Another day, and another treasury of cryptocurrencies. The biotechnology company Wind,tree Therap,,eutics announced on Thursday that it plans to purchase up to 700 million dollars of $BNB .
To place it on its balance sheet - one day after the asset reached its all-time high.
The company, based in Warrington, Pennsylvania, and listed on the Nasdaq under the symbol WINT, stated that it is raising up to 520 million dollars to support BNB purchases after previously announcing a plan to buy 200 million dollars of the cryptocurrency.
A statement released on Friday noted that Wind,,tree will raise funds through a 500 million dollar equity credit line with an undisclosed institutional investor, and through a separate 20 million dollar stock purchase agreement with another company, Build and Build,Corp. Overall, the company stated that it is committed to up to 700 million dollars for the purchase of $BNB .
The CEO of the pharmaceutical company, Jed Latkin, said: "Pending shareholder approval, securing additional funds to purchase more BNB cryptocurrency is essential to our strategy."
Wind,tree did not immediately respond to Decr,,ypt's inquiries.
BNB is the fifth largest digital currency with a market capitalization of 106.9 billion dollars. It was recently trading at 769 dollars. The coin reached an all-time high of 808 dollars this week before declining.
The asset was launched in 2017 by #Binance , the world's largest cryptocurrency marketplace, and previously operated on the #Ethereum network. It then became the native currency of the BNB chain - a crypto network used by developers to build decentralized applications.
Wind,,tree is part of a wave of companies building crypto treasury bonds. Its stock dropped about 5% on Friday, but over the past month, it has risen by 162%.
This week, the Chinese blockchain infrastructure company Na,no La,bs announced plans to purchase $BNB worth one billion dollars, and as a result, its shares rose.
Strat,egy (formerly known as Mi,croStrat,egy) was the first publicly traded company to initiate a major plan to purchase #Bitcoin . The software company is now the largest holder of Bitcoin, with 607770 BTC - or 70.6 billion dollars - in the leading cryptocurrency. The company allows investors to purchase its shares as a Bitcoin proxy.
Among other publicly listed companies that have followed suit are Sem,ler Scien,tific and Metapl,,anet, while other companies have purchased assets such as #Solana , Ethereum, and #XRP .
