Windtree Inks $500M Equity Line To Build BNB Treasury with Kraken Help

TLDR

• Windtree secured a $500M equity line and $20M stock deal for BNB purchases.

• 99% of funds will go into acquiring Binance Coin after shareholder approval.

• Kraken will manage Windtree’s BNB assets including custody and OTC services.

• Windtree could access up to $720M total if all funding agreements are executed.

Windtree Therapeutics has secured a $500 million equity line of credit and a $20 million placement deal to support its strategy of acquiring Binance Coin (BNB). The biotechnology company, listed on Nasdaq, continues to shift toward a crypto treasury model.

According to a statement on Thursday, 99% of the total proceeds from both financing deals are earmarked for purchasing BNB. However, execution of this strategy depends on shareholder approval to increase the firm’s authorized share count.

Windtree has partnered with crypto exchange Kraken to manage its BNB assets. Kraken will provide custody, trading, and over-the-counter (OTC) execution services. The collaboration is pending final approval from shareholders.

The $20 million placement investment came from Build and Build Corp, which previously led a $60 million investment round in Windtree on July 16. That earlier round has the potential to expand to $200 million.

Combined, the transactions give Windtree potential access to $720 million in funding if all agreements are fully utilized. This would allow Windtree to become one of the largest corporate holders of BNB.

Nasdaq-listed biotech company Windtree Therapeutics (WINT) announced it has signed a $500 million equity line of credit (ELOC) agreement and an additional $20 million stock purchase deal, with total funding up to $520 million. 99% of the funds will be used to buy BNB.…

— Wu Blockchain (@WuBlockchain) July 25, 2025

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With BNB recently reaching a new all-time high of $770, Windtree’s move reflects a broader trend of firms incorporating altcoins into their treasuries. Windtree is the first U.S.-listed company to commit to holding BNB on its balance sheet.

Kraken will take responsibility for securing and executing Windtree’s BNB holdings through its institutional crypto services. This includes digital asset custody, trading infrastructure, and OTC transactions.

Kraken’s involvement positions it as a key player in managing crypto assets for publicly traded companies. The term sheet with Windtree is contingent on shareholder approval of the financing package.

A spokesperson from Windtree said,

“Our agreement with Kraken gives us confidence in the security and liquidity of our crypto treasury program.”

Windtree joins a growing list of non-bitcoin treasury companies expanding into alternative digital assets like Ethereum, Solana, and BNB. Firms such as DeFi Development Corp and BitMine Immersion have committed substantial capital toward similar strategies.

Nano Labs, a Chinese chipmaker, recently increased its BNB holdings to $90 million following a $500 million convertible note offering. These developments point to a shift in how companies are managing their balance sheets using digital assets.

Windtree, with a market capitalization of $12 million, is positioning itself aggressively in this space. Despite its stock dipping in pre-market trading, the company’s crypto-focused strategy has attracted investor interest.