Beeline Holdings
BLNE on Nasdaq. Market value $26m.
Should I look at this?
Look carefully before going further
Why it could be worth it
Nothing stands out yet.
What to watch out for
Read the warning sign in its own filings
This is not advice.
Who owns it
None of the long-term investors we follow own it. 38 funds in all.
Largest holders overall
- Vanguard Capital Management$1mAdded
- MML Investors Services$769,454New
- Geode Capital Management$340,733
- Perkins Capital Management$290,360Cut
- EMG Holdings, L.P.$238,853
- GSA Capital Partners LLP$213,000New
- NewEdge Advisors$207,034Cut
- BlackRock$171,010Added
- Renaissance Technologies$159,448Added
- Vanguard Fiduciary Trust$146,452
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- Nicholas Reyland Liuzza Jr.Insider or founder22.8%−21.9 ptsSince 17 June 2026
What they said
The Reporting Person is the Chief Executive Officer and a director of the Issuer. He acquired all of his securities with the purpose of exercising control.
Read the filing - Sansar Capital Master Fund, L.P.Passive investor9.9%+1.8 ptsSince 31 March 2026
- Thomas WalshPassive investorat least 6.2%(filed with 6 related holders)Since 28 May 2026
- Bigger MichaelPassive investorSold down below 5%Since 31 December 2024
- AWM Investment Company, Inc.Passive investorSold down below 5%Since 31 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
Nicholas Reyland Liuzza Jr. Insider or founder | 22.8%−21.9 pts | 17 June 2026 | What they saidThe Reporting Person is the Chief Executive Officer and a director of the Issuer. He acquired all of his securities with the purpose of exercising control. Read the filing |
Sansar Capital Master Fund, L.P. Passive investor | 9.9%+1.8 pts | 31 March 2026 | |
Thomas Walsh Passive investor | at least 6.2% (filed with 6 related holders) | 28 May 2026 | |
Bigger Michael Passive investor | Sold down below 5% | 31 December 2024 | |
AWM Investment Company, Inc. Passive investor | Sold down below 5% | 31 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 4 insiders bought $643,535 of shares on the open market.
- Liuzza Nicholas Reyland JRChief Executive Officer, DirectorBought
- Date
- 11 September 2026
- Shares
- 33,190
- Price
- $1.04
- Value
- $34,650
- Liuzza Nicholas Reyland JRChief Executive Officer, DirectorBought
- Date
- 10 September 2026
- Shares
- 93,200
- Price
- $1.01
- Value
- $94,225
- Liuzza Nicholas Reyland JRChief Executive Officer, DirectorBought
- Date
- 9 September 2026
- Shares
- 22,500
- Price
- $1.04
- Value
- $23,443
- Liuzza Nicholas Reyland JRChief Executive Officer, DirectorBought
- Date
- 1 September 2026
- Shares
- 96,000
- Price
- $1.03
- Value
- $98,880
- Liuzza Nicholas Reyland JRChief Executive Officer, DirectorBought
- Date
- 31 August 2026
- Shares
- 245,000
- Price
- $0.98
- Value
- $239,316
- Liuzza Nicholas Reyland JRChief Executive Officer, DirectorBought
- Date
- 27 August 2026
- Shares
- 5,000
- Price
- $1.06
- Value
- $5,300
- Liuzza Nicholas Reyland JRChief Executive Officer, DirectorBought
- Date
- 26 August 2026
- Shares
- 15,000
- Price
- $0.98
- Value
- $14,715
- Liuzza Nicholas Reyland JRChief Executive Officer, DirectorBought
- Date
- 25 August 2026
- Shares
- 2,500
- Price
- $1.02
- Value
- $2,550
- Moe Christopher R.Chief Financial OfficerBought
- Date
- 19 May 2026
- Shares
- 10,000
- Price
- $1.04
- Value
- $10,400
- Milton TiffanyChief Accounting OfficerBought
- Date
- 19 May 2026
- Shares
- 15,000
- Price
- $1.02
- Value
- $15,300
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 11 September 2026 | Liuzza Nicholas Reyland JR Chief Executive Officer, Director | Bought | 33,190 | $1.04 | $34,650 |
| 10 September 2026 | Liuzza Nicholas Reyland JR Chief Executive Officer, Director | Bought | 93,200 | $1.01 | $94,225 |
| 9 September 2026 | Liuzza Nicholas Reyland JR Chief Executive Officer, Director | Bought | 22,500 | $1.04 | $23,443 |
| 1 September 2026 | Liuzza Nicholas Reyland JR Chief Executive Officer, Director | Bought | 96,000 | $1.03 | $98,880 |
| 31 August 2026 | Liuzza Nicholas Reyland JR Chief Executive Officer, Director | Bought | 245,000 | $0.98 | $239,316 |
| 27 August 2026 | Liuzza Nicholas Reyland JR Chief Executive Officer, Director | Bought | 5,000 | $1.06 | $5,300 |
