BTCS Inc., a Nasdaq-listed blockchain company, has bought three Pudgy Penguins NFTs as part of its growing treasury. This is a big change for BTCS, which has mostly focused on holding Ethereum (ETH) until now.
The move comes right after BTCS snapped up 14,240 ETH in one go, lifting its total ETH holdings to over 70,000. By adding Pudgy Penguins, the company is diversifying into “blue-chip” NFTs, which are seen as top-quality and valuable in the NFT world.
Since launching in 2021, Pudgy Penguins has stayed one of the top NFT collections, thanks to strong prices and a loyal community. Last month, Greg Solano, co-founder of Yuga Labs, posted on X that “the world isn’t ready for NFT treasury companies, but they are coming anyway.”
PENGU Price Surges and NFT Market Trends
The news helped PENGU, the token linked to Pudgy Penguins, jump 4.28% in price and reach $0.03764–as per CoinMarketCap data. The collection’s floor price (minimum price for an NFT) is also up 7% this week, even overtaking Bored Ape Yacht Club in market cap.
NFT market activity has been strong lately, with July trading volumes hitting $6.6 billion, up 94% from the previous month. Pudgy Penguins has also been in the spotlight thanks to a collectibles deal in China and branding on a Formula One car, seen by over 85 million people.
Some experts believe NFT treasuries will become a trend for enterprises, similar to how firms store Bitcoin. Others warn that NFTs are riskier because of market volatility and a lack of long-term data.
Also Read: Investor Acquires 5,000+ NFTs from Yuga Labs to Revive Otherside
