Kraken and Windtree Therapeutics Announce Strategic Partnership for BNB Custody, Trading, and OTC Services

WARRINGTON, Pa., July 22, 2025 (GLOBE NEWSWIRE) — Windtree Therapeutics, Inc. (“Windtree” or the “Company”) (NasdaqCM: WINT) is pleased to announce a strategic partnership with Kraken, a leading global cryptocurrency platform, to provide custody, trading, and over-the-counter (OTC) services for Windtree’s BNB Crypto Treasury Strategy. The parties have signed a term sheet, to be memorialized in a definitive agreement following shareholder approval of Windtree’s previously announced securities purchase agreement, with potential for up to an additional $140 million in future subscriptions, led by Build and Build Corp.

This partnership positions Windtree to leverage Kraken’s industry-leading security, liquidity, and expertise in digital asset management to support its pioneering BNB-focused treasury strategy. Windtree, the first NASDAQ-listed company offering pure play direct exposure to the BNB token, the fifth-largest blockchain by market capitalization (over $100 billion), expects the collaboration to enhance its ability to provide secure access to the Binance ecosystem for retail and institutional investors.

Kraken’s robust infrastructure will ensure secure custody and efficient trading of BNB assets, while its OTC desk will facilitate large-scale transactions for Windtree’s treasury strategy. This partnership underscores Windtree’s commitment to establishing a leading BNB Crypto Treasury Strategy, encompassing custody, security, and yield generation.

“We are excited to partner with Kraken, a trusted leader in the cryptocurrency industry, to support our groundbreaking BNB strategy,” said Jed Latkin, Chief Executive Officer of Windtree. “Kraken’s expertise and secure platform will strengthen our ability to deliver unparalleled exposure to the Binance ecosystem, creating significant value for our shareholders.”

“Kraken is proud to partner with Windtree to help expand access to BNB and Binance Smart Chain for a broader audience,” said David Olsson, Global Head of Institutional Client Solutions at Kraken. “Our deep liquidity and industry-leading security infrastructure allow us to deliver bespoke solutions tailored to the needs of corporate treasury teams. With qualified custody, a leading staking platform, and seamless OTC execution, we’re well-positioned to support Windtree as they execute their digital asset strategy with confidence and precision.”

The Binance Smart Chain (BSC) supports a thriving decentralized finance (DeFi) ecosystem with thousands of decentralized applications (dApps) and millions of users, driven by BNB’s high liquidity and average daily trading volumes exceeding $2 billion. This partnership positions Windtree to capitalize on the global growth potential of the Binance ecosystem, particularly in the U.S. market.

The Kraken term sheet is subject to shareholder approval of Windtree’s previously announced securities purchase agreement, led by Build and Build Corp and the satisfaction of other closing conditions. A definitive agreement will be finalized post-closing.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities of the Company, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Windtree Therapeutics, Inc.

Windtree Therapeutics, Inc. is a diversified company with several divisions, including a cryptocurrency treasury strategy and two promising therapeutic pipelines for which the Company is actively seeking long-term development partners.

About Kraken

Kraken is a technology platform built on crypto that unlocks access and reduces inefficiencies to drive financial freedom — for the crypto economy and beyond.

Millions of individuals, professional traders, and institutions around the world use Kraken to trade digital and traditional assets, including cryptocurrencies, national currencies, U.S. futures, and U.S.-listed stocks and ETFs.

Kraken markets can be monitored and traded via the web or through the Kraken and Kraken Pro iOS and Android apps. Futures platforms by NinjaTrader, a Kraken company, are available on desktop, web, and mobile via www.ninjatrader.com.

For more information about Kraken, please visit www.kraken.com.

About Build and Build Corp

Build and Build Corp is a dynamic company established by Patrick Horsman, Joshua Kruger, and Johnathan Pasch, who together bring over 43 years of expertise in hedge funds and digital asset management. The company is backed by prominent investors, including Off The Chain Capital, Kraken, Galaxy, and Silvermine, supporting its mission to deliver innovative solutions in the financial and digital asset sectors.

Forward-Looking Statements

The Company may, in some cases, use terms such as “predicts,” “believes,” “potential,” “proposed,” “continue,” “estimates,” “anticipates,” “expects,” “plans,” “intends,” “may,” “could,” “might,” “will,” “should,” or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. Such statements are based on information available to the Company as of the date of this press release and are subject to numerous important factors, risks, and uncertainties that may cause actual events or results to differ materially from the Company’s current expectations. Examples of such risks and uncertainties include, among other things: risks related to obtaining shareholder approval for the Build and Build Corp transaction and satisfying the other conditions necessary to consummate the transaction and related transactions, including the Kraken partnership, which cannot be assured; risks associated with the execution and performance of the partnership with Kraken; the Company’s ability to manage costs and execute on its operational and budget plans; risks related to the regulatory environment for cryptocurrency transactions; and the Company’s ability to develop and maintain its BNB Crypto Treasury Strategy. These and other risks are described in the Company’s periodic reports, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, filed with or furnished to the Securities and Exchange Commission and available at www.sec.gov. Any forward-looking statements that the Company makes in this press release speak only as of the date of this press release. The Company assumes no obligation to update forward-looking statements whether as a result of new information, future events, or otherwise, after the date of this press release.

Contact Information:

Eric Curtis
ecurtis@windtreetx.com

Lauren Post
press@kraken.com