BNB Treasury Firm Windtree Therapeutics Hit by Nasdaq Delisting, Shares Collapse

Highlights:

• BNB treasury firm Windtree Therapeutics will be delisted from Nasdaq on August 21.
• The company’s stock has crashed 98% in six months to $0.11.
• Windtree’s BNB pivot raised $580 million but failed to maintain stock stability.

Nasdaq announced that Windtree Therapeutics would be suspended from its listings on August 21. The ruling comes after the company failed to meet Nasdaq listing rule 5550(a)(2), which requires that the minimum bid price of shares remain at $1. Windtree, with the ticker symbol WINT, did not meet the standard, as its stock plunged to $0.11. The U.S. Securities and Exchange Commission (SEC) noted the delisting in a filing on August 19.

Windtree shares plummeted 77% on Wednesday after the announcement. According to Google Finance data, the market value of the company has dropped by over 97% over the last six months. The delisting eliminates one of the key paths of raising funds. This is particularly because the access to Nasdaq gives visibility to institutional investors. The BNB treasury firm Windtree has since filed to transfer its listing to the OTC markets. However, there will be significantly less liquidity there.

🚨BIG: $BNB treasury firm Windtree Therapeutics is being delisted from Nasdaq after failing to meet listing rules. Its stock collapsed by 76 percent in a single day, dropping to $0.11.

The company will now attempt to move to OTC markets but faces limited liquidity and weaker… pic.twitter.com/w3cUR3v4lI

— Crypto Coin Show (@CryptoCoinShow) August 20, 2025

Windtree’s Shift Toward BNB

Once a biotech firm working on developing therapies to treat pulmonary disorders, Windtree tried to rebrand itself this summer. On July 16, it announced a $60 million acquisition deal with Build and Build Corp. for Binance Coin (BNB). The agreement covered an option to increase by $140 million, which could bring the total to $200 million. This plan briefly lifted Windtree’s stock by 32%, but the optimism soon evaporated as shares started to decline again.

Just a few days after the announcement, the company announced another financing package amounting to $520 million. These included a $500 million equity line of credit by an unidentified investor and a direct stock purchase of $20 million by Build and Build Corp. This aggressive approach to nickname Windtree “BNB MicroStrategy.” However, unlike its Bitcoin-focused counterparts, Windtree’s experimentations in the market went awry as the shares continued to plunge beyond 90% of their July peak.

Nasdaq-listed biotech company Windtree Therapeutics (WINT) announced it has signed a $500 million equity line of credit (ELOC) agreement and an additional $20 million stock purchase deal, with total funding up to $520 million. 99% of the funds will be used to buy BNB.…

— Wu Blockchain (@WuBlockchain) July 25, 2025

Future After Nasdaq Exit

The delisting casts doubt on Windtree’s ambitious shift into the digital assets sector. The listing of the company on Nasdaq meant that other investors got indirect exposure to BNB without necessarily investing in the token. With the loss of the platform, it loses a big channel of raising funding and reduces its outreach to institutional buyers. Windtree has clarified that business would continue unaffected and that it would fulfill its reporting obligations with the SEC.

Jed Latkin, the chief executive, did not state whether the company will file an appeal against delisting or pursue a reverse split. The company has also failed to disclose its current amount of BNB ownership and whether they are willing to continue expanding its crypto treasury. In the absence of a Nasdaq listing, the firm has a more difficult road ahead because over-the-counter trading systems lack the broad visibility, and investors’ confidence remains low.

Despite this negative news, the 5th largest cryptocurrency, BNB, has continued its impressive performance, hitting a new all-time high today. The token surged to a high of $882 after a brief surge of 2.50%. In addition, its market capitalization and trading volume have climbed to $118 billion and $3.56 billion, respectively.