Greenlane Holdings, Inc. · NASDAQ:GNLN
Greenlane — Investor Presentation (October 2025)
19 slides from Greenlane's investor presentation, Oct 20, 2025
Slide 1: BeraStrategy
BERASTRATEGY. Berachain
Slide 2: Disclaimers
Disclaimers This presentation has been prepared solely for information purposes. This presentation does not constitute an offer to sell or the solicitation of an offer to buy or acquire securities of the issuer in any jurisdiction or an inducement to enter into investment activity, nor may itor any
Slide 3: Executive Summary
Executive Summary. Investment Opportunity. BeraStrategy is assembling a ~$100 Million PIPE into a NASDAQ-listed operating company to convert it into the only foundation supported Digital Asset Treasury (DAT) for $BERA. This will be composed of at least $40M of cash and at least $50M of $BERA from th
Slide 4: Transaction Summary
Transaction Summary. Overview Offering ~$100M Equity PIPE Issuer To be Disclosed Anchor Lead Order Polychain Capital Structure Common Equity + Pre-Funded Warrants Transaction mNAV ~0.9x Use of Proceeds Purchase BERA token, General Corporate Purposes, and Working Capital Lock-up 180 day lockup for Fo
Slide 5: Berachain
% °: Berachain $115B Value Secured (Bridge & DeFI TVL) $62M Top Applications Revenue (Annualized) The first blockchain powered by Proof of Liquidity. Proof of Liquidity allocates the network’s resources into its most productive applications. Berachain is the first blockchain with a mechanism that ac
Slide 6: Blockchain Evolution
Blockchain Evolution. Bitcoin was Blockchain 1.0, creating a digital ledger powered by Proof of Work, exchanging tokens for energy to secure the network. Ethereum was Blockchain 2.0, adding a layer of logic to the ledger, exchanging tokens for capital at risk to secure the network. Both networks spe
Slide 7: Blockchain Resource Allocation
Blockchain Resource Allocation. Proof of Liquidity allows the network to direct its capital to the most productive opportunities. * Network capital is invested, not spent * Apps reduce their CAC and receive growth capital * The network is aligned with the growth of its applications Historic PoS chai
Slide 8: Case Study: The Effects of Proof of Liquidity
Case Study The Effects of Proof of Liquidity. &® Dolomite TVL $360m $320m *Data source: DeFiLlama Dolomite and many other applications have become case studies in this new method of growth capital formation. 375%
Slide 9: Flywheel
Flywheel. ( Revenue increases $BERA yields ) ~ ( Demand for $BERA increases ) ) $BERA appreciates in value n 7 ee C Proof of Liquidity is (_svickyinreases app revenues) a self-fulfilling ( l prophecy for on-chain capital formation. \ C Higher yields increase tity)
Slide 10: Berachain Ecosystem Highlights
Berachain Ecosystem Highlights. 150+ native applications are building across the network, using the Proof of Liquidity mechanism to fuel their growth. Apps in the ecosystem have raised over $100M from leading VCs with many more projects in the pipeline. Real businesses. Real revenue. Backed by ANCE
Slide 11: Berachain has built one of the largest communities and mindshares in crypto
Berachain has built one of the largest communities and mindshares in crypto. as. 4@~ Wentioon vo At what point can we officially classify Token2049 as the side-event to the r ® Bruno F| Magna @ HM @Bfaviero - Feb 29, 2024 Berachain party main-event Berapalooza has the craziest line so far at EthDenv
Slide 12: Comparables (Revenue to Holders)
Comparables. (Revenue to Holders) Berachain returns more revenue to its token holders through Proof of Liquidity than chains trading at 10x-100x higher valuations *Data source: DeFiLlama Chain vy Tron +) Ethereum = Solana 8 Berachain ~ BSC @® Avalanche Holder Revenue (7D) $14.65M $3.37M $1.06M $864,
Slide 13: Comparables: Market Cap to TVL ratio
Com parables Berachain’s market cap to TVL ratio reveals an asymmetric opportunity, (Market Cap to TVL) trading 3-10x under its L1 peers. * 15.63 14 12 ° 9.32
Slide 14: Proof of Liquidity Revenues
Proof of Liquidity $30M in Proof of Liquidity incentives have been Reven ues. distributed to stakers to date Governance begins | approving new vaults) Stable Revenue Growth 2025-03-24 2025-04-08 2025-04-23, 2025-05-08 2025-05-23 2025-06-07 2025-06-22 2025-07-07 2025-07-22 2025-08-06 2025-08-21 *Data
Slide 15: BeraStrategy
BeraStrategy. Best in Class Yield. Berachain’s PoL enables $BERA to accrue value from the revenues of its applications. Through active management of sophisticated DeFi strategies, BeraStrategy enables significant outperformance against passive strategies, while providing the highest yields of any L1
Slide 16: mNAV
mNAV. BERA ETH SOL 1.24x 113x _ | — m7 BeraStrategy BMNR *valuation relative to select publicly traded comparable peers DFDV SUI 1.86x MCVT BNB BNC Data as of Aug BTC 5.45x
Slide 17: Optimized Yield Management
Optimized Yield Management. 20.4% Yield (APR) 23% Yield (APR) 51.3% Yield (APR) 79% Yield (APR) Infrared Infrared interacts with every major yield-generating application on Berachain, transforming complex DeFi mechanisms into low risk, accessible “vault” strategies built around battle-tested protoco
Slide 18: Incoming CIO, Chairman and Board Member
Incoming ClO Ben Isenberg GIB @ Research Capital Digital Assets Trader at Bankhaus Sheich, a Leading Market Maker on the Frankfurt ‘Stock Exchange. Founder of BSQD, Prop Trading + MM Firm Incoming Chairman of the Board Bruce Linton Former CEO of Canopy Growth Corp ($258 Peak Mc) Former President and
Slide 19: Co-Chair and Advisor
Co-Chair Josh Rosenthal GP and Portfolio Manager at Polychain Capital Former Goldman Sachs & JPM. Advisor Papa Bear Co-founder of Berachain and COO at Bera Labs. Previous experience in healthcare, venture capital, and MENA based private equity transactions.
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