Windtree Fails to Sustain Nasdaq Compliance After BNB Treasury Pivot

Windtree Therapeutics faces potential delisting from Nasdaq after its $700 million pivot into a Binance BNB-focused digital asset treasury failed to sustain compliance with the exchange’s minimum $1 bid price requirement [1]. Nasdaq suspended trading on August 21, 2025, and the company is transitioning to over-the-counter trading under the ticker WINT. This move reflects a broader downturn in crypto-linked stocks and highlights the challenges companies face when attempting to reposition themselves around digital assets.

The delisting follows repeated compliance failures by Windtree, with public filings showing bid-price deficiencies dating back to June 2022 and a third deficiency notice issued in December 2023 [1]. A temporary compliance boost in March 2025 was quickly reversed by the broader decline in crypto markets, which undercut the company’s attempt to stabilize its stock price through BNB exposure.

Windtree’s shares dropped more than 77% intraday, hitting $0.11, mirroring the struggles of other crypto-related firms as market sentiment deteriorated [1]. The move to the OTC market typically results in lower liquidity, wider bid-ask spreads, and reduced investor protections, complicating future capital-raising efforts and limiting institutional participation.

Analysts have pointed to the structural risks of distressed firms adopting digital asset treasury models. Ryan Yoon, a senior analyst at Tiger Research, noted that such entities often lack the operational frameworks of more established DAT operators and face a “reverse flywheel” during downturns—where asset declines lead to forced liquidations, further driving down value [1]. The Windtree case underscores how high-profile pivots into digital assets may not resolve underlying financial instability and can amplify exposure to market volatility.

The company’s attempt to become a DAT by allocating to Binance BNB also highlights the premium-based funding strategies that some firms use to mask deeper credibility issues. While the narrative briefly gained traction in March 2025, broader market weakness erased those gains, leaving the company exposed to regulatory scrutiny and investor skepticism.

Windtree’s delisting is a cautionary tale for firms seeking to rebrand through digital asset exposure without addressing fundamental financial and operational concerns. As the crypto market continues to consolidate, investors are advised to closely monitor liquidity conditions, regulatory developments, and the impact of digital asset exposure on net asset values and solvency.

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Source: [1] Windtree Could Be Delisted From Nasdaq After BNB-Focused Treasury Pivot Fails to Restore Compliance (https://en.coinotag.com/windtree-could-be-delisted-from-nasdaq-after-bnb-focused-treasury-pivot-fails-to-restore-compliance/)