Publicly listed biotechnology company, Windtree Therapeutics, announced plans to secure up to $520 million in funding to expand its BNB crypto reserves.

It disclosed that it has entered a Common Stock Purchase Agreement for an equity line of credit (ELOC) of up to $500 million, alongside a separate $20 million stock purchase agreement with Build and Build Corp.

Windtree Advances BNB Treasury Plan

According to the press release shared by the company, 99% of proceeds from both agreements are earmarked for acquiring BNB. This is part of Windtrees strategy to diversify its treasury with blockchain-based assets.

The ELOC cannot be accessed until stockholder approval is secured to increase the companys authorized common shares. More public companies are adding digital assets to their treasury mix, a trend evident in this move.

Windtrees shift toward BNB accumulation comes as it continues efforts to broaden its business model while seeking alternative methods to stabilize and strengthen its financial position.

In a statement, Windtree CEO Jed Latkin said,

We are excited to incorporate these new facilities to enable our future BNB acquisitions as part of our BNB treasury strategy. Pending stockholder approval, the opportunity to secure additional funds for purchasing more BNB cryptocurrency is essential to our strategy.

The Nasdaq-listed firm had entered into a strategic partnership with crypto exchange Kraken to oversee its BNB-focused crypto treasury program. As part of the deal, Kraken will handle Windtrees BNB assets through secure custody services while managing trading activities and over-the-counter transactions for the company’s crypto holdings.

Treasuries Move Beyond Bitcoin, Ethereum

Crypto treasury plays are all the rage as firms look to diversify beyond Bitcoin and Ethereum. Chinese chip maker Nano Labs, for instance, announced plans to accumulate as much as $1 billion in BNB, starting with a $50 million purchase. The companys push into BNB reflects rising institutional confidence in altcoins within treasury strategies.

Meanwhile, BNB hit a fresh all-time high of approximately $808 earlier this week.