A Cautionary Tale for Crypto-Linked Stocks
In 2025, the biotech sector witnessed a dramatic experiment in corporate reinvention: Windtree Therapeutics, a Pennsylvania-based company with a history of unprofitable drug development, pivoted nearly entirely to a crypto treasury strategy. The move, which allocated 99% of a $520 million funding package to Binance Coin (BNB), was marketed as a bold repositioning. Yet, by August 2025, Windtree’s stock had plummeted 90%, and the company was delisted from Nasdaq. Its collapse serves as a stark reminder of the dangers of speculative crypto pivots in firms lacking operational fundamentals.
The Illusion of a “Crypto Treasury”
Windtree’s pivot began with a $60–$200 million securities purchase agreement with Build and Build Corp,…
