After expanding into real estate and waste management in its search for new revenue opportunities to boost stock value, Warrington-based Windtree Therapeutics has entered a potential $200 million cryptocurrency deal, writes John George for the Philadelphia Business Journal.
Stockpiling digital currencies to increase stock value is an emerging trend among public companies, including video game retailer GameStop.
Last week, the Bucks County company entered a $60 million securities purchase agreement led by crypto fund company Build and Build Corp., which is focused on Binance’s BNB exchange token. Windtree will launch a crypto treasury strategy to buy BNB, aiming to position the company as a leader in the digital asset.
Windtree CEO Jed Latkin believes the deal is a “pivotal moment” for the company, providing shareholders with a “unique opportunity to gain exposure to a BNB-focused crypto treasury strategy” through the potential $200 million investment from institutional investors.
The proposed cryptocurrency transaction is awaiting shareholder approval and remains subject to other closing conditions.
Windtree’s stock price remains down over 90 percent year to date. The company has been finding ways to diversify its holdings and stop the slide.
Read more about Windtree Therapeutics’ bold pivot toward cryptocurrency and what it could mean for shareholders in the Philadelphia Business Journal.
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