Kraken and Windtree Therapeutics Announce Strategic Partnership for BNB Custody, Trading, and OTC Services

Rhea-AI Summary

Windtree Therapeutics (NASDAQ:WINT) has announced a strategic partnership with Kraken, a major cryptocurrency platform, to provide custody, trading, and OTC services for Windtree's BNB Crypto Treasury Strategy. The partnership is contingent on shareholder approval of a previously announced securities purchase agreement that could bring up to $140 million in future subscriptions.

As the first NASDAQ-listed company offering direct exposure to the BNB token, which has a market cap exceeding $100 billion, Windtree will leverage Kraken's security infrastructure and expertise to manage digital assets and facilitate large-scale transactions. The Binance Smart Chain ecosystem, which BNB supports, processes over $2 billion in average daily trading volumes and hosts thousands of decentralized applications.

Positive

• None.

Negative

• Partnership contingent on shareholder approval
• Exposure to volatile cryptocurrency market risks
• Regulatory uncertainties in the cryptocurrency space

Insights

Financial Technology Analyst

Windtree pivots to crypto with Kraken partnership, offering unique NASDAQ-listed BNB exposure pending $140M deal approval.

This strategic partnership between Windtree Therapeutics and Kraken represents a significant pivot in Windtree's business model. The company is positioning itself as the first NASDAQ-listed entity offering pure exposure to BNB token, effectively transforming from what appears to be a therapeutics company into a crypto treasury vehicle. This strategy aligns with emerging trends where publicly-listed companies seek cryptocurrency exposure, but Windtree's approach is notably more direct than most.

The partnership hinges on shareholder approval of a securities purchase agreement that could bring up to $140 million in future subscriptions led by Build and Build Corp. This conditional structure introduces execution risk, as the entire strategy depends on shareholder approval. The market will likely scrutinize whether Windtree possesses the necessary expertise to successfully transition into cryptocurrency management, despite Kraken's established infrastructure support.

BNB's position as the fifth-largest blockchain by market capitalization ($100 billion) with daily trading volumes exceeding $2 billion offers significant liquidity, but also comes with regulatory considerations. Windtree appears to be targeting a market gap by providing U.S. investors with a regulated pathway to gain BNB exposure through a listed entity, potentially circumventing direct crypto exchange use.

By partnering with Kraken specifically for custody, trading, and OTC services, Windtree addresses critical security concerns while leveraging established infrastructure. This structure potentially creates a first-mover advantage in providing BNB exposure through traditional securities markets, though regulatory scrutiny around crypto assets remains a significant variable that could impact execution.

Corporate Strategy Expert

Windtree's partnership with Kraken signals a radical business transformation that warrants careful analysis. The company appears to be executing a complete strategic pivot from therapeutics into cryptocurrency exposure – a transition rarely seen among NASDAQ-listed entities. This move effectively transforms Windtree into a publicly-traded proxy for BNB token holdings.

The structure of this deal reveals a staged approach to this transformation. First, securing the infrastructure partnership with Kraken provides operational credibility. However, the execution depends entirely on shareholder approval of the securities purchase agreement with Build and Build Corp – creating a critical dependency for the strategy's success. This sequencing suggests careful planning but introduces approval risk.

What's particularly notable is Windtree's selection of BNB specifically, rather than larger cryptocurrencies like Bitcoin or Ethereum. This targeted approach creates a differentiated market position but concentrates risk in a single crypto ecosystem. The strategy leverages a regulatory arbitrage opportunity by providing U.S. investors with exposure to the Binance ecosystem through a regulated NASDAQ vehicle, potentially attractive to investors seeking BNB exposure without direct cryptocurrency ownership.

The long-term viability of this business model transformation will depend on: 1) successful shareholder approval, 2) regulatory clarity around publicly-listed crypto treasury vehicles, and 3) the sustained market position of BNB within the broader cryptocurrency landscape. This represents a high-risk strategic pivot that fundamentally redefines Windtree's business purpose, trading therapeutic development for cryptocurrency exposure.

WARRINGTON, Pa., July 22, 2025 (GLOBE NEWSWIRE) -- Windtree Therapeutics, Inc. (“Windtree” or the “Company”) (NasdaqCM: WINT) is pleased to announce a strategic partnership with Kraken, a leading global cryptocurrency platform, to provide custody, trading, and over-the-counter (OTC) services for Windtree’s BNB Crypto Treasury Strategy. The parties have signed a term sheet, to be memorialized in a definitive agreement following shareholder approval of Windtree’s previously announced securities purchase agreement, with potential for up to an additional $140 million in future subscriptions, led by Build and Build Corp.

This partnership positions Windtree to leverage Kraken’s industry-leading security, liquidity, and expertise in digital asset management to support its pioneering BNB-focused treasury strategy. Windtree, the first NASDAQ-listed company offering pure play direct exposure to the BNB token, the fifth-largest blockchain by market capitalization (over $100 billion), expects the collaboration to enhance its ability to provide secure access to the Binance ecosystem for retail and institutional investors.

