Polychain Capital is leading the round, joined by Blockchain.com, dao5, Kraken, and other prominent crypto investors.
Prominent crypto venture firm Polychain Capital is leading a $110 million financing deal to kickstart a treasury initiative holding BERA, the native token for the Berachain ecosystem.
Other investors include Blockchain.com, CitizenX, dao5, Kraken, and North Rock Digital, among others, according to an announcement on Monday.
Nasdaq-listed Greenlane Holdings (ticker GNLN) is offering a private investment in public equity (PIPE) to acquire BERA, which “will serve as the Company’s primary treasury reserve asset.” The company expects to raise $50 million in cash or cash equivalents and $60 million in locked or unlocked BERA tokens through sales of Class A shares and pre-funded warrants priced around $3.84 each.
The firm will purchase BERA on the open market and via over-the-counter transactions.
GNLN shares shot up over 65% following the announcement to a high of $6.35 from an opening price of $3.85, according to Yahoo Finance. The stock has since settled down and is currently up over 14% on the day.
The so-named “BeraStrategy” will primarily be directed by Chief Investment Officer Ben Isenberg. Other board members include Virgin Gaming co-founder Billy Levy and Bruce Linton, a former executive at the multi-billion dollar Canopy Growth Corporation, who is joining BeraStrategy as chairman.
Berachain, launched in February 2025, is a Cosmos-based, EVM-compliant Layer-1 blockchain that uses a bespoke Proof-of-Liquidity consensus mechanism that rewards users for providing liquidity in various DeFi apps.
BERA is up over 10% on the day, though at $2.05 is still trading near all-time lows, according to The Block’s price page. The token hit an all-time high of $14.83 shortly after Berachain’s mainnet earlier this year.
