Biotech Company Windtree to Raise Up to $200M for BNB Treasury
Windtree has entered into a $60 million securities purchase agreement with blockchain infrastructure investor Build and Build Corp, with the potential for an additional $140 million, according to an announcement on Wednesday.
The Warrington, Pennsylvania-based firm said it would become the first Nasdaq-listed company to build a BNB treasury.
BNB, which was developed by cryptocurrency exchange Binance as the native token of its blockchain ecosystem and which is now considered a separate decentralized entity, is the fifth largest crypto by market cap.
A growing number of publicly-traded companies have been building crypto treasuries in recent months, attempting to replicate the model of Michael Saylor's Strategy (MSTR), which now owns nearly 3% of all the bitcoin that will ever exist.
Health care-adjacent firms have been noticeably present among such companies adopting crypto treasuries.
Windtree shares closed 8.62% higher on Wednesday at 90 cents and have climbed some 22.22% in pre-market to $1.1 at the time of writing.
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