Windtree Therapeutics, a biotech firm publicly listed on Nasdaq, has revealed its intent to secure up to $520 million in funding to bolster its BNB cryptocurrency reserves. The company has entered into a Common Stock Purchase Agreement for an equity line of credit (ELOC) worth up to $500 million and an additional $20 million stock purchase agreement with Build and Build Corp.
As the press release from the company indicates, Windtree intends to use 99% of the funds from both agreements to acquire BNB. This move is part of the firm’s strategy to diversify its treasury with blockchain-based assets. However, the ELOC will remain inaccessible until the company secures stockholder approval to increase its authorized common shares. This is reflective of an increasing trend among public companies shifting their treasury mix to include digital assets.
Windtree’s CEO, Jed Latkin, expressed enthusiasm for the new facilities that will facilitate future BNB acquisitions as part of their BNB treasury strategy. He highlighted the importance of securing additional funds for purchasing more BNB cryptocurrency, pending stockholder approval.
Windtree has also entered into a strategic partnership with crypto exchange Kraken to manage its BNB-focused crypto treasury program. Under this partnership, Kraken will provide secure custody services for Windtree’s BNB assets and manage trading activities and over-the-counter transactions for the company’s crypto holdings.
As the crypto treasury landscape evolves, firms are increasingly looking beyond Bitcoin and Ethereum. For instance, Chinese chip maker Nano Labs has made a similar move, announcing plans to accumulate up to $1 billion in BNB, starting with a $50 million purchase. This reflects a growing institutional confidence in altcoins as part of treasury strategies.
BNB reached a new all-time high of approximately $808 earlier this week, further showcasing its potential as a viable asset for companies looking to diversify their holdings.
