Windtree Therapeutics, a Nasdaq-listed company, has announced plans to buy $60 million BNB as part of its push for a cryptocurrency treasury strategy.
The company announced on July 16 that it had entered into a securities purchase agreement for $60 million worth of the Binance token BNB (BNB), with Build and Build Corp leading the funds raise.
Windtree will eye up to $140 million more in gross proceeds, with future subscriptions set to take the funds available for the company’s BNB treasury strategy to $200 million.
“The proceeds, expected to be in the form of cash, shares of Osprey BNB Chain Trust and BNB, from this financing, upon closing, is to be primarily used to launch a BNB crypto treasury strategy and purchase BNB, positioning Windtree as a leader in the BNB digital asset,” the company wrote.
More “micro strategies”
The initiative comes as corporate participants across the crypto market up their game with key balance sheet strategy moves.
While Bitcoin (BTC) has seen the most robust buying by publicly-listed companies, altcoins are attracting significant attention. Ethereum, Ripple’s XRP and Solana have all seen massive investment plans, with many inspired by Michael Saylor’s Strategy.
BNB is also becoming a key target for public companies as the Binance ecosystem strengthens its position as the world’s leading crypto exchange.
Changpeng Zhao, founder of Binance and former chief executive officer, notes that Windtree is one more “micro strategy” for BNB. He commented via X:
The BNB token ranks as a top 10 cryptocurrency by market cap and records an average of $2 billion in daily trading volume.
“This transaction secures up to $200 million from institutional investors, offering our shareholders a unique opportunity to gain exposure to a BNB-focused crypto treasury strategy,” said Jed Latkin, chief executive officer of Windtree.
Windtree’s plans for a BNB treasury strategy comes just days after YZi Labs, formerly Binance Labs, backed a new BNB-focused treasury firm.
Nano Labs, another Nasdaq-listed company, is also buying BNB.