Billionaire NFT investor Adam Weitsman acquired 117 Pudgy Penguins NFTs over the October 10–11 weekend, explaining that he aimed to back the Ethereum-based collection through a challenging period.
The American entrepreneur revealed the acquisitions on October 11, shortly after Igloo—the parent company of Pudgy Penguins—verified plans to shut down its Abstract blockchain. This update arrived amid a broader rise in NFT trading volumes and valuations.
Adam Weitsman Buys 117 Pudgy Penguins NFTs
In an October 11 post on X, Weitsman noted that he secured the 117 digital collectibles via on-chain activity. Labeling Pudgy Penguins as one of his preferred initiatives, he stated his buying was meant to back the community members. “This weekend I wanted to support one of my favorite collections during a difficult time,” he wrote.
Addressing the project’s community, known as the Huddle, Weitsman added, “The Huddle will stay strong.” He refrained from disclosing the exact expenditure for the new assets or detailing every specific transfer in his post. Data derived from wallet tracking estimates his overall holdings at 167 Pudgy Penguins distributed across two wallets, which incorporates items acquired previously.
Abstract Blockchain Prepares for December Shutdown
The acquisitions came on the heels of Abstract’s October 6 announcement detailing its impending closure on December 15, 2026. Igloo initially introduced the Ethereum layer-2 network in January 2025 to foster consumer-focused tools and reduce transaction fees. Nevertheless, the team acknowledged that it could not maintain operations following sluggish adoption and minimal trading volumes.
Luca Netz, chief executive of Igloo, disclosed that the firm had invested tens of millions of dollars into backing Abstract. He stated that the enterprise will now refocus its efforts on Pudgy Penguins and the PENGU token instead of seeking capital via another token generation event.
Abstract has advised participants to withdraw their assets ahead of the closure date. The organization cautioned that any capital left on the network following December 15 risks becoming irretrievable. This shutdown plan leaves the original Ethereum NFT collection unaffected.
Pudgy Penguins Floor Price Rises as Weekly Sales Grow
In the wake of Weitsman’s disclosure, the floor price for Pudgy Penguins hovered around 2.74 ETH, translating to roughly USD 6,900 at that moment. That marked a reported 16.7% increase across a 24-hour window, with the floor price representing the minimum active listing cost within the set. Still, these metrics do not confirm that his purchases single-handedly triggered the upward movement.
In a separate metric, CryptoSlam data covering the seven-day period ending October 10 pegged Pudgy Penguins sales at approximately USD 1.50 million, reflecting a 125.66% jump from the prior week. The portfolio logged 196 transfers alongside 94 distinct buyer addresses and 123 seller addresses. Because this tracking window concluded prior to Weitsman’s public statement, those weekly totals cannot be tied exclusively to his actions.
Weitsman’s Earlier NFT Purchases and Brand Expansion
Weitsman initially entered the ecosystem by acquiring a Pudgy Penguin in December 2025. During early 2026, he secured another batch via a private deal encompassing 48 Pudgy Penguins, 48 Lil Pudgys, and 48 Pudgy Rods. He subsequently purchased the scarce left-facing Pudgy Penguin #6873 for 146.5 ETH, all prior to this latest addition of 117 items.
His digital asset portfolio spans beyond just Pudgy Penguins. Back in August 2025, he revealed a purchase of more than 5,000 NFTs originating from Yuga Labs, which included items tied to the Otherside initiative.
Away from digital markets, Pudgy Penguins maintains commercial sales of physical toys, trading cards, and additional merchandise outside NFT marketplaces. The foundational collection comprises 8,888 Ethereum NFTs introduced originally in July 2021.
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