BNB Hits ATH, But Windtree Stock Crashes 77% After Nasdaq Delisting
BNB treasury firm Windtree Therapeutics, Inc. (NASDAQ: WINT), a biotech company based in Pennsylvania, saw its stock price drop by 77.2% on Aug. 20, 2025, closing at $0.11 per share after Nasdaq announced its delisting from the Capital Market.Â
Windtree Therapeutics share price (Source: Google Finance)
The exchange issued a noncompliance notice on Aug. 19, citing failure to meet Listing Rule 5550(a)(2), which requires a minimum bid price of $1.00 per share for 30 consecutive business days.
The WINT shares were paused at market opening on Aug. 21, 2025. After-hours trading saw an additional 4.73% decline.
The company’s current market capitalization stands at approximately $3.15 million, with trading volume increasing to over 48.6 million shares on Aug. 20, a sign of high investor activity.
Windtree has applied to trade on the OTCQB tier under the ticker “WINT,†though approval is not guaranteed, which could potentially limit liquidity and market visibility.
In an SEC filing, CEO Jed Latkin stated that the delisting would not affect operations, as the company will continue to meet SEC reporting requirements.
BNB Treasury Strategy Faces Investor Doubt
The delisting follows Windtree’s transition to a cryptocurrency treasury system, focusing on Binance Coin (BNB).
On July 16, 2025, the company announced a $60 million securities purchase agreement with Build and Build Corp. for the acquisition of BNB with options for up to an additional $140 million.
On July 24, 2025, Windtree closed an aggregate of up to $520 million of new capital, consisting of a $500 million stock line of credit and a $20 million stock purchase commitment, with net proceeds of 99% to be applied towards the acquisition of BNB tokens, subject to shareholder approval.
Also read: BNB Price Could Break $900 After Reaching New All-Time High
Termed as a “BNB MicroStrategy†approach, the aim was to make Windtree the first Nasdaq-listed company that offers direct exposure to BNB, the fifth-largest blockchain by market capitalization.
Following the announcement, the stock prices surged by 32.2% to $1.28 on July 18, 2025 briefly, before dropping over 90% from that peak and 99% year-to-date.
Analysts attribute the decline partly to investor skepticism over the high-risk crypto strategy, because of Nasdaq compliance challenges.
Market Dynamics and Outlook
As Windtree’s stock collapsed, BNB traded near its all-time high, hitting $882.59 earlier today, with a 3% 24-hour gain, unaffected by the company’s troubles.
BNB price chart (Source: CoinMarketCap)
The altcoin’s performance, up 12% this month and 52% over the past year, is a testament to the disconnect between Windtree’s strategy and its execution.Â
Community reactions are divided, while some view the delisting as a cautionary signal for companies adopting altcoin treasury strategies, others emphasize BNB’s strength.
There is also comparison with Argo Blockchain, which came back into Nasdaq compliance after delisting. Moving to OTC markets might discourage fundraising activities by Windtree, given that OTC marketplaces have reduced liquidity and investor access.
