BNB Token Treasury Company Windtree to Be Delisted From NASDAQ

The healthcare-focused company will cease trading its stock on the NASDAQ by the end of the week, as its treasury strategy has not yielded results comparable to those of its industry peers.

On a similar note, Strategy’s stock also experienced some jitters, albeit not as pronounced, due to other factors.

Unfortunate Turn Of Events

In a surprise filing to the Securities and Exchange Commission (SEC), Windtree Therapeutics (ticker: WINT), an American drug development company for patients with respiratory disease, will be delisted from the NASDAQ stock market index for failing to comply with its regulations.

Specifically, it has failed to meet the requirement of a listing rule, which states that any company listed on the index must maintain a minimum price of $1.00 per share. The company’s CEO, Jed Latkin, noted the following in the 8-K form:

“On August 19, 2025, Windtree Therapeutics Inc. (the “Company”) was notified by The Nasdaq Stock Market LLC (“Nasdaq”) that as a result of the Company’s previously disclosed noncompliance with Nasdaq Listing Rule 5550(a)(2).

Nasdaq has determined to delist the Company’s common stock from the Nasdaq Capital Market and, accordingly, will suspend trading in the Company’s common stock effective at the open of trading on August 21, 2025.”

It was just over a month ago that the firm announced it would be adopting the BNB coin as part of a strategic reserve, with an initial investment of $60 million from Build And Build Corp. and an additional $140M expected from further subscriptions.

Within the same month, the organization sought an additional $520 million in funding through a common stock purchase agreement for a credit line of up to $500M, as well as a separate $20 million stock purchase with Build and Build.

Data taken at the time of writing indicates that the company’s stock has been falling heavily for the majority of the year, down over 97% over the last six months, with only a slight increase from $0.90 to $1.19 in the two days following the news that it had adopted a crypto treasury strategy.

It is unclear at this stage what spooked investors so much, as the underlying asset of choice for the treasury has performed exceptionally well this year. At the time of printing, BNB is trading at around $850, up 2.5% for the day and over 53% for the year, according to data from CoinMarketCap.

Is The Treasury Trend Not Paying Off?

Windtree Therapeutics is not the only treasury company that has recently seen its stock drop, as the Michael Saylor-founded Strategy has also dwindled slightly this week.

Currently, the stock is trading around $344, down 9% over the past five days, according to Google Finance. Still, this is nothing compared to the 143% increase from last year and the over 2,200% surge over the previous five years.

The slight drop is likely connected to Saylor’s post on X from Monday, when he disclosed that the company will be changing its Equity ATM (at the market) Guidance, which meant that it will lower the threshold for selling shares to fund more bitcoin purchases.

Before these changes, the firm’s policy was not to issue new shares below 2.5 times its market NAV (market value divided by Bitcoin holdings), unless it was strictly to cover interest on debt or for dividend payments.

In contrast, now that the 2.5 threshold has been reduced, shares can be issued at a lower cost, increasing the flexibility for corporate needs, but also making it riskier for shareholders.