Highlights
- Nasdaq-listed BTCS Inc. purchased three Pudgy Penguins NFTs, marking a strategic shift from its ETH-focused holdings to include blue-chip NFTs.
- The acquisition follows BTCS’s largest single ETH purchase of 14,240 ETH, pushing total holdings above 70,000 ETH.
- The news drove a 3.34% increase in the PENGU price, with a 7% weekly rise in Pudgy Penguins’ floor price.
Nasdaq-listed BTCS Inc. has purchased three Pudgy Penguins NFTs to expand its treasury holdings. The move follows the PENGU price’s bullish momentum as corporate NFT treasury talks gain popularity.
BTCS Diversifies Treasury With Pudgy Penguins NFT Purchase
In fresh treasury actions, BTCS increased its reserves by acquiring three Pudgy Penguins NFTs. This represents a strategic change for a company that has historically concentrated on accumulating ETH.
The firm recently executed its largest single ETH purchase to date, acquiring 14,240 ETH and boosting total holdings to over 70,000 ETH.
The addition of Pudgy Penguins by BTCS points to a larger diversification strategy meant to incorporate “blue-chip” NFT assets into the company’s holdings. With consistently high floor prices and strong community support, Pudgy Penguins has maintained a top-tier position in the NFT space since its launch in 2021.
The acquisition comes after growing industry interest in using NFTs as part of corporate reserve strategies, similar to how companies like Strategy hold Bitcoin. NFT market insiders believe such moves could change corporate finance.
Notably, Garga, CEO of Yuga Lab, suggested that NFT treasury companies could become a mainstream trend. They argue that NFTs bring cultural and social value that can improve brand connection and investor appeal.
However, others warn that NFTs’ price volatility and limited growth data make them riskier than investing in established cryptocurrencies like Bitcoin or Ethereum.
PENGU Price Jumps After Update
In light of the news, the PENGU price gained 3.34%. The token outperformed the broader crypto market’s 2.31% rise. The price jump coincides with a 7% weekly rise in Pudgy Penguins’ NFT floor price, which recently overtook Bored Ape Yacht Club in market cap.
Additionally, the NFT market experienced a notable rebound in July, with trading volumes reaching $6.6 billion, a 94% month-over-month increase. The momentum rekindled interest in blue-chip collections.
Pudgy Penguins also extended its ecosystem by entering into a collectibles licensing agreement with Suplay Inc. of China. Through Kraken’s promotion, they were also able to secure branding space on a Williams Racing Formula One car. More than 85 million people saw this.
Meanwhile, the PENGU price maintained strong technical momentum, trading above key moving averages as volume rose 30% to $838 million. Analysts have also suggested that the token could climb toward DOGE price levels, especially with its newly announced listing on Robinhood.
To determine whether the rally has sustained momentum, investors will need to observe the August NFT market cap data, which is anticipated next week. With BTCS’s recent action, sustained growth could increase PENGU’s momentum. In conclusion, institutional portfolios will be significantly impacted by the growing trend of corporate treasuries towards NFTs.
- Bitcoin Treasuries Add Nearly $1B BTC This Week as Holdings Cross 1M BTC
- Peter Schiff Criticizes Bitcoin’s Performance Following Gold’s Rally To New ATH
- Arkham Uncovers $5 Billion in Untouched Bitcoin From Germany’s Movie2K Seizure
- Ethereum Spot ETFs Record $447 Million in Outflows Amid Crypto Market Decline
- World Liberty Financial Discloses Reason for Blacklisting 272 Wallets
- HBAR Price Forecast: Analyst Targets 123% Rally as ETF Approval Odds Hit 90%
- Solana Price Prediction: Will Solana Hit $320 as SOL Strategies Gains Nasdaq Approval?
- XRP Price Forecast: Analyst Eyes $127 as BlackRock Joins Ripple Swell 2025
- Chainlink Price Eyes $55 as Reserve Holdings Jump With 43,937 LINK Addition
- Cardano Price Targets 30% Surge as Top Economist Calls for Fed Cut