Windtree To Launch BNB Crypto Treasury Strategy With Agreement For $60 Million Investment Led By Build And Build Corp. With Up To $140 Million More In Follow On Subscriptions

Rhea-AI Summary

Windtree Therapeutics (NASDAQ:WINT) has announced a significant strategic shift with a $60 million securities purchase agreement led by Build and Build Corp, with potential additional subscriptions of up to $140 million. The company aims to become the first NASDAQ-listed entity offering direct exposure to the BNB token, the fifth-largest blockchain by market capitalization (over $95 billion).

The proceeds will primarily fund a BNB crypto treasury strategy, positioning Windtree as a pioneer in the Binance ecosystem. The transaction, subject to shareholder approval, will establish a comprehensive strategy including custody, security, and yield generation. BNB currently maintains average daily trading volumes exceeding $2 billion, making it the largest crypto exchange token globally.

Positive

• None.

Negative

• Transaction subject to shareholder approval and other closing conditions
• Significant pivot from existing business model carries execution risks
• Exposure to volatile crypto market and regulatory uncertainties
• Heavy concentration in single cryptocurrency (BNB) ecosystem

Insights

Financial Analyst with Cryptocurrency Expertise

Windtree's $60M deal creates first NASDAQ-listed BNB exposure vehicle, transforming from therapeutics to crypto-treasury business.

This announcement represents a radical strategic transformation for Windtree Therapeutics. The company has secured a $60 million investment agreement led by Build and Build Corp, with potential for an additional $140 million in future subscriptions. The primary purpose? Launching a BNB cryptocurrency treasury strategy that would position Windtree as the first NASDAQ-listed company offering direct exposure to the Binance Smart Chain ecosystem.

This move addresses a significant market gap. Currently, U.S. retail and institutional investors have limited regulated options for gaining exposure to BNB, the fifth-largest blockchain by market capitalization ($95 billion) and the largest crypto exchange token with daily trading volumes exceeding $2 billion. By establishing a BNB treasury strategy including custody, security, and yield generation capabilities, Windtree is essentially transforming itself into a publicly-traded proxy for BNB investment.

The strategic pivot is particularly noteworthy as it appears to represent a complete departure from Windtree's original therapeutics focus. While the capital injection is substantial, this transformation introduces significant new dependencies on cryptocurrency performance and regulatory developments. The transaction remains contingent on shareholder approval and other closing conditions, indicating several hurdles remain before completion.

The unusual future date on this press release (July 2025) raises questions about the announcement's timeline and immediate implications. Regardless, if executed, this would represent one of the most dramatic business model transformations we've seen from a NASDAQ-listed company, effectively converting Windtree from a therapeutics company into a regulated cryptocurrency investment vehicle.

Windtree expected to become a leader and the first NASDAQ-listed company offering direct exposure to the Binance Smart Chain Ecosystem (BNB)

WARRINGTON, Pa., July 16, 2025 (GLOBE NEWSWIRE) -- Windtree Therapeutics, Inc. (“Windtree” or the “Company”) (NasdaqCM: WINT) is excited to announce it has entered into a $60 million securities purchase agreement led by Build and Build Corp, with the potential for up to an additional $140 million in gross proceeds in future subscriptions, for total subscriptions of up 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 . Subject to shareholder approval and the satisfaction of other closing conditions, Windtree will become the first NASDAQ-listed company offering direct exposure to the BNB token, the fifth-largest blockchain by market capitalization (over $95 billion). This strategy addresses a critical need for retail and institutional investors seeking regulated access to the Binance ecosystem.

This transaction is expected to establish a robust BNB Crypto Treasury Strategy, including custody, security and yield generation, positioning the Company as a pioneer in the BNB and Binance Ecosystem. Build and Build Corp’s involvement speaks to its confidence in Windtree’s vision to become a leader in BNB, driving transformative opportunities within the rapidly evolving digital asset landscape.

"We are thrilled to propose a groundbreaking BNB strategy to the U.S. market," said Patrick Horsman, CFA, Director of Build & Build Corp. "This innovative solution will offer investors targeted exposure to Binance and BNB, addressing what we believe to be a critical gap in the U.S. investment landscape."

The Binance Ecosystem is a robust network of products and services anchored by the world’s largest cryptocurrency exchange. BNB is a leading cryptocurrency with average daily trading volumes of over $2 billion, making it the largest and most liquid crypto exchange token globally. Additionally, the Binance Smart Chain, (“BSC”) supports fast, low-cost transactions and a thriving decentralized finance (“DeFi”) ecosystem with thousands of dApps and millions of users. Binance’s ecosystem maintains dominant market share in Asia, and the Company expects that it is poised for substantial growth globally and in U.S. markets.

"Today marks a pivotal moment for Windtree," said Jed Latkin, Chief Executive Officer of Windtree. "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."

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 looking for long-term development partners. 

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, which cannot be assured; the Company’s risks and uncertainties associated with the success and advancement of its product candidates; the Company’s ability to manage costs and execute on its operational and budget plans; risks related to technology transfers to contract manufacturers and manufacturing development activities; delays encountered by the Company, contract manufacturers or suppliers in manufacturing drug products, drug substances, and other materials on a timely basis and in sufficient amounts; risks relating to regulatory requirements; risks related to the size and growth potential of the markets for the Company’s product candidates, and the Company’s ability to service those markets; the Company’s ability to develop sales and marketing capabilities, whether alone or with potential future collaborators; the rate and degree of market acceptance of the Company’s product candidates, if approved; the impacts of political unrest, including as a result of geopolitical tension, and any sanctions, export controls or other restrictive actions that may be imposed by the United States and/or other countries which could have an adverse impact on the Company’s operations, including through disruption in supply chain or access to potential international clinical trial sites. 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

FAQ

What is the size of Windtree's (WINT) new investment agreement for BNB strategy?

Windtree secured a $60 million securities purchase agreement with potential additional subscriptions of up to $140 million, totaling $200 million.

How will Windtree (WINT) use the proceeds from the $60M investment?

The proceeds will be primarily used to launch a BNB crypto treasury strategy and purchase BNB tokens, establishing custody, security, and yield generation capabilities.

What makes Windtree's (WINT) BNB strategy unique in the market?

Windtree is positioned to become the first NASDAQ-listed company offering direct exposure to the BNB token, the fifth-largest blockchain by market capitalization.

What is the current market position of BNB in Windtree's (WINT) strategy?

BNB is the fifth-largest blockchain with over $95 billion market cap and average daily trading volumes exceeding $2 billion, making it the largest crypto exchange token globally.

Who is leading the $60M investment in Windtree's (WINT) BNB strategy?

The investment is being led by Build and Build Corp, demonstrating institutional confidence in Windtree's vision to become a leader in BNB.