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first_img BERA Financial Company Greenlane releases Q2 financial report: Loss exceeds 19.1 million USD, holdings down 77% compared to cost

Nasdaq-listed e-cigarette wholesaler Greenlane Holdings shifted to a corporate crypto treasury strategy by the end of 2025, focusing on the Berachain native token BERA instead of Bitcoin, and emulating the Strategy (formerly MicroStrategy) model to accumulate a single asset through equity and debt financing, disclosing per-share assets. In October 2025, it completed approximately $110.7 million in private placement for the "BERA Strategy." By the end of 2025, it held 51.6 million BERA (costing about $58 million, with a market value of about $36.6 million), and continued to increase its holdings to 81.3 million in the first half of 2026, with a total cost of about $70 million.The second-quarter report disclosed on August 14, 2026, showed a net loss of $24.8 million, of which about $19.1 million came from non-cash impairment of BERA; cash and equivalents fell to $6.1 million, with an additional approximately $8.1 million in aUSDC and sUSDe reserves, and current liabilities of $6.5 million. As of June 30, the fair value of BERA holdings was approximately $16 million, down about 77% from cost in less than a year. The traditional e-cigarette business has shrunk to a nearly revenue-free agency model, and Proof of Liquidity staking returns are insufficient to offset treasury losses.In March 2026, Nasdaq issued a delisting decision due to minimum bid price, the company appealed and regained compliance on April 27 after implementing a 1-for-8 reverse stock split in April. Additionally, there is a Nasdaq minimum listing security market value of $5 million.

Stable update white paper: 82% of STABLE tokens locked until the end of 2029 will be released

Stable has released an updated white paper, whose core design concept is to rebuild blockchain infrastructure around stablecoins. Unlike traditional public chains that treat stablecoins as application layer assets, Stable uses USDT as a native Gas asset and primary settlement asset, allowing users to complete transactions without holding additional volatile tokens. At the same time, the network supports PYUSD issued by PayPal as a primary settlement asset.In terms of token economics, the total supply of STABLE is 10 billion tokens. Among them, approximately 1.8 billion tokens (18%) were in circulation at the time of token generation, including 10% for Genesis Distribution and 8% for the foundation's first-day unlock; the remaining 8.2 billion tokens (82%) will enter a Universal Lock pool.The white paper indicates that the 8.2 billion locked tokens will adopt a unified release mechanism, unlocking gradually in 7 phases:Phase 1: 5% (410 million tokens) released on December 8, 2027Phase 2: 5% (410 million tokens) released on March 8, 2028Phase 3: 10% (820 million tokens) released on June 8, 2028Phase 4: 15% (1.23 billion tokens) released on September 8, 2028Phase 5: 15% (1.23 billion tokens) released on December 8, 2028Phase 6: 20% (1.64 billion tokens) released on March 8, 2029Phase 7: 30% (2.46 billion tokens) released on June 8, 2029All locked tokens will be unlocked through daily linear release, expected to be fully in circulation by December 8, 2029, at the latest. Additionally, the white paper sets a price protection mechanism; if the volume-weighted average price of the token is below $0.025 in the 30 days prior to the specified release date, the relevant unlocking phase may be postponed by up to 9 months.

Analysis: The era of BTC against banks is coming to an end, and trillion-dollar financial institutions are accelerating their embrace of crypto assets

