Greenlane Holdings shares rise 10.04% after-hours after completing $110M private placement to accumulate BERA.

Greenlane Holdings, Inc. (GNLN) surged 10.04% in after-hours trading following the announcement that it completed an $110 million private placement. The company stated it will deploy the funds to accumulate BERA, a cryptocurrency asset, signaling a strategic shift toward blockchain-related investments. This move reflects Greenlane’s pivot to capitalize on emerging opportunities in the digital asset space, aligning with recent market enthusiasm for crypto-related plays. The transaction, led by a private placement priced at-the-market, provides liquidity to accelerate its BERA acquisition strategy, which has been positioned as a core component of its growth roadmap. The after-hours rally underscores investor optimism about the firm’s repositioning and the potential upside from its BERA holdings.