BNB Treasury Hype Turns Sour: Nasdaq To Delist Windtree Therapeutics After Stock Falls To Just 11 Cents

Windtree Faces Nasdaq Delisting After BNB Treasury Gamble Falters

Windtree Therapeutics is being removed from the Nasdaq exchange after its share price plunged far below the minimum threshold required for listing.

The company disclosed in a U.S. Securities and Exchange Commission filing that it received a formal notice from Nasdaq on 19 August confirming its delisting.

Trading in Windtree’s stock, listed under the ticker WINT, will be suspended at market open on 21 August.

Nasdaq cited Windtree’s continued noncompliance with Listing Rule 5550(a)(2), which demands shares maintain at least a $1 bid price.

The biotech-turned-digital asset firm first slipped under that level in May and never regained compliance.

Its stock closed at just $0.11 this week, down more than 90% over the past month and nearly 99% since the start of the year.

From Pulmonary Research To BNB Treasury Bet

Once a company focused on acute pulmonary therapies, Windtree stunned investors earlier this summer by unveiling plans to transform itself into a so-called digital asset treasury.

It struck a $60 million purchase deal with Build and Build Corp. on 16 July, with options to expand the agreement to $200 million in BNB tokens.

Just days later, Windtree announced a $500 million equity line of credit from an unnamed institutional investor alongside a $20 million direct stock purchase from Build and Build Corp.

The bold pivot, which some nicknamed a “BNB MicroStrategy” move, briefly attracted attention but failed to inspire lasting investor confidence.

Instead, shares went into freefall, erasing nearly all shareholder value.

CEO Responds To Nasdaq Decision

In the SEC filing, chief executive Jed Latkin confirmed the delisting notice and stressed that Windtree intends to continue operating despite the market downgrade.

Latkin wrote,

“On August 19, 2025, Windtree Therapeutics Inc. (the ‘Company’) was notified by The Nasdaq Stock Market LLC (‘Nasdaq’) that as a result of the Company’s previously disclosed noncompliance with Nasdaq Listing Rule 5550(a)(2), Nasdaq has determined to delist the Company’s common stock.”

He added that Windtree will “continue business as usual and meet all reporting requirements,” noting that the company has applied to trade on the OTC market, though approval has not yet been granted.

BNB Market Unmoved As Investors Question Strategy

Windtree’s pivot has not influenced BNB’s market price, which recently traded above $850 after gaining more than 3% in a day.

Investors, however, reacted harshly to the firm’s strategy, questioning the link between a biotech company and large-scale crypto treasury investments.

Windtree is not alone in struggling to marry digital assets with corporate identity.

Sharplink, which positioned itself as an Ethereum treasury firm, also suffered a sharp collapse in its stock price after posting disappointing second-quarter earnings.

The Fragility Of Crypto Treasury Experiments

Coinlive sees Windtree’s downfall as a warning shot for companies rushing into digital asset treasury models without building a sustainable core business.

The allure of becoming a “BNB MicroStrategy” may spark headlines, but it does not erase the risks of volatility, weak governance, and the disconnect between traditional operations and speculative crypto holdings.

Windtree’s delisting highlights a larger question: can any firm survive long term by leaning solely on token reserves without proven fundamentals, or is this model destined to collapse once market sentiment turns?