Greenlane is a small public company that has pivoted from distributing vaping accessories to operating as a digital asset holding company, with BERA — the native token of the Berachain blockchain — as its primary asset. As of early 2026, Greenlane held approximately 70.4 million BERA tokens, which dominate its balance sheet. The company's legacy e-commerce business, vapor.com, continues to operate in a reduced capacity through an asset-light drop-ship model, but is no longer a meaningful driver of results. Greenlane's business model closely resembles how Strategy (formerly MicroStrategy) holds Bitcoin: Greenlane raises capital through equity issuances, convertible debt, and ATM stock offerings, then deploys proceeds into BERA. Beyond price appreciation, Greenlane generates yield by staking BERA and operating validators on the Berachain network, earning gas fees, block rewards, and BGT governance tokens. Greenlane plans to deploy up to 50 million BERA into validator infrastructure across two independently operated validators and a partnership with Infrared Finance. Berachain is an EVM-compatible layer-1 blockchain using a "Proof of Liquidity" consensus mechanism that ties network security to active liquidity provisioning. Because Greenlane marks its BERA holdings to fair value through the income statement, reported earnings will largely reflect BERA price movements, introducing significant volatility. Key risks include heavy concentration in a single early-stage digital asset, a Nasdaq delisting notice received in March 2026, and related-party governance concerns around BERA sourcing arrangements.