Last night, the cryptocurrency market experienced a rebound, with Bitcoin stabilizing above $114,000, and altcoins like ETH, SOL, and DOGE all rising over 5% in the past 24 hours. BNB stood out with a daily increase of 7%, reaching a peak of $881.9, once again setting a new historical high.
However, just as the market was warming up, a company that had claimed to build a 'BNB Treasury' faced a severe blow.
American biotech company Windtree Therapeutics (stock code WINT) received a delisting notice from Nasdaq last night, causing its stock price to plummet by 77.21%, leaving a market value of only $3.152 million.
The direct reason for delisting is that WINT's stock price has long been 'below standard'—since mid-2024, its stock price has been consistently below $1, violating Nasdaq's listing rule that requires a stock price to remain above $1.
This company was originally focused on research and development for critical lung treatments, but several projects remain in the clinical stage, and it reported a loss of $10.64 million in the most recent quarter. In a bid for 'self-rescue,' WINT suddenly announced a transformation on July 16: launching the 'BNB Treasury Strategy,' planning to convert part of its operating funds into BNB; nine days later, it unveiled a $520 million financing agreement, claiming it would invest 99% of the funds into BNB and entrusted professional agencies for custody and trading.
When the news first broke, WINT's stock price surged to $1.28, but the good times didn't last long. The market quickly realized that the company was suffering long-term losses, had no clear path to commercialization, and lacked stable cash flow to support its market value. Throwing large amounts of money into highly volatile crypto assets resembled more of a short-term speculation rather than serious business operations. As buying momentum faded, the stock price plummeted, falling over 90% in just a month, leading to a complete collapse of investor confidence.
In fact, incorporating cryptocurrency into the company's treasury could provide a short-term boost to the stock price and generate additional revenue, but this comes with a major prerequisite: the main business must be healthy. For companies like WINT that are still in the R&D phase, highly volatile crypto assets only amplify operational risks. Without stable income backing, even a slight downturn in cryptocurrency prices could worsen an already strained financial situation.
For investors, it is crucial to stay vigilant during the crypto craze: don't be blinded by concepts like 'crypto treasury.' Focus on the company's core business, financial structure, and real operational logic to avoid bubbles supported only by concepts.
