As BNB reaches a new historical high, the biotechnology company Windtree Therapeutics (WINT), which had claimed to be building a BNB reserve, faces a significant market value decline and the fate of being delisted from Nasdaq. Last week, Windtree had to stop trading on the Nasdaq due to failing to maintain a minimum stock price of $1, shifting to the over-the-counter (OTC) market.

This dramatic turn of events not only reflects the high risks associated with the combination of crypto assets and traditional capital but also delivers a harsh reality check for companies' "coin reserve strategies."

Windtree Therapeutics is a biopharmaceutical company based in Warrington, Pennsylvania, USA, founded in 1992, focusing on the development of innovative therapies for acute cardiovascular and pulmonary diseases. Its main research pipeline includes Istaroxime, a candidate drug for acute heart failure and cardiogenic shock, which is currently in Phase II clinical trials at multiple clinical centers in the United States, Europe, and Latin America.

However, the path from research results to commercial returns seems far from smooth. According to the financial report data, as of June 30 this year, Windtree Therapeutics has accumulated losses of $861.3 million, and the company expects to continue incurring losses in the coming years. In terms of cash flow, as of the end of June, Windtree held approximately $18 million in cash and cash equivalents, which is expected to sustain operations only until October this year, indicating an urgent need for new funding sources to support clinical research and daily operations.

To alleviate financial pressure, Windtree had previously raised funds through convertible preferred stock and debt, and in July announced a purchase agreement for up to $60 million in BNB tokens with Build and Build Corp., planning to shift the company's reserve assets to BNB in hopes of improving its financial situation. Following the announcement, the company's stock price briefly rose by about 32%.

However, the coin-holding strategy failed to save its stock performance, and in the subsequent market turmoil, Windtree's daily trading price remained below $1. On August 19, Nasdaq officially issued a delisting notice, pointing out its prolonged failure to meet the minimum bid price requirement of $1. On the same day, WINT's stock price plummeted by about 77%, continuing to decline in after-hours trading, ultimately closing around $0.11. On August 21, the stock was officially suspended from Nasdaq trading and shifted to OTC market trading.

In the face of delisting and stock price collapse, Windtree emphasized that its business operations were unaffected and would continue to fulfill its information disclosure obligations to the U.S. Securities and Exchange Commission (SEC). The company plans to trade on the OTC market and aims to eventually upgrade to the more liquid OTCQB tier. However, the shift to a less liquid market is expected to weaken its financing ability and investor exposure, potentially further limiting the company's future growth and collaboration opportunities.

OTCQB is a tiered segment of the U.S. over-the-counter market, officially known as the OTCQB Venture Market, commonly referred to as the "venture market." It primarily targets early-stage or growth companies, requiring annual financial audits and regular information disclosures, offering higher transparency and regulatory requirements compared to the lowest tier, OTC Pink, but still below the formal exchanges of Nasdaq or the New York Stock Exchange.

One of the most direct reasons for Windtree's delisting is the emergence of a more attractive investment target in the market: the "BNB treasury company" supported by Binance, CEA Industries (later renamed BNB Network Company, ticker BNC).

Specifically:

Core business differences: Windtree primarily focuses on the research and development of cardiovascular and pulmonary diseases, with BNB being just a part of its reserve strategy, while the company's fundamentals remain primarily loss-making, with almost no revenue. BNC, on the other hand, is directly engaged in crypto asset-related businesses, with its profit model, market participation, and depth of integration with the BNB ecosystem, allowing investors to more intuitively assess its investment value.

Market endorsement and confidence: BNC's official support from Binance means stronger credibility in trading, custody, and asset management. Although Windtree announced its BNB accumulation, it lacks relevant experience and market endorsement, leading investors to doubt its financial stability and strategic execution capabilities.

Capital rotation effect: In the market, institutional and retail investors tend to prioritize funds toward targets with controllable risks and clearer return expectations. The emergence of BNC directly attracted funds that might have otherwise invested in Windtree, weakening Windtree's stock price support and creating a "capital outflow effect."

Windtree's failure to accumulate BNB serves as a profound warning for companies looking to enter the digital asset space. First, companies must recognize that cryptocurrency prices are highly volatile, which can lead to paper gains in the short term but also cause rapid declines in market value and stock prices. Traditional companies that blindly invest core reserves or cash flow into crypto assets may appear to deviate strategically from their main business in the eyes of investors, leading to stock price declines and loss of market confidence.

Second, companies lacking relevant business experience and ecosystem integration capabilities find it challenging to effectively manage digital asset risks. Windtree's bet on BNB outside its biopharmaceutical core business lacked matching operational capabilities and market endorsement, ultimately leading to the failure of its strategy.

To achieve "dual growth of coins and stocks," companies may need to plan cautiously from multiple angles when entering the crypto asset space.

First, asset allocation should be based on financial stability, ensuring that the proportion of crypto assets is controllable to avoid impacts on core operational funds. Second, companies should choose cryptocurrencies or blockchain projects that have synergies with their own business or ecosystem, forming a sustainable value chain through strategic cooperation, ecosystem participation, or asset service integration. For example, companies with financial services, trading platforms, or payment scenarios can create positive feedback between coin accumulation and business operations, thereby enhancing investor confidence.

Overall, accumulating coins is not merely an investment behavior but a comprehensive decision involving finance, strategy, and market awareness. Only under the premise of clearly understanding risks, controllable investments, and business synergies can a coin accumulation strategy potentially lead to long-term dual growth of coins and stocks.

Related: Reports indicate that Galaxy Digital, Multicoin, and Jump Crypto plan to establish a $1 billion Solana fund.

Original article: “Holding crypto is not a safeguard: BNB hits new high while reserve company WINT gets delisted”

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