---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-25-022890"
form_type: "8-K"
ticker: "WINT"
cik: "0000946486"
company_name: "WINDTREE THERAPEUTICS INC /DE/"
filed_at: "2025-07-17T23:59:59+00:00"
generated_at: "2026-05-18T06:08:03.924306+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Windtree raises up to $200M for BNB crypto treasury strategy, shifting from biotech

## Summary
- Entered $60M securities purchase agreement (upsizable to $200M) led by Build and Build Corp for Series E Preferred Stock and Warrants.
- Proceeds to acquire BNB token for treasury; co aims to be first NASDAQ-listed direct exposure to Binance ecosystem.
- Series E convertible at $0.30/share; warrant exercise price $0.75; closing depends on stockholder approval within 120 days.
- Lead investor may nominate two board members, including chairman, if minimum ownership or management agreements persist.
- Co also to enter Strategic Advisor and Asset Management agreements with affiliates to manage digital assets and treasury.

## SEC filing metadata
- accession: 0001437749-25-022890
- form_type: 8-K
- ticker: WINT
- cik: 0000946486
- company_name: WINDTREE THERAPEUTICS INC /DE/
- filed_at: 2025-07-17T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 1.01, 3.02, 3.03, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/946486/000143774925022890/0001437749-25-022890-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/946486/000143774925022890/wint20250715_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-25-022890
- JSON: https://secwatch.observer/filing/0001437749-25-022890.json
- Plain text: https://secwatch.observer/filing/0001437749-25-022890.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.