BNB Reserve Listed Company WINT Delisted: ‘Coin-Hoarding Strategy’ Isn’t a Panacea
In the race to be the ‘true BNB treasury company’, Windtree (WINT) has become the first casualty. The ‘coin-hoarding strategy’, long hailed by some listed firms as a ‘lifeline’, has publicly ‘failed’ for the first time – according to SEC filings, US-listed BNB treasury company Windtree Therapeutics received a delisting notice from Nasdaq on August 19, with its shares set to move to the OTC market on August 21, after failing to meet the $1 minimum bid requirement for an extended period despite reverse splits.
The news sent WINT’s stock price crashing 77.21% to $0.11. This marks a plunge of over 99.98% from its $517 price a year ago, and a catastrophic drop from its peak of $567,000 per share during its 2020 IPO.
From ‘BNB Concept Stock’ to Delisting: A Short-Lived Hype?
Windtree, a biotech firm founded in 1992 and based in Pennsylvania, focuses on respiratory disease treatments. Its core pipelines, like istaroxime (for cardiovascular diseases), remain in clinical stages with no near-term commercialization prospects. Recent financials show its quarterly net loss widened to $10.64 million, up from $4.04 million the previous quarter.
Seeking a lifeline, Windtree announced a ‘BNB treasury plan’ in July: a $60 million deal (potentially up to $200 million) with Build and Build Corp to buy BNB as reserve assets. Touted as the ‘first Nasdaq-listed direct BNB investment vehicle’, it triggered market FOMO, sending its stock surging to $1.86. However, the hype faded as CEA Industries (later renamed BNB Network Company, ticker BNC) – backed by the Binance ecosystem – emerged as a ‘more authentic BNB concept stock’.
Behind the Delisting: The $1 Threshold and ‘Orthodoxy’ Battle
Nasdaq rules stipulate delisting for stocks trading below $1 for 30 consecutive days. Windtree had previously received an 180-day grace period earlier this year but failed to recover. The final blow came from BNC’s rise: BNC secured $500 million in funding led by YZi Labs, with over 140 institutions including Pantera Capital participating, and appointed ex-Galaxy Digital co-founders as executives, positioning itself as the ‘legitimate BNB概念股’.
With BNC stealing the spotlight, Windtree’s BNB narrative lost traction, keeping its stock below $1 and sealing its delisting fate.
Coin-Hoarding: Not a ‘Stock Price Perpetual Motion Machine’
Windtree’s case highlights a key industry lesson: coin-hoarding isn’t a one-size-fits-all solution. Companies like Strategy and Metaplanet that succeeded in ‘crypto-stock dual growth’ relied on three pillars:
1. BTC as the Preferred Choice: Bitcoin, as crypto’s ‘blue chip’, has stronger value consensus, providing more sustained stock price support;
2. Niche Uniqueness: Securing ‘orthodoxy’ or first-mover advantage in the concept to avoid homogenization;
3. Real Business Backing: Having self-sustaining capabilities (e.g., stable revenue) instead of relying solely on fundraising to buy coins and ‘tell stories’.
Windtree chose BNB over the more consensus-driven BTC, lost the ‘BNB treasury’ niche to BNC, and suffered ongoing operational losses, ultimately becoming a cautionary tale for the ‘crypto-stock dual play’ model. As the industry watches, the boundaries of the coin-hoarding strategy are being redefined.
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This content is AI-generated and does not constitute investment advice. Please exercise your own rational judgment.
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