TL;DR

Windtree Therapeutics, a Pennsylvania-based biotech firm, has been delisted from the Nasdaq after its stock price collapsed below compliance levels, despite announcing a $700 million strategy to build a treasury centered on Binance’s BNB token.
The company attempted to replicate successful Bitcoin treasury strategies seen in other firms but failed to generate sustained investor confidence.
Shares have plunged more than 90% since mid-July, forcing Windtree to transition into over-the-counter trading under its symbol WINT.

Windtree Therapeutics, a small biotech company from Warrington, Pennsylvania, has lost its place on the Nasdaq exchange after a bold crypto bet failed to revive its fortunes. The firm announced in July that it would allocate up to $700 million to purchase Binance’s BNB token, aiming to transform itself into a hybrid biotech and digital asset treasury company. The market reaction, however, was short-lived.

For a brief period in mid-July, the company’s stock saw a modest uptick after the announcement. But the rally collapsed almost immediately, with shares losing over 90% of their value from a July 18 peak. Nasdaq informed the company that it was not meeting the $1 minimum bid price required to maintain its listing, triggering the delisting that takes effect this week. Windtree will now continue trading over-the-counter under the ticker WINT.

Windtree’s Attempt To Mirror Bitcoin Treasury Models

Windtree’s move drew comparisons to high-profile strategies such as MicroStrategy’s massive Bitcoin treasury, which has been widely praised by crypto advocates. Unlike MicroStrategy, however, Windtree did not manage to generate long-term investor interest. Analysts point to several factors: the company’s limited track record in digital finance, uncertainty over its biotech pipeline, and skepticism about the long-term role of BNB as a treasury reserve asset.

BNB, the fifth-largest cryptocurrency with a market cap of over $118 billion, has been on a bullish trend, hitting new all-time highs above $880 earlier this month. Yet Windtree’s inability to hold its stock above Nasdaq’s compliance threshold shows that market enthusiasm for crypto assets does not automatically transfer to public companies making such strategic pivots.

What Comes Next For Windtree

Despite the delisting, Windtree’s management has stated it will continue to file regular financial disclosures with the U.S. Securities and Exchange Commission. The company has also not ruled out maintaining or expanding its BNB holdings, though it has yet to provide clear details on the size of its current treasury.

Some observers believe the delisting could be temporary, noting that other firms suspended from Nasdaq have managed to regain compliance and relist after restructuring. For crypto advocates, Windtree’s experience underscores both the risks and opportunities of integrating digital assets into corporate balance sheets.

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Filed under: News - @ August 21, 2025 5:28 pm