Billionaire NFT collector Adam Weitsman purchased 117 Pudgy Penguins NFTs over the October 10–11 weekend, saying he wanted to support the Ethereum collection during a difficult period.
The American businessman announced the purchases on October 11, days after Igloo, the company behind Pudgy Penguins, confirmed plans to close its Abstract blockchain. His announcement came as NFT prices and trading activity increased.
In an October 11 post on X, Weitsman said he acquired the 117 collectibles through on-chain transactions. He described Pudgy Penguins as a favorite project and said his purchases were intended to support its holders. “This weekend I wanted to support one of my favorite collections during a difficult time,” he wrote.
Weitsman also told the community, known as the Huddle, “The Huddle will stay strong.” He did not disclose how much he paid for the new purchases or identify every transaction in the announcement. Reports based on wallet holdings place his total at 167 Pudgy Penguins across two wallets, including those purchased earlier.
The purchase followed Abstract's October 6 announcement that it would stop operating on December 15, 2026. Igloo launched the Ethereum layer-2 blockchain in January 2025 to support consumer applications and lower transaction costs. However, the project said it could not sustain operations after facing slow growth and limited trading activity.
Igloo chief executive Luca Netz said the company had spent tens of millions of dollars supporting Abstract. He said the business would direct its attention back to Pudgy Penguins and its PENGU token rather than raise funds through another token launch.
Abstract has instructed users to move assets before the shutdown deadline. The company warned that funds remaining on the network after December 15 could become inaccessible. The decision does not close the original Ethereum NFT collection.
Following Weitsman's announcement, the Pudgy Penguins floor price was reported near 2.74 ETH, equivalent to about USD 6,900 at the time. That represented a reported 16.7% rise over 24 hours. The floor price refers to the lowest listed asking price in the collection. However, these figures do not establish that his buying alone caused the increase.
Separately, CryptoSlam figures for the seven days through October 10 placed Pudgy Penguins sales near USD 1.50 million, up 125.66% from the previous week. The collection recorded 196 transactions and 94 buyer addresses, while seller addresses reached 123. Since the reporting period ended before Weitsman's public announcement, the weekly figures cannot be attributed solely to that announcement.
Weitsman first acquired a Pudgy Penguin in December 2025. In early 2026, he also bought 48 Pudgy Penguins, 48 Lil Pudgys and 48 Pudgy Rods in a private transaction. He later acquired the rare left-facing Pudgy Penguin #6873 for 146.5 ETH. These purchases preceded his latest reported addition of 117 collectibles.
His NFT holdings extend beyond Pudgy Penguins. In August 2025, he announced an acquisition of more than 5,000 NFTs from Yuga Labs, including assets connected to its Otherside project.
Meanwhile, Pudgy Penguins continues to sell toys, trading cards and other products outside NFT marketplaces. Its original collection consists of 8,888 Ethereum NFTs launched in July 2021.
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