In a startling shift for Windtree Therapeutics, the company’s ambitious plan to amass a $200 million BNB treasury has been abruptly derailed by a Nasdaq delisting order. The Warrington, Pennsylvania-based biotech firm disclosed in a filing on Tuesday that its shares would cease trading on the Nasdaq Capital Market as of August 21, after failing to maintain the critical $1 minimum bid price mandated by Nasdaq Listing Rule 5550(a)(2).
Delisting and Market Reactions
The news of delisting comes as a blow to Windtree’s July initiative, which had positioned the company as the first Nasdaq-listed entity to build a treasury in Binance Coin (BNB). The initial announcement had set the markets abuzz, propelling Windtree’s shares up by over 20% in pre-market trading. Investors were buoyed by a $60 million securities purchase agreement with blockchain infrastructure investor Build and Build Corp., with an ambitious target to extend the program to $200 million. Yet, the buoyancy was short-lived.
The firm’s shares have faced a precipitous decline, sliding from 48 cents before the delisting announcement to a mere 11 cents—a nearly 80% drop. Windtree now finds itself preparing to transition to over-the-counter (OTC) trading under its existing ticker, “WINT.” However, the move to OTC markets—often seen as a downgrade—presents its own challenges, primarily in terms of reduced visibility and institutional investor engagement.
A Bumpy Road Ahead
Financial analysts are drawing parallels between Windtree’s strategy and the well-documented approach of Michael Saylor’s MicroStrategy (MSTR), which transformed its balance sheet into a de facto Bitcoin proxy. But the comparison may be more aspirational than practical. “Unlike MicroStrategy, which has retained its status as a Nasdaq stalwart, Windtree’s delisting severely limits its access to the same level of investor interest,” notes financial analyst Jordan Klein. “The OTC landscape is a different ballgame, often characterized by lower liquidity and higher volatility.”
The delisting raises poignant questions about Windtree’s future in the BNB ecosystem. Can the company attract the same level of institutional interest while trading OTC? And what does this mean for its $200 million BNB treasury goal? While some investors remain hopeful, believing Windtree’s pivot to crypto could herald a new chapter, others are more skeptical, citing the lack of precedent for such a transition. This follows a pattern of institutional adoption, which we detailed in our analysis of corporate treasury investments.
Historical Context and Future Implications
With cryptocurrency markets themselves in a state of flux, Windtree’s timing appears to be less than ideal. The broader crypto market has experienced its share of tumult in 2025, with regulatory scrutiny and market volatility causing frequent ripples. Yet, companies like Windtree continue to explore blockchain and digital assets as potential growth levers. The biotech firm’s BNB treasury plan was part of a broader strategy to diversify its financial assets and possibly hedge against traditional market risks.
The delisting, however, casts a shadow over these ambitions. “The move to OTC is not just a change in trading venue,” explains crypto market strategist Lisa Cheng. “It signifies a shift in corporate trajectory—one that might limit Windtree’s strategic options in the immediate future.” As explored in our recent coverage of Adam Back’s $2.1B Bitcoin Treasury Play, the dynamics of corporate crypto treasuries are evolving rapidly.
As Windtree navigates these uncharted waters, stakeholders will be watching closely. The company’s ability to execute its BNB treasury strategy in the OTC realm remains uncertain. Still, the outcome will undoubtedly serve as a critical case study for other firms eyeing a similar path.
In a rapidly evolving financial landscape, Windtree’s experience underscores the inherent risks and rewards of intertwining traditional business operations with the crypto world. Whether this bold move will pay off remains to be seen, but one thing is certain: the journey promises to be anything but predictable.
Source
This article is based on: Windtree’s BNB Treasury Bet Collides With Nasdaq Delisting Order
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
