The cryptocurrency market rebounded last night, with Bitcoin returning to $114,000, and other altcoins such as ETH, SOL, and DOGE rising over 5% in the past 24 hours. Meanwhile, the price of BNB also surged by 7% earlier, reaching a peak of $881.9, once again setting a historical high.
WINT was declared delisted, plummeting 70%.
Just last night, the recently announced 'BNB treasury' US biotech company Windtree Therapeutics (WINT) received a delisting notice from Nasdaq, and the stock price instantly plummeted.
WINT's stock has been trading below $1 for a long time since mid-2024, violating Nasdaq listing rule 5550(a)(2). After the delisting news was made public, WINT plunged 77.21% on the 20th, with a market value of only $3.152 million remaining.
Even betting on BNB cannot save the biotech company's stock price.
WINT originally focused on urgent critical lung treatments, but several R&D projects are still in the clinical stage, with a recent quarterly loss of $10.64 million.
To 'unlock' new value, the company announced the launch of the BNB treasury strategy for the first time on July 16, planning to convert part of its operating capital into BNB. Nine days later, it announced a $520 million financing agreement with investors, preparing to invest 99% of the funds into BNB, and entrusted Build and Build Corp and Kraken to provide custody, trading, and OTC services.
Although the news briefly pushed the stock price to $1.28, WINT has been in long-term losses, with commercialization still far off, unable to support its market value with stable operational cash flow. Exposing a large amount of capital to highly volatile crypto assets further raises market doubts about whether this move is just for short-term speculation. Subsequently, buying pressure receded, and WINT's stock price slid continuously, dropping over 90% in just one month, leading to a collapse of investor confidence.
Crypto treasury is not a panacea.
Incorporating cryptocurrency into the treasury may bring additional sources of revenue and provide short-term incentives for stock prices, but the premise is that the main business must also be sound. For companies like WINT that are in the research and development phase, highly volatile assets amplify existing operational risks. Once there is a lack of stable income, any price pullback could further widen financial cracks.
For investors, under the reflection of the crypto craze, it is more important to examine the essence of the company's operations, capital structure, and strategic logic, in order to avoid bubbles that rely solely on 'concepts.'