Kraken’s robust infrastructure will ensure secure custody and efficient trading of BNB assets, while its OTC desk will facilitate large-scale transactions for Windtree’s treasury strategy. This partnership underscores Windtree’s commitment to establishing a leading BNB Crypto Treasury Strategy, encompassing custody, security, and yield generation.

“We are excited to partner with Kraken, a trusted leader in the cryptocurrency industry, to support our groundbreaking BNB strategy,” said Jed Latkin, Chief Executive Officer of Windtree. “Kraken’s expertise and secure platform will strengthen our ability to deliver unparalleled exposure to the Binance ecosystem, creating significant value for our shareholders.”

“Kraken is proud to partner with Windtree to help expand access to BNB and Binance Smart Chain for a broader audience,” said David Olsson, Global Head of Institutional Client Solutions at Kraken. “Our deep liquidity and industry-leading security infrastructure allow us to deliver bespoke solutions tailored to the needs of corporate treasury teams. With qualified custody, a leading staking platform, and seamless OTC execution, we’re well-positioned to support Windtree as they execute their digital asset strategy with confidence and precision.”

The Binance Smart Chain (BSC) supports a thriving decentralized finance (DeFi) ecosystem with thousands of decentralized applications (dApps) and millions of users, driven by BNB’s high liquidity and average daily trading volumes exceeding $2 billion. This partnership positions Windtree to capitalize on the global growth potential of the Binance ecosystem, particularly in the U.S. market.

The Kraken term sheet is subject to shareholder approval of Windtree’s previously announced securities purchase agreement, led by Build and Build Corp and the satisfaction of other closing conditions. A definitive agreement will be finalized post-closing.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities of the Company, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Windtree Therapeutics, Inc.

Windtree Therapeutics, Inc. is a diversified company with several divisions, including a cryptocurrency treasury strategy and two promising therapeutic pipelines for which the Company is actively seeking long-term development partners.

About Kraken

Kraken is a technology platform built on crypto that unlocks access and reduces inefficiencies to drive financial freedom — for the crypto economy and beyond.

Millions of individuals, professional traders, and institutions around the world use Kraken to trade digital and traditional assets, including cryptocurrencies, national currencies, U.S. futures, and U.S.-listed stocks and ETFs.

Kraken markets can be monitored and traded via the web or through the Kraken and Kraken Pro iOS and Android apps. Futures platforms by NinjaTrader, a Kraken company, are available on desktop, web, and mobile via www.ninjatrader.com.

For more information about Kraken, please visit www.kraken.com.

About Build and Build Corp

Build and Build Corp is a dynamic company established by Patrick Horsman, Joshua Kruger, and Johnathan Pasch, who together bring over 43 years of expertise in hedge funds and digital asset management. The company is backed by prominent investors, including Off The Chain Capital, Kraken, Galaxy, and Silvermine, supporting its mission to deliver innovative solutions in the financial and digital asset sectors.

Forward-Looking Statements

The Company may, in some cases, use terms such as “predicts,” “believes,” “potential,” “proposed,” “continue,” “estimates,” “anticipates,” “expects,” “plans,” “intends,” “may,” “could,” “might,” “will,” “should,” or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. Such statements are based on information available to the Company as of the date of this press release and are subject to numerous important factors, risks, and uncertainties that may cause actual events or results to differ materially from the Company’s current expectations. Examples of such risks and uncertainties include, among other things: risks related to obtaining shareholder approval for the Build and Build Corp transaction and satisfying the other conditions necessary to consummate the transaction and related transactions, including the Kraken partnership, which cannot be assured; risks associated with the execution and performance of the partnership with Kraken; the Company’s ability to manage costs and execute on its operational and budget plans; risks related to the regulatory environment for cryptocurrency transactions; and the Company’s ability to develop and maintain its BNB Crypto Treasury Strategy. These and other risks are described in the Company’s periodic reports, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, filed with or furnished to the Securities and Exchange Commission and available at www.sec.gov. Any forward-looking statements that the Company makes in this press release speak only as of the date of this press release. The Company assumes no obligation to update forward-looking statements whether as a result of new information, future events, or otherwise, after the date of this press release.

Contact Information:

Eric Curtis
ecurtis@windtreetx.com

Lauren Post
press@kraken.com

FAQ

What is the strategic partnership between Windtree Therapeutics (WINT) and Kraken?

Kraken will provide custody, trading, and OTC services for Windtree's BNB Crypto Treasury Strategy, making WINT the first NASDAQ-listed company offering pure play direct exposure to the BNB token.

How much potential funding is associated with Windtree's securities purchase agreement?

The agreement includes potential for up to $140 million in future subscriptions, led by Build and Build Corp.

What is the market capitalization of the BNB blockchain that Windtree will provide exposure to?

The BNB blockchain is the fifth-largest by market capitalization, with over $100 billion in market cap.

What are the key benefits of the Kraken partnership for Windtree (WINT)?

The partnership provides WINT with institutional-grade security, deep liquidity, efficient trading infrastructure, and access to Kraken's OTC desk for large-scale transactions in BNB assets.

What conditions need to be met for the Kraken partnership to be finalized?

The partnership requires shareholder approval of Windtree's securities purchase agreement and satisfaction of other closing conditions before a definitive agreement can be finalized.