Windtree secures over $500M equity line of credit to build BNB treasury, taps Kraken for custody

The Block

2025-07-25 19:32:32

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Windtree Therapeutics said Thursday it has lined up as much as $520 million in new equity financing to accelerate its strategy of holding Binance Coin on its balance sheet, placing the firm on the road to becoming one of the largest corporate holders of the fifth‑largest cryptocurrency.

The Nasdaq‑listed biotech‑turned‑crypto‑treasury play signed a $500 million equity line of credit with an unnamed institutional investor and a separate $20 million stock‑purchase pact with Build and Build Corp. 90% of the proceeds are earmarked for buying BNB once shareholders approve an increase in authorized shares.

Windtree also recently signed a term sheet with crypto exchange Kraken to handle custody, trading, and over‑the‑counter execution for its BNB reserves, pending shareholder approval of the broader financing.

The ELOC deal would make Windtree, already the first U.S.‑listed company promising direct BNB exposure, one of the largest corporate participants in Binance Smart Chain’s ecosystem.

Windtree’s latest raise follows a July 16 announcement of an initial $60 million investment, which could increase to $200 million — also led by Build and Build Corp — that launched its BNB treasury strategy.

Combined, the two transactions give Windtree potential access to up to $720 million for token purchases if fully drawn. The firm has a $12 million market capitalization, and its shares posted slight losses during Friday pre-open hours, Yahoo Finance data shows. BNB was up 4% heading into the weekend, trading at $770 after reaching a new all-time high this week, according to The Block's price page.

Non-bitcoin treasury companies have sought to raise hundreds of millions to billions in capital through share sales to acquire altcoins. Firms like DeFi Development Corp and BitMine Immersion have spent a fortune amassing Solana and Ethereum, furthering a trend of crypto asset-heavy treasuries that is sweeping across Wall Street.

Chinese chip maker Nano Labs recently expanded its BNB balance sheet to $90 million worth of coins, up from $50 million in early July, following its announcement of a $500 million convertible note offering meant to fund its corporate treasury.

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