Windtree’s BNB Treasury Play Unravels as Nasdaq Issues Delisting Order

Windtree Therapeutics’ attempt to blaze a trail as the first Nasdaq-listed company to adopt BNB (BNB) as a treasury asset has hit a major setback — the biotech firm is being removed from the exchange.

In a filing on Tuesday, Windtree revealed that the Nasdaq Capital Market will suspend trading of its shares effective August 21, citing non-compliance with the $1 minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2).

The Pennsylvania-based company plans to shift to over-the-counter trading under its current ticker “WINT,” though it acknowledged there is no certainty that this transition will proceed smoothly.

The delisting throws cold water on Windtree’s July announcement of a bold $60 million securities deal with blockchain infrastructure firm Build and Build Corp., with the potential to expand the investment to $200 million. The move was aimed at turning Windtree into a crypto-treasury pioneer using BNB — Binance’s native token — as a strategic reserve.

Initially, the market responded positively, with shares jumping over 20% in pre-market trading following the announcement. But momentum faded quickly. Windtree’s stock began sliding in late July, ultimately falling to 48 cents before Tuesday’s disclosure.

The strategy echoed MicroStrategy’s pivot to Bitcoin under Michael Saylor, but where MicroStrategy remains a Nasdaq staple, Windtree will now be relegated to the OTC markets — a downgrade that curtails exposure to institutional capital and mainstream visibility.

The fallout was swift: Windtree shares plummeted nearly 80% on the news, closing at just 11 cents, as investors reacted to the loss of its Nasdaq listing and the uncertain future of its crypto-aligned treasury strategy.