participation from Blockchain.com, Kraken, North Rock Digital, CitizenX, dao5, and other investors.
The company stated that proceeds from this transaction will be allocated toward implementing its digital asset strategy and acquiring BERA, which serves as the native cryptocurrency for the Berachain blockchain. At the announcement, shares of Greenlane Holdings jumped nearly 27% during premarket trading.
According to Greenlane Holdings, “BERA will serve as the company’s primary treasury reserve asset.” BERA operates as the fee token for Berachain, which is described as the first Layer 1 blockchain using Proof of Liquidity. This technology is designed to help businesses scale and operate in on-chain economies, a term used for digital economies built directly on blockchain systems.
This development follows an ongoing trend of public companies adopting digital assets as part of their financial reserves. For further information about Berachain or BERA, additional resource links are available on the company’s official updates and portals.
Previous Articles:
- CoinDesk 20 Index Surges 5.4% with LINK, AAVE Leading Gains
- 131 WhatsApp Web Extensions Spam Brazilian Users, Bypass Limits
- Solana’s underground exchange HumidiFi leads trading with unprecedented $34bn volume – DL News
- Crypto Market Rebounds as Trade Talks Spur Optimism; ADA, XRP Rally
- STBL Stablecoin Dumps 80% After $17M Insider Sell-Off
