Windtree Therapeutics to Acquire BNB Tokens in $60 Million Deal

Windtree Therapeutics has entered into a securities purchase agreement worth $60 million to support a crypto treasury strategy focused on BNB, the native token of Binance Smart Chain. This initiative, if finalized, will mark the first instance of a Nasdaq-listed company holding BNB directly. The agreement, led by Build and Build Corp, includes an option for an additional $140 million in future subscriptions, subject to shareholder approval and other closing conditions.

Windtree CEO Jed Latkin highlighted the significance of this transaction, stating that it secures up to $200 million from institutional investors, providing shareholders with a unique opportunity to gain exposure to a BNB-focused crypto treasury strategy. The proceeds from the deal will be used to acquire BNB tokens, shares of Osprey BNB Chain Trust, and cash to implement the digital-asset plan. This strategy includes custody, security protocols, and potential yield activities.

Build and Build Corp director Patrick Horsman described the deal as “a BNB strategy for the U.S. market,” noting that it will offer investors access to Binance and BNB through a regulated structure. BNB, the fifth-largest token by market capitalization, is used across Binance’s exchange and Binance Smart Chain applications, with an average daily trading volume of over $2 billion.

Windtree’s investment is positioned to capitalize on the increasing institutional interest in BNB-linked infrastructure, particularly as regulated channels for exposure in the U.S. remain limited. The current agreement is pending standard legal and regulatory review and does not constitute an offer to sell securities. This move by Windtree may test whether investor appetite extends beyond the largest tokens, especially for assets linked to centralized platforms like Binance.

Rather than focusing solely on asset appreciation, firms may also begin to view token holdings as part of broader infrastructure engagement, including payment rails, on-chain applications, or staking ecosystems tied to specific chains. This shift could create a model for other firms to pursue token-specific treasury strategies involving altcoins beyond Bitcoin or Ethereum, if Windtree’s approach gains regulatory approval and market support.