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Biotech Firm Allocates $700M to Buy BNB
The Nasdaq-listed drug company is going all-in on BNB as crypto treasury companies continue to diversify.
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Windtree Therapeutics has earmarked up to $700 million in BNB purchases after the token surged past its all-time high, marking an unconventional move in biotech sector treasury strategy.
What’s the Scoop?
- Funding Strategy: Windtree plans to raise up to $520 million through a $500 million equity line of credit and a $20 million stock purchase agreement.
- Maximum Commitment: The company has now committed up to $700 million in total toward BNB treasury purchases, adding to a previously disclosed $200 million.
- BNB Price Context: The decision follows BNB's recent surge to an all-time high near $808, before pulling back to around $769.
- Custody Partner: Kraken will provide custody services for Windtree’s BNB holdings.
- Stock Reaction: Windtree shares dropped ~5% on the news, though they remain up over 160% month-to-date.