Greenlane Holdings, Inc. · NASDAQ:GNLN
Greenlane — Investor Presentation (April 2026)
20 slides from Greenlane's investor presentation, April 2026
Slide 1: Greenlane Holdings Digital Asset Treasury Company
Greenlane Holdings Digital Asset Treasury Company April 2026 Investor Presentation Nasdaq: GNLN G Greenlane Holdings
Slide 2: Forward-Looking Statements
LEGAL Forward-Looking Statements This presentation contains statements that constitute "forward-looking statements." Forward-looking statements are statements other than historical facts and include, without limitation, statements SEC Filings regarding progress and achievement of the Company's goals
Slide 3: Legal Disclaimer
LEGAL Legal Disclaimer Cautionary Note Regarding Digital Assets SEC Filings Digital Asset Risks BERA is a digital asset that is not legal tender, is not backed by any government or central bank, and may be Annual Report on Form 10-K subject to extreme price volatility, regulatory uncertainty, and te
Slide 4: BeraStrategy
Greenlane Holdings Nasdaq: GNLN Public Market Access The only Nasdaq-listed vehicle for Berachain exposure. BeraStrategy Structural Yield In October 2025, alongside its operating business, Greenlane launched BeraStrategy — a Capturing Proof-of-Liquidity rewards from on- chain activity. Berachain-foc
Slide 5: Executive Summary: In One Sentence
EXECUTIVE SUMMARY In One Sentence We offer the only Nasdaq-listed vehicle that captures Berachain's ecosystem revenue, compounding BERA-per-share while trading at a discount to treasury value. Macro Trend Asset Quality Cash Flow Valuation Gap $15T 15% ~25% <$5M by 2030 of token supply held1 Annualiz
Slide 6: Capital is moving on-chain
$16T MARKET OPPORTUNITY Capital is moving on-chain Tokenized Assets by 2030 (BCG/ADDX) BlackRock J.P. Morgan Franklin T. UBS >$2.58B ~$1.5T ~$864M Live AUM (BUIDL Fund)1 Settled Since 202012 AUM (BENJI Token)3 Tokenized MMF4 Tokenized treasury fund deployed Kinexys (Onyx) executing tokenized Tokeniz
Slide 7: Evolution of Blockchain Layer1
HISTORICAL CONTEXT Evolution of Blockchain Layer1 Gen 1: Bitcoin Era Gen 2: Ethereum Era Gen 3: The Copycats Trust & Value Programmability Better Tech, Same Model Foundational Success Foundational Success Strategic Failure Created the model: Paying miners for Added smart contracts: Paying validators
Slide 8: The Bottleneck Is Productive Liquidity
THE CHALLENGE The Bottleneck Is Productive Liquidity Tamper-Proof Ledger Automated Logic Critical Bottleneck Trust & Value Programmability Productive Liquidity Decentralized record of ownership. A ledger Smart contracts execute finance Capital actively deployed at scale. Without verified by the netw
Slide 9: Ecosystem Growth Engine
Ecosystem Growth Engine Berachain — Driving Growth of On-Chain Businesses The engine works. Berachain directs growth capital to real businesses, generating more than a dollar of economic activity for every dollar deployed. 9 Greenlane Holdings (Nasdaq: GNLN)
Slide 10: The Growth Flywheel
The Result HOW BERACHAIN WORKS BERA holders own a claim on the revenue of the entire economy. The Growth Flywheel BERA Holders Stake Provide capital & security Structural Advantage: Redirecting Inflation to Fuel Ecosystem Growth Traditional L1s 100% to Security Businesses Pay BERA Holders Validators
Slide 11: Real Yield
ECOSYSTEM EXAMPLES Real Yield Real businesses generating revenue on Berachain that feeds the Proof-of-Liquidity engine Dolomite Liquid Royalty DeFi Protocol RWA Protocol Growth on Berachain Value Proposition Tokenizes Alibaba Seller Royalties $50M → $300M TVL1 Provides Instant Liquidity Bridges trad
Slide 12: BeraStrategy Overview
BERACHAIN DIGITAL ASSET TREASURY BeraStrategy Overview $110M 15% ~25% PIPE Capital Launch Control of Supply Structural Yield1 Launched in Oct 2025 with backing from Establishes a dominant market position and a BERA tokens earn a portion of on-chain Polychain, Blockchain.com, and Kraken. significant
Slide 13: Accumulate, Stake, Earn, Compound
BUSINESS MODEL Accumulate, Stake, Earn, Compound 01 Accumulate 02 Stake Target Yield Long-Term Acquire BERA tokens via disciplined open- market accumulation or strategic allocation. Deploy assets to validators to secure the network and participate in consensus. ~10 - 15% Annualized Treasury Growth S
Slide 14: Differentiated vs Traditional DATs
STRATEGIC COMPARISON Differentiated vs Traditional DATs Traditional DATs — Passive Strategy BeraStrategy — Active Strategy Directionless Long Term Investment General market exposure without specific thesis. Thesis-driven active management, not a trade. Sub-8% Passive Staking ~10- 15% Target Structur
Slide 15: Financial Snapshot & mNAV
FINANCIAL ANALYSIS Financial Snapshot & mNAV Treasury Assets1 Market Valuation2 Current Share Price $4.13 Asset Class Holdings Price Value Shares Outstanding (FD)3 4.7M BERA Treasury 78.0M ~$0.40 ~$32.0M Fully Diluted Market Cap ~$19.6M Cash & Stables - 1.00 ~$16.0M 0.45x The Opportunity Liabilities
Slide 16: The Right Asset
COMPETITIVE ADVANTAGE The Right Asset Berachain is purpose-built to fund on-chain business growth The protocol doesn’t just secure the ledger; it actively finances the businesses building on top of it. Embedded Growth Capital Proof-of-Liquidity (PoL) systematically allocates inflation to bootstrap e
Slide 17: Trading Below NAV
COMPETITIVE ADVANTAGE Trading Below NAV Public-market entry at a deep discount to treasury value. A Market Cap vs. Digital Asset Value roughly $3M market cap stands against ~$32M in BERA holdings. GNLN Fully-Diluted Market Cap1 ~$19.6M ~11x Gap April 24 2026 Implied Discount Reported BERA Holdings2
Slide 18: Exclusive Public-Market Access & Alignment
STRATEGIC MOAT Exclusive Public-Market Access & Alignment We bridge the gap between traditional finance and decentralized yield, offering a unique vehicle for institutional allocation. Only Nasdaq-Listed Institutional Capital Full-Service Foundation Vehicle Unlock Optimization Alignment The single p
Slide 19: Leadership & Alignment
TEAM & NEXT STEPS Leadership & Alignment A team of operators, founders, and investors bridging traditional capital markets with decentralized finance. Vanessa Guzman-Clark Ben Isenberg Jason Hitchcock Bruce Linton Billy Levy Jonathan Ip Chief Financial Chief Investment Chief Executive Chairman of th
Slide 20: Investment Thesis
BERA STRATEGIES Investment Thesis Most crypto investments are bets on network effects—hoping users show up. We aren’t guessing which chain wins. We are buying the only mechanism that turns the industry’s biggest cost center into a revenue engine. Don’t pick the chain. Pick the winning economic model
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