Windtree Therapeutics Delists from Nasdaq after BNB Treasury Strategy Fails

Windtree Therapeutics’ Nasdaq listing was terminated on August 21, 2025, following a failed pivot to a $700 million BNB-focused treasury. The move resulted in a drastic decline of over 77% for the company’s shares and left its equity valuation significantly diminished. This delisting reflects growing skepticism towards companies using cryptocurrencies as financial safety nets. 2025 has seen several high profile instances of cryptocurrency-centric strategies failing to deliver expected results.