Windtree Therapeutics, a Nasdaq-listed company, announced plans to acquire $60 million in BNB as part of its push for a cryptocurrency treasury strategy.
On July 16, the company announced a securities purchase agreement for $60 million worth of the Binance token BNB, with Build and Build Corp leading the funds raise.
Furthermore, Windtree eyes up to an additional $140 million in gross proceeds, with future subscriptions set to bring the funds available for the company’s BNB treasury strategy to $200 million.
The proceeds, expected to be in the form of cash, shares of Osprey BNB Chain Trust and BNB, from this financing, upon closing, is to be primarily used to launch a BNB crypto treasury strategy and purchase BNB, positioning Windtree as a leader in the BNB digital asset.
the company wrote.
Expanding Micro Strategies in Crypto
The initiative comes as corporate participants across the crypto market are upping their game with key balance sheet strategy moves.
While Bitcoin has seen the most robust buying by publicly-listed companies, altcoins are attracting significant attention. Investors have shown massive interest in Ethereum, Ripple’s XRP, and Solana, with many drawing inspiration from Michael Saylor’s strategy.
BNB is also becoming a key target for public companies as the Binance ecosystem strengthens its position as the world’s leading crypto exchange.
Changpeng Zhao, founder and former chief executive officer of Binance, notes Windtree as one more “micro strategy” for BNB. He commented this via X:
The BNB token holds a top 10 cryptocurrency ranking by market cap, and it records an average of $2 billion in daily trading volume.
“This transaction secures up to $200 million from institutional investors, offering our shareholders a unique opportunity to gain exposure to a BNB-focused crypto treasury strategy,” said Jed Latkin, chief executive officer of Windtree.
Windtree’s plans for a BNB treasury strategy arrive just days after YZi Labs, formerly Binance Labs, backed a new BNB-focused treasury firm.
Nano Labs, another Nasdaq-listed company, is also acquiring BNB.
