Share this article
Windtree’s BNB Treasury Bet Collides With Nasdaq Delisting Order
Biotech firm Windtree touted itself as the first Nasdaq-listed company to build a BNB treasury. Weeks later, the Securities and Exchange Commission ordered it delisted.
Aug 21, 2025, 6:17 a.m.
What to know:
- Windtree Therapeutics will be delisted from the Nasdaq on August 21 due to failing to meet the $1 minimum bid price requirement.
- The company plans to transition to over-the-counter trading, though it cannot guarantee the success of this move.
- Windtree's shares plummeted nearly 80% after the delisting announcement, closing at 11 cents.
Windtree Therapeutics’ high-profile plan to raise up to $200 million for a BNB treasury has run headlong into a market reality check: the Nasdaq is kicking it off the exchange.
The Warrington, Pennsylvania-based biotech disclosed in a Tuesday filing that the Nasdaq Capital Market will suspend trading in its shares effective Aug. 21 after the company failed to meet the $1 minimum bid price required under Nasdaq Listing Rule 5550(a)(2).
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Windtree expects to transition to over-the-counter trading under its existing symbol “WINT,” though it cannot guarantee that the plan will go through, it said in a filing.
The delisting undercuts Windtree’s July announcement that it would become the first Nasdaq-listed company to build a BNB treasury.
At the time, the company unveiled a $60 million securities purchase agreement with blockchain infrastructure investor Build and Build Corp., with the potential to scale the program to $200 million. Shares surged more than 20% in pre-market trading after the news last month, but the company could not maintain the important $1 mark to maintain its listing.
Windtree's stock slumped through most of late July and August, trading at 48 cents before the delisting announcement.
The move was positioned as an echo of Michael Saylor’s Strategy (MSTR), which has turned its balance sheet into a bitcoin proxy. But unlike Strategy, which remains a Nasdaq bellwether, Windtree will now be relegated to OTC markets, limiting its visibility and institutional reach.
Shares dropped nearly 80% after the company disclosed the delisting order, and closed at 11 cents.
Read more: Biotech Company Windtree to Raise Up to $200M for BNB Treasury
More For You
L1 tokens broadly underperformed in 2025 despite a backdrop of regulatory and institutional wins. Explore the key trends defining ten major blockchains below.
What to know:
2025 was defined by a stark divergence: structural progress collided with stagnant price action. Institutional milestones were reached and TVL increased across most major ecosystems, yet the majority of large-cap Layer-1 tokens finished the year with negative or flat returns.
This report analyzes the structural decoupling between network usage and token performance. We examine 10 major blockchain ecosystems, exploring protocol versus application revenues, key ecosystem narratives, mechanics driving institutional adoption, and the trends to watch as we head into 2026.
More For You
Bitcoin’s $70,000 to $80,000 zone highlights gap in historical price support
Five years of CME futures data shows where bitcoin has, and has not, built meaningful price support.
What to know:
- Bitcoin has spent relatively little time between $70,000 and $80,000, just 28 trading days, making that level among the least developed price ranges in terms of historical consolidation and support.
- This lack of time spent is reinforced by Glassnode’s UTXO Realized Price Distribution, which shows limited supply concentrated between $70,000 and $80,000, suggesting that if another pullback occurs, bitcoin may need to consolidate in this zone to establish stronger structural support.
Top Stories
