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Windtree raises up to $520 million to build a Binance Coin (BNB) treasury.
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99% of proceeds from the deal will go toward BNB purchases.
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Kraken will provide custody, OTC execution, and trading support.
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Windtree could become a leading corporate holder of BNB.
Biotech Firm Reinvents Itself as a Crypto Treasury Player
Windtree Therapeutics, a publicly listed U.S. biotech company, is transitioning into the crypto space by raising $520 million to fund a Binance Coin (BNB) treasury. The firm has signed a $500 million equity line of credit and secured a $20 million stock purchase from Build and Build Corp. The vast majority of the funds—up to 99%—will be used to acquire BNB, pending shareholder approval.
Kraken Chosen to Manage Crypto Operations
To support its crypto strategy, Windtree has tapped Kraken for custody, over-the-counter services, and token execution. This arrangement will take effect once shareholders approve the proposed financing plan.
A Leading BNB Treasury in the Making
If fully drawn, the two deals give Windtree access to $720 million in potential funding, positioning it as a dominant BNB treasury holder. The firm’s pivot is modeled after other companies that have shifted toward crypto treasuries, with particular focus on altcoins. BNB is currently trading near $770, having hit a fresh all-time high earlier this week.
