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While Ethereum (ETH) and many altcoins continue to be adopted by major corporations as part of their treasury strategy, the latest news came for a very surprising altcoin.
Nasdaq-listed company Greenlane Holdings (GNLN) has announced a $110 million private placement to fund its cryptocurrency treasury strategy focused on the Berachain (BERA) token, according to an official statement.
The funds raised, led by Polychain Capital and other investors, will be used to purchase BERA for the treasury.
Greenlane will use these funds to pursue a BERA-based treasury strategy (DAT) and plans to strategically acquire BERA to include it as a primary reserve asset.
This will be the first and only Berachain (BERA) digital asset treasury supported by the Berachain Foundation.
BeraStrategy, the company’s Berachain Treasury Strategy, will be led by Ben Isenberg, who will be appointed Chief Investment Officer upon completion of the transaction, while Bruce Linton will join as Chairman and Billy Levy as a Director.
Ben Isenberg, BeraStrategy’s new Chief Investment Officer, said: “I believe BERA’s key differentiator is its yield. Unlike historical PoS chains like Ethereum and Solana, BERA’s yield is generated by the monetization of block rewards. I believe there is untapped potential for enterprise growth for Berachain as a whole. The team has built one of the most recognizable brands in the cryptocurrency world to date, and we believe it can grow with visibility in traditional capital markets.”
Berachain (BERA) price rose following the news.
*This is not investment advice.
