decrypt.co
Another day, another crypto treasury. Biotech firm Windtree Therapeutics said Thursday that it plans to buy up to $700 million worth of $BNB to put on its balance sheet—one day after the asset hit a new all-time high price.
The Warrington, Pennsylvania-based company, which trades on the Nasdaq under the ticker WINT, said that it is raising up to $520 million to fuel $BNB purchases after previously announcing a plan to buy $200 million in the cryptocurrency. It also said it would partner with crypto exchange Kraken to help custody the asset.
Windtree will raise the money with a $500 million equity line of credit with an unnamed institutional investor, and via a separate $20 million stock‑purchase pact with another firm, Build and Build Corp, a Friday release said. Overall, the firm said it has committed up to $700 million towards $BNB purchases.
Windtree announced 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. https://t.co/6yMvu1OegP $WINT pic.twitter.com/PWHNZBOmry
— Windtreetx (@windtreetx) July 22, 2025
The drug company's CEO Jed Latkin said: "Pending stockholder approval, the opportunity to secure additional funds for purchasing more $BNB cryptocurrency is essential to our strategy."
Windtree did not immediately respond to Decrypt's questions.
$BNB is the fifth-biggest digital coin with a $106.9 billion market cap. It was recently trading for $769, according to crypto data provider CoinGecko. The coin this week hit a new all-time high price of $808, before taking a dip.
The asset was launched in 2017 by Binance, the world's biggest crypto marketplace, and previously ran on the Ethereum network. It then became the native coin of the $BNB Chain—a crypto network used by developers to build decentralized apps.
Windtree is part of a wave of companies building crypto treasuries. Its stock on Friday is down by about 5%, but over the past month, it has risen by 162%.
Chinese blockchain infrastructure firm Nano Labs this week announced plans to buy $1 billion worth of $BNB, and its stock pumped as a result.
Strategy (formerly MicroStrategy) was the first publicly traded company to start a Bitcoin-buying masterplan. The software firm is now the largest corporate holder of Bitcoin, with 607,770 BTC—or $70.6 billion—in the leading cryptocurrency. The firm allows investors to buy its stock as a Bitcoin proxy.
Other publicly traded companies that have followed suit include Semler Scientific and Metaplanet, while other firms have bought assets like Solana, Ethereum, and XRP.