No one expected that the much-celebrated “coin hoarding strategy,” long regarded as a golden rule by listed companies, would fail for the first time. According to SEC filings, U.S.-listed BNB treasury company Windtree Therapeutics (WINT) received notice on August 19 that its common stock would be delisted from the Nasdaq Capital Market on August 21 and transferred to the OTC market. The reason: its share price had remained below $1 for too long, and despite multiple reverse stock splits and grace periods, it failed to meet compliance requirements.
Following the announcement, WINT’s share price plunged 77.21% to $0.11, a collapse of more than 99.98% from over $517 a year ago. Compared with its IPO peak in 2020 of $567,000 per share, the decline is nothing short of catastrophic.
It is worth noting that the company had announced in July the establishment of a BNB strategic reserve, briefly boosting its stock price to $1.28. However, due to prolonged weakness and competition from other “BNB treasury companies” such as Binance-backed CEA, the firm ultimately could not avoid delisting.
This event has brought a major industry question into the spotlight: Is the coin hoarding strategy truly effective for all public companies? Odaily Planet Daily analyzes the issue below.
The First “BNB Strategy-Listed Company” to Be Delisted Sounds the Alarm for the “Stock-and-Crypto Dual Path” Model
Public records show Windtree Therapeutics Inc. (WINT) is a biotechnology company focused on developing innovative treatments for respiratory diseases, especially drugs for acute lung injury and cardiovascular disease, such as istaroxime and aerosolized KL 4 surfactant. Founded in 1992 and headquartered in Pennsylvania, its Phase 2B clinical trial results for istaroxime are available, but the company remains far from achieving its vision of addressing “major unmet medical needs.”
As a small-cap biopharmaceutical company, most of Windtree’s projects are still in clinical phases, far from commercialization. Its most recent quarterly net loss was $10.64 million, compared with $4.04 million in the previous quarter, showing widening losses.
On July 16, the company announced a $60 million securities purchase agreement with Build and Build Corp., with a potential subscription increase to $200 million. Proceeds were earmarked for purchasing BNB as treasury reserves to diversify assets and create value. At that time, Windtree branded itself as the “first Nasdaq-listed company to provide direct BNB investment exposure,” triggering market FOMO and driving its stock briefly to $1.86. On July 25, the firm announced an additional $520 million financing agreement to buy more BNB, but market response was muted, and shares slid back to around $1.
One month later, what arrived instead was Nasdaq’s delisting notice.
Nasdaq Rules in Effect: Windtree Could Not Escape Delisting
Under Nasdaq Listing Rule 5550(a)(2), if a listed company’s stock closes below $1 for 30 consecutive trading days, Nasdaq may delist the stock.
This was not the company’s first warning. Earlier this year, Nasdaq granted a 180-day extension to regain compliance, but Windtree failed to meet the requirements. Thus, delisting became inevitable.
The direct cause, however, may lie in losing out in its market “niche.”
The Battle for “BNB Treasury Company Orthodoxy”: Windtree Becomes a Casualty
One of the most direct reasons for Windtree’s delisting was the emergence of stronger competitors in the “BNB treasury company” niche—namely, Binance-backed CEA Industries, which rebranded as BNB Network Company (BNC).
On July 28, U.S.-listed CEA Industries and 10X Capital announced a $500 million private placement, supported by YZi Labs, to establish a BNB treasury. Over 140 investors participated, including Pantera Capital, Arche Capital, GSR, Borderless, Arrington Capital, Blockchain.com, Hypersphere Capital, and Kenetic.
In early August, CEA announced the completion of the $500 million financing, rebranded as BNB Network Company (ticker: BNC), with YZi Labs as lead investor. Other backers included Pantera and Blockchain.com. The firm also appointed Galaxy Digital co-founder David Namdar as CEO and former CalPERS CIO Russell Read as CIO.
With that, the contest for “BNB treasury legitimacy” ended—BNC emerged the winner, and WINT the discarded loser.
Another U.S.-listed firm touting itself as a “BNB treasury company,” Nano Labs, also joined CEA’s financing round, investing nearly $5 million to acquire 495,050 Class A shares plus the same number of warrants at $15.15 per share. If exercised, Nano Labs would hold up to 990,100 shares. With BNB holdings of 128,000 tokens, Nano Labs effectively became a major backer of BNC, securing its place at the table.
As of this writing, BNC closed at $21.02, up 8.8% in 24 hours, with a market cap of $895 million. Nano Labs (NA) closed at $4.50, up 4.9%, with a market cap of $104 million. By comparison, WINT’s market cap has collapsed to around $3.15 million.
As the saying goes, business is war—and nowhere is this truer than in the stock market.
Industry Warning: Coin Hoarding Is Conditional, Not a “Perpetual Motion Machine”
Windtree’s delisting makes it clear that the coin hoarding strategy is not a “magic key” for stock prices. The successes of companies like Strategy and Metaplanet—whose shares soared alongside their crypto reserves—came under specific conditions. In the author’s view, three requirements must be met:
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BTC should be the primary reserve asset.
As the “one true king” of crypto, Bitcoin is relatively stable and broadly accepted by markets and investors. Hoarding BTC provides a clearer and more sustainable boost to stock prices. At today’s ~$110,000 price point, BTC still has long-term upside potential of 50–100% or more. In crypto, valuation is based on “dream multiples,” and BTC remains unmatched in hedging inflation, diversifying risk, and shaping expectations. -
Unique market positioning.
In capital markets crowded with investment targets, only first movers or “orthodox” players stand out. Market users often recognize only the leader while ignoring the rest. Thus, if a company chooses to hoard assets other than BTC, it must carefully weigh the chosen token’s recognition, acceptance, and backing from major institutions. -
Support from real business fundamentals.
Unlike shell companies or pure financing vehicles, firms like Metaplanet and CN Finance have real operating businesses. This provides resilience against crypto volatility and regulatory risks, making them less vulnerable to delisting pressures. In short, listed companies with self-sustaining operations are in a stronger position to buy crypto than those relying solely on financing.
Windtree’s delisting is merely a snapshot of the industry’s current phase. The rise of other “ETH reserve-listed companies” like Bitmine and Sharplink could prove to be the real disruptors—echoing Ethereum founder Vitalik’s warning of an “over-leveraged game.” Whether the coin hoarding strategy ultimately proves sustainable for listed companies remains to be seen.
