Biotechnology company Windtree Therapeutics, Inc. (NasdaqCM: WINT) has filed intentions to raise up to $200 million to introduce a Binance Coin (BNB) crypto treasury strategy, becoming the first NASDAQ-listed business to provide direct exposure to BNB.
The firm entered into a $60 million securities purchase agreement with Build and Build Corp, with the subsequent right to subscribe for an additional $140 million in subsequent subscriptions.
The funds pending to be offered in cash, BNB tokens, and units of Osprey BNB Chain Trust are to be used in buying BNB and establishing a particular digital asset treasury structure.
“This transaction offers up to $200 million of institutional investor financing, offering our shareholders an attractive opportunity to gain exposure to a BNB-focused crypto treasury strategy,” said Jed Latkin, Windtree CEO.
Windtree Embraces Binance Ecosystem
Windtree’s action follows increasing interest in ecosystem-oriented crypto strategies. The company will employ the funds to buy BNB, roll out secure custody solutions, and investigate yield-generating mechanisms on the Binance Smart Chain (BSC) a blockchain that features low fees, high speed, and a vast decentralized finance (DeFi) ecosystem.
“We are excited to introduce a revolutionary BNB strategy to the U.S. market,” said Patrick Horsman, CFA, Build and Build Corp. Director. “This solution provides aimed exposure to Binance and BNB filling a large void in regulated investment vehicles.”
Build and Build Corp is a crypto-investing company established by Horsman, Joshua Kruger, and Johnathan Pasch. It has the backing of leading digital asset industry players such as Kraken, Galaxy, Off The Chain Capital, and Silvermine. Their endorsement marks increasing institutional demand for crypto-native treasuries.
Why BNB?
BNB is the fifth-largest cryptocurrency by market capitalization (more than \$95 billion) and fuels the Binance exchange and its Smart Chain. Trading volumes of more than $2 billion a day on average, BNB is the most liquid exchange token in the crypto market.
Windtree thinks BNB exposure can give institutional investors access to the fast-growing Binance ecosystem, which leads to DeFi usage in Asia and is spreading around the world.
Adding to that Changpeng Zhao (CZ) who is the former CEO and co-founder of Binance also tweeted by emphasizing.
Dual Emphasis: Biotech and Blockchain
Historically a biotech company, Windtree now stakes out the role of a diversified company with various divisions such as this new cryptocurrency treasury initiative.The company has therapeutic development pipelines in place and is actively pursuing long-term development partners.
The transaction is subject to shareholder approval and other customary regulatory conditions. If consummated, Windtree will be the first publicly listed U.S. company to hold BNB as a treasury asset directly, potentially laying the groundwork for more general corporate adoption of ecosystem-based digital assets.
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