Kraken to Support Biotech Firm Windtree’s $200M BNB Treasury Play

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Nasdaq-listed biotech firm Windtree Therapeutics has entered into a strategic partnership with crypto exchange Kraken to manage its BNB-focused crypto treasury program, the companies announced Tuesday.

The deal will see Kraken handle custody, trading and over-the-counter (OTC) execution of BNB assets for Windtree.

So far $60 million has been raised, and another $140 million could be on the cards for the BNB treasury strategy, so potentially a $200 million deal, a Kraken representative said via email.

Crypto treasury plays are all rage right now. Windtree says this is the first treasury strategy focused on BNB, the native asset of the Binance Smart Chain. BNB currently ranks among the top five cryptocurrencies by market cap and sees over $2 billion in daily trading volume.

Kraken, which serves both institutional and retail clients, will offer Windtree access to secure wallets, deep liquidity, and large-scale execution services. “We’re enabling them to navigate the Binance ecosystem with confidence,” said David Olsson, Kraken’s global head of institutional client solutions.

BNB is used to pay fees and interact with applications on Binance Smart Chain, which hosts thousands of decentralized apps. By using Kraken’s infrastructure, Windtree aims to create a pipeline between traditional shareholders and a DeFi ecosystem that's typically out of reach for U.S. investors.

The final agreement will be signed following shareholder and regulatory approval.