Windtree Therapeutics has secured up to $520 million in funding to establish one of the largest corporate BNB treasuries, joining a growing wave of public companies diversifying their reserves beyond Bitcoin and Ethereum into alternative cryptocurrencies.
The biotechnology company entered a $500 million equity line of credit agreement alongside an additional $20 million stock purchase with Build and Build Corp.
First Nasdaq-Listed Company to Target BNB Holdings
Ninety-nine percent of proceeds will be allocated to acquiring BNB cryptocurrency, pending stockholder approval to increase authorized shares.
The funding makes Windtree potentially the first Nasdaq-listed company with direct BNB holdings, positioning the firm to capitalize on Binance’s ecosystem growth.
CEO Jed Latkin stated the facilities will enable future BNB acquisitions as part of the company’s treasury strategy.
The move follows a broader corporate trend away from Bitcoin-only strategies, with public companies increasingly adding altcoins, such as Ethereum, Solana, XRP, and BNB, to their treasury holdings.
Market reactions have been strong, with companies revealing altcoin holdings experiencing average stock price jumps of 150% in one day.
Windtree’s announcement coincides with BNB reaching a new all-time high of $800 as the Altseason Index climbed to 51.
Bitcoin dominance fell 5.8% in one week to under 61%, marking the steepest decline since June 2022 and historically signaling a shift in capital toward alternative cryptocurrencies.
Corporate Rush to Build BNB Reserves Accelerates
Nano Labs established itself as the first major public company to stockpile BNB at scale, acquiring 74,315 tokens worth $50 million at an average price of $672.45 per token.
The Hong Kong-listed firm plans to control 5-10% of BNB’s circulating supply through a $1 billion accumulation strategy using convertible notes.
The company entered into a $500 million convertible note agreement in June to support its BNB acquisition efforts, bringing its total digital asset reserves to $160 million, which includes Bitcoin holdings.
Nano Labs ranks 36th among public companies by Bitcoin holdings with over 1,000 BTC.
Source: Bitcoin Treasuries NetSimilarly, 10X Capital launched a BNB Treasury Company, backed by YZi Labs, creating an independent U.S. initiative for digital asset treasury management focused exclusively on BNB Chain ecosystem investments.
The company plans to pursue a public listing on a major U.S. stock exchange.
Build and Build Corp executives are also seeking $100 million to purchase BNB through a publicly traded company, following the MicroStrategy model pioneered for Bitcoin accumulation.
The initiative is led by former Coral Capital Holdings executives Patrick Horsman, Joshua Kruger, and Jonathan Pasch.
Bhutan’s Gelephu Mindfulness City has also announced the inclusion of BNB in its official strategic reserves, alongside Bitcoin and Ethereum, becoming one of the first jurisdictions to formally recognize the token in government portfolios.
Altseason Momentum Drives Institutional Diversification
Bitcoin’s market capitalization dominance fell from 63% to below 60% over the past week.
Source: CoinMarketCapThis marks one of the largest weekly declines this year as institutional investors show growing interest in alternative cryptocurrencies beyond Bitcoin and Ethereum.
Binance leads altcoin deposit activity, with up to 59,000 daily deposits during market peaks, more than double the volume of Coinbase.
The exchange also tops stablecoin inflows on Ethereum, receiving 53,000 Ethereum-based stablecoin transactions compared to 42,000 for Coinbase.
SharpLink Gaming increased its Ethereum holdings by purchasing 32,892 ETH, worth $115 million, bringing its total holdings to 144,501 ETH, valued at $515 million.
The company is now the world’s largest corporate holder of Ethereum, surpassing the Ethereum Foundation in this regard.
BIT Mining announced plans to raise $200-300 million to build a Solana treasury, while DeFi Development Corp acquired $2.7 million worth of Solana.
Canadian firm Sol Strategies holds over 420,000 SOL tokens and filed to list on Nasdaq under the ticker “STKE.”
Notably, the total cryptocurrency market capitalization surged from $3 trillion to $3.8 trillion over a three-week period, with Ethereum gaining 110% during the same 90-day period.
Meme coins like BONK, PENGU, and FLOKI posted triple-digit returns as capital rotates into alternative assets.
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