According to CoinDesk, as Wall Street and global financial institutions accelerate their entry into the digital asset space, the boundaries between traditional finance (TradFi) and decentralized finance (DeFi) are gradually blurring. Bitwise CEO Hunter Horsley stated, "The era of 'going long on Bitcoin and shorting bankers' is over," as financial institutions are turning to the other side of the crypto industry, promoting the adoption of digital assets.Hunter Horsley mentioned that this summer, two financial institutions managing over $1 trillion in assets approved the launch of crypto products in a bear market environment, indicating that large institutions are expanding channels for clients to access digital assets. "This year, everyone is wearing the crypto industry's jersey. Now, everyone is working for the crypto industry," Horsley said. He pointed out that these financial institutions, which manage over a trillion dollars in client assets, previously would not have opened related services during the downturn of the crypto market in 2022, but now they are actively embracing this field.Sygnum Chief Investment Officer Fabian Dori also believes that the relationship between banks and the crypto industry has undergone a structural change. "The past trades of 'going long on Bitcoin and shorting bankers' are over; banks have shifted from resisting digital assets to building, supporting, and distributing digital assets through custody, tokenization, and compliant trading." This change is primarily driven by growing customer demand and gradually clarified regulatory rules, rather than short-term market cycle changes.Anchorage Digital CEO Nathan McCauley stated that over the past two years, its client structure increasingly reflects the trend of integration between traditional finance and crypto finance. Large financial institutions typically choose to collaborate with specialized crypto infrastructure companies rather than building their own technology systems.In recent years, more and more financial institutions have entered the crypto space, including Swissquote, DBS, BBVA, BNY Mellon, Credit Suisse-related institutions, as well as Morgan Stanley and Charles Schwab.

first_img Galaxy: The probability of the CLARITY Act passing has dropped to 10%, SEC and CFTC accelerate independent actions

Galaxy Research analyst Alex Thorn pointed out that as the likelihood of the CLARITY Act passing in 2026 significantly decreases, the U.S. SEC and CFTC are intensifying independent cryptocurrency regulatory actions. The bill previously gained bipartisan support in the Senate Banking Committee but has stalled due to unresolved ethical rules for officials regarding cryptocurrency, pressure from community banks leading to some Republican positions softening, and disputes over developer protection clauses. The Senate Majority Leader failed to push for a vote before the August recess, and the September session is only about two to three weeks long, leading Galaxy to lower the probability to 10%.On the SEC side, the originally planned "Reg Crypto" exemption (which provides a new path for primary issuance of crypto assets) and "Innovation Exemption" (which allows tokenized securities to trade in DeFi secondary markets) have been postponed multiple times. It is reported that the agency had retreated due to opposition from the traditional securities industry, but may restart due to the bleak outlook of the bill, with text expected to be released in the coming weeks to months. These measures are likely to be time-limited sandboxes that will face litigation and require years to refine. The CFTC is actively advocating for jurisdiction over prediction market contracts, responding to the New York Attorney General's attempt to issue an emergency order to ban Kalshi event contracts nationwide, continuing the tug-of-war over federal and state jurisdiction regarding prediction markets.Thorn believes that while the bill covers a comprehensive framework including registration licensing, compliance monitoring, and consumer protection, it is currently more dominated by political factors. SEC Commissioner Hester Peirce's planned departure in November also adds urgency to the advancement of the rules. The related actions aim to fill the legislative vacuum but may ultimately undergo a lengthy judicial and rule-making process.

Ireland releases its first anti-money laundering strategy, which will strengthen the review of transfers to private crypto wallets

According to Decrypt, the Irish government has released its first national anti-money laundering (AML) strategy, which plans to strengthen the review of digital asset transfers involving self-hosted wallets and increase due diligence requirements for crypto companies when cooperating with overseas institutions.According to the announcement from the Irish Department of Finance, this strategy implements the remaining requirements of the EU's Transfer of Funds Regulation, which will require crypto asset service providers (CASP) to perform "enhanced checks" on transfers involving private wallets, while implementing stricter customer due diligence when conducting business with overseas crypto companies.The related measures are based on the Financial Action Task Force (FATF) Travel Rule, which requires the inclusion of sender and receiver information in digital asset transactions to enhance the transparency of fund flows. Ireland stated that the new regulations will be advanced in parallel with the EU's Markets in Crypto-Assets Regulation (MiCA).MiCA establishes a unified regulatory framework for crypto asset service providers, while Ireland previously granted a 12-month transition period for its domestic crypto companies, which is shorter than the maximum 18 months allowed by the EU. The transition period is set to end at the end of December 2025, so the new requirements will directly apply to companies that have obtained formal authorization.
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