Windtree Therapeutics, Inc. announced Friday it has entered into a Common Stock Purchase Agreement valued at up to $500 million to establish an equity line of credit (ELOC) aimed at supporting its strategy to acquire BNB cryptocurrency.
The biotechnology firm, listed on Nasdaq under the ticker WINT, also finalized a separate $20 million stock purchase agreement with Build and Build Corp. According to the company, roughly 99 per cent of the funds raised through these agreements are planned for investment in BNB, a digital asset linked to the Binance blockchain ecosystem.
Windtree noted the ELOC will not be activated until stockholders approve an increase in authorized common shares. “We are excited to incorporate these new facilities to enable our future BNB acquisitions as part of our BNB treasury strategy,” said Jed Latkin, Windtree’s chief executive officer. “Pending stockholder approval, the opportunity to secure additional funds for purchasing more BNB cryptocurrency is essential to our strategy.”
Focus on Diversifying Treasury Holdings
The move marks a notable pivot by Windtree, historically focused on developing treatments for critical care and pulmonary conditions, toward integrating blockchain-based digital assets into its financial strategy. By targeting BNB, Windtree aims to diversify its corporate treasury beyond traditional cash reserves and marketable securities.
The company framed the step as part of a broader effort to leverage the potential of blockchain-based digital currencies while maintaining what it described as prudent financial oversight. Windtree has not disclosed a specific timeline for when the BNB purchases will begin, pending the required shareholder approval.
Patrick Horsman, director at Build and Build Corp., said the equity line would provide Windtree the “flexibility and scale” to advance its digital asset plans. Details on the structure of the ELOC, including purchase price adjustments and potential issuance limits, were not included in Thursday’s announcement.
Regulatory Context and Next Steps
The company emphasized that Thursday’s press release does not represent an offer to sell securities nor a solicitation to buy. Any sale of securities related to these agreements would be subject to registration or qualification under applicable state or federal laws.
Windtree’s announcement highlights a growing trend among public companies exploring cryptocurrencies as part of treasury diversification strategies, though the approach remains relatively uncommon in the biotechnology sector.
The agreements await approval from Windtree’s stockholders, whose decision will determine whether the company can move forward with the planned cryptocurrency acquisitions. Windtree did not provide a date for the shareholder meeting or details on how it will seek authorization to increase its share count.
