Adam Weitsman Buys 117 Pudgy Penguins NFTs On-Chain
Billionaire Adam Weitsman purchased 117 Pudgy Penguins on-chain this weekend to support his favorite collection during tough times and to instill confidence in the community.
He stated that the project brings him joy and said, "The Huddle will stay strong," while calling for a "Return to Pudgy Penguins." He confirmed that he is the operator behind the mysterious wallet 0xb972c97213a47bf58fe2cce28eb3e2f65c842f97, which has been accumulating this series since the parent company announced the closure of Abstract.
He first bought Pudgy Penguins in December 2025, acquiring 48 penguins, 48 Lil Pudgys, and 48 Rods (originally owned by the now-defunct Three Arrows Capital) from Moonbirds stakeholders in early 2026, and also purchased the unique left-facing #6873 for 146.5 ETH in the summer.
After this purchase, his total holdings of Pudgy Penguins rose to 167, distributed across two wallets. The floor price is currently reported at approximately 2.74 ETH (about $6,900), up 16.7% in 24 hours.
The purchase occurred after Igloo announced the closure of its Ethereum L2 chain Abstract, which was terminated due to operational losses of tens of millions of dollars, with the company subsequently refocusing resources on Pudgy Penguins