In a bold strategic move, biotech firm Windtree Therapeutics has revealed plans to add up to $700 million worth of BNB to its balance sheet, a day after the digital asset reached a new all-time high.
In a press statement issued on Friday, Windtree said that the funds would be raised via a $500 million equity line of credit with an unidentified institutional investor and a second $20 million stock-purchase agreement with another company, Build & Build Corp. The company has said that it is prepared to invest up to $700 million on BNB acquisitions.
The firm located in Warrington, Pennsylvania, that trades on the Nasdaq under the symbol WINT, has announced that it is seeking up to $520 million to fund its acquisition of BNB. This follows an earlier announcement that the business planned to acquire $200 million worth of cryptocurrencies. Additionally, it announced a partnership with cryptocurrency exchange Kraken to assist with asset custody.
The company’s CEO said:
“Pending stockholder approval, the opportunity to secure additional funds for purchasing more BNB cryptocurrency is essential to our strategy.”
A growing number of organizations, including Windtree, are setting up crypto treasuries. Nano Labs, a Chinese blockchain infrastructure company, revealed intentions to purchase BNB valued $1 billion this week, sending its stock price soaring.
With a market worth of $106.9 billion, BNB is the fifth-biggest digital currency. This week, the price of the coin soared to an all-time high of $808 before tumbling.
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