Aug 3, 2026
Jason Hitchcock is CEO of Greenlane Holdings (Nasdaq: GNLN), the only US-listed vehicle purpose-built to hold BERA, the native token of the Berachain network, and to put that treasury to work inside the chain's Proof of Liquidity economy. Before taking the job in February he spent fifteen years on the business side of technology startups — a venture studio that sold an app to Amazon, a stint at Twitch, then a liquid token fund launched off the back of a DeFi Summer obsession — and most recently ran business development at thirdweb, where he built out chain infrastructure partnerships across more than 150 networks.
Why you should listen
Greenlane's origin story was as a cannabis accessories distributor
that rode the boom and the bust of that industry before
the Berachain Foundation went looking
for a public-market proxy for a token with no ETF and no ETP. A
$110.7 million private placement led by Polychain Capital — half
cash and stablecoins, half BERA — brought in a new board, new
management and eventually Jason himself. The legacy business
survives as an asset-light drop-shipping operation that helps cover
overhead. Everything else points at one asset. Greenlane held
roughly 77.7 million BERA at the end of the first quarter, close to
a third of circulating supply, and grew BERA-per-share about 44
percent over three months while booking an $18.4 million net loss
on fair-value markdowns. That combination — accumulating fast while
the mark-to-market bleeds — is the whole digital asset treasury
trade in miniature.
The argument underneath is more interesting than the balance sheet.
Jason's view is that "chain revenue" as the industry reports it is
largely a fiction: what those league tables measure is gas burned,
money that is destroyed rather than routed to anyone. Berachain
inverts the model. Rather than paying the security budget entirely
to validators, a large share of emissions is directed to the
businesses building on the chain, which use it for customer
acquisition and financing, and which bid for those emissions in a
validator marketplace — fifty or seventy cents on the dollar for
incentives that will grow their protocol. That bid is the revenue,
and it flows back to token holders with a claim on it. Protocols
like Kodiak, the dominant DEX on the network, and lending market
Dolomite are the practical expression of it. Greenlane doesn't just
hold the asset; it runs validators, stakes into Proof of Liquidity,
and lends its stablecoins into DeFi and onto stable pairs to earn
trading fees. Jason frames the company as a signal to the market
that there is a buyer in size, permanently.
He is candid that this is a rough season to be doing any of it.
Equities and precious metals have run while crypto has languished,
and he catalogues the disconnect with a certain incredulity: DTCC
tokenizing assets, Nasdaq experimenting with blockchain settlement,
Stripe with its own chain, Druckenmiller predicting all money
becomes stablecoins, BlackRock and Franklin Templeton shipping
tokenized funds. Headlines that would have detonated the 2021
market barely register now. His read on what breaks the drought is
not a narrative but an invisibility: crypto disappearing into the
back end of ordinary products, users earning yield or settling in
stablecoins without ever knowing it, and several more zeros of
participants arriving without wallets. The CLARITY Act sits in the
background as the regulatory unlock, still stalled in the Senate.
In the hot take round he lands firmly as a multi-chain opportunist,
argues that blockchains are a generic public database technology
that will proliferate along distribution lines, and picks Curve
Finance as his example of the future already being here — narrow,
well-defined DAO governance operating at genuine scale, which he
thinks is the model everyone else got wrong.
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