Drug Company Will Buy Up to $700 Million in BNB After Coin Hits All-Time High
Windtree Therapeutics plans to purchase up to $700 million in BNB cryptocurrency for its balance sheet, following a recent all-time high price of $808. The company aims to raise $520 million through a $500 million equity line of credit with an unnamed institutional investor and a $20 million stock-purchase agreement with Build and Build Corp. Windtree has partnered with Kraken for custody and trading services related to its BNB purchases. CEO Jed Latkin emphasized the importance of securing additional funds for this strategy, pending stockholder approval. BNB, launched by Binance in 2017, has a market cap of $106.9 billion and is the fifth-largest digital coin. Windtree's stock has seen a 162% increase over the past month, despite a recent 5% decline. Other companies, like Nano Labs and Strategy, are also investing heavily in cryptocurrencies.
