Biopharmaceutical company Windtree Therapeutics has announced plans to raise $520 million, with the overwhelming majority targeted at significantly expanding its treasury holdings of Binance Coin (BNB). This substantial capital raise marks a strategic pivot for the company towards cryptocurrency asset allocation.
The funding comprises two components: a $500 million equity line of credit (ELOC) secured under a definitive agreement and a separate $20 million stock purchase agreement. Windtree Therapeutics explicitly stated that 99% of the capital garnered through these financing arrangements is designated for the acquisition of BNB.
To fully execute this strategy utilizing the ELOC funds, the company requires shareholder approval to increase its number of authorized shares. This step is necessary to enable the planned large-scale purchase of BNB.
The market reacted positively to the announcement, with Windtree’s stock price experiencing an increase. Shares rose approximately 4.87% on the announcement date.
Based on current market valuations for BNB, the total $520 million funding could enable Windtree Therapeutics to acquire an estimated 676,371 BNB tokens. This move represents a significant commitment to building the company’s cryptocurrency reserve holdings.