BNB Treasury Firm Windtree Plunges 77% as Nasdaq Moves to Delist Over Compliance Failure
Windtree Therapeutics saw its shares collapse on Wednesday after Nasdaq said it would delist the biotech for failing to comply with listing standards.
Key Takeaways:
- Windtree Therapeutics’ stock collapsed 77% after Nasdaq moved to delist the biotech for failing to meet the $1 minimum bid price rule.
- The company had recently launched a BNB treasury strategy, but shares have since dropped over 90% from their July peak.
- While Windtree faces uncertainty, BNB surged to a new all-time high of $876.
The company’s stock (WINT) plunged 77.2% to $0.11, with another 4.7% drop in after-hours trading, according to Google Finance.
In a filing with the US Securities and Exchange Commission, Windtree disclosed that Nasdaq cited Listing Rule 5550(a)(2), which requires companies to maintain a minimum bid price of $1 per share.
Windtree Vows to Keep Reporting as Nasdaq Suspension Looms
Trading of WINT will be suspended on Thursday. Chief Executive Jed Latkin said the company would continue to meet its reporting obligations despite the delisting.
Windtree’s market struggles come only a month after the company rolled out a BNB treasury strategy, aimed at providing investors exposure to Binance’s native token without directly holding it.
On July 16, the firm unveiled a $60 million purchase agreement with Build and Build Corp, with the option to expand by an additional $140 million. The announcement briefly lifted its stock by 32.2% before the downtrend began.
A week later, Windtree secured a $500 million equity line of credit from an undisclosed investor and a separate $20 million stock-purchase deal with Build and Build Corp to expand its BNB position.
However, shares have since collapsed more than 90% from their July 18 peak, erasing those early gains. The company has not disclosed how much BNB it currently holds or whether it plans to continue the strategy after the delisting notice.
How is no one on my timeline talking about the fact that Windtree Therapeutics, the first Nasdaq-listed company to hold $BNB directly in its treasury, was just delisted from Nasdaq!
— Raghav Agarwal (@0xRaghav) August 20, 2025
It failed to maintain the minimum bid price requirement of $1/share for 30 consecutive business…
Other public firms have faced similar setbacks on Nasdaq. Argo Blockchain, for example, was previously suspended but managed to regain compliance and relist. Windtree’s path back remains uncertain.
Meanwhile, BNB itself is thriving. The token surged 5.6% on Wednesday to $876.26, hitting a new all-time high and standing out as one of the few blue-chip altcoins to break past 2021 levels this cycle.
XRP and Solana are the only other major tokens to do so, while Ether, Dogecoin, Chainlink, and Cardano remain below their previous peaks.
BNC Becomes Largest Corporate Holder of BNB with $160M Purchase
Earlier this month, BNB Network Company (BNC) bought 200,000 BNB tokens for $160 million, making it the largest corporate holder of Binance Coin.
The Nasdaq-listed firm is repositioning itself as a crypto-first treasury, focusing exclusively on BNB as its primary reserve asset. The acquisition comes amid a surge in corporate adoption of BNB, with companies increasingly using the token as a treasury tool.
To drive this shift, BNC revamped its leadership team. David Namdar, co-founder of Galaxy Digital, was named CEO, joined by former CalPERS CIO Russell Read and ex-Kraken director Saad Naja.
The board also welcomed Hans Thomas and Alexander Monje of 10X Capital. Their strategy mirrors moves by other firms like Nano Labs and Windtree Therapeutics, which have allocated hundreds of millions into BNB holdings to emulate the Bitcoin playbook pioneered by Strategy.