| 26 August 2026 | Liuzza Nicholas Reyland JR Chief Executive Officer, Director | Bought | 15,000 | $0.98 | $14,715 |
| 25 August 2026 | Liuzza Nicholas Reyland JR Chief Executive Officer, Director | Bought | 2,500 | $1.02 | $2,550 |
| 19 May 2026 | Moe Christopher R. Chief Financial Officer | Bought | 10,000 | $1.04 | $10,400 |
| 19 May 2026 | Milton Tiffany Chief Accounting Officer | Bought | 15,000 | $1.02 | $15,300 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
2 serious warning signs in Beeline Holdings’ filings.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 31 Mar 2026, plus the 10-Q filed 14 Aug 2026 and 16 later 8-Ks.
Doubt it can keep going
SeriousThe company or its auditor warned it may not have enough money to last the next year.
“These factors raise substantial doubt about the Company’s ability to continue as a going concern for the twelve months following the issuance of these financial statements.”
Show the full paragraph
These unaudited consolidated financial statements have been prepared on a basis that assumes the Company will continue as a going concern and which contemplates the realization of assets and satisfaction of liabilities and commitments in the ordinary course of business. The Company is subject to a number of risks common to emerging companies stemming from, among other things, a limited operating history, rapid technological change, uncertainty of market acceptance and products, regulatory uncertainty, competition from substitute products and larger companies, the need to obtain additional financing, compliance with government regulation, protection of proprietary technology, interest rate fluctuations, product liability, and the dependence on key individuals. The Company has incurred recurring losses and negative cash flows from operations since its inception, and is dependent on equity financing. These factors raise substantial doubt about the Company’s ability to continue as a going concern for the twelve months following the issuance of these financial statements. The consolidated financial statements do not include any adjustments to the carrying amounts and classification of assets, liabilities, and reported expenses that may be necessary if assumes Company were unable to continue as a going concern.
From the 10-Q filed 14 August 2026, Part I, Item 1. Financial Statements. Read it in the filing
Weak checks on its own accounts
SeriousThe company said its checks on its own accounts did not work at year end. Mistakes could slip into the numbers.
“Based on this evaluation, the Company’s management concluded that our disclosure controls and procedures were not effective as of December 31, 2025 due to certain material weaknesses referred to below under “Management’s Report on Internal Control Over Financial Reporting.””
Show the full paragraph
The Company’s management, including the Chief Executive Officer and Chief Financial Officer, carried out an evaluation of the effectiveness of the Company’s disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act as of the end of the period covered by this Report. These disclosure controls and procedures are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and (ii) accumulated and communicated to our management, including our principal executive and principal financial officers, or persons performing similar functions, as appropriate, to allow timely decisions regarding required disclosure. Based on this evaluation, the Company’s management concluded that our disclosure controls and procedures were not effective as of December 31, 2025 due to certain material weaknesses referred to below under “Management’s Report on Internal Control Over Financial Reporting.”
From the 10-K filed 31 March 2026, Item 9A. Controls and Procedures. Read it in the filing
Changed auditor
Worth knowingThe company changed its auditor (the firm that checks its books) in the last two years.
“On December 4, 2024 the Board of Directors of Eastside Distilling, Inc. dismissed M&K CPAS, PLLC from its position as the principal independent accountant for Eastside Distilling, Inc.”
From an 8-K filed 5 December 2024: Change of auditor. Read it in the filing
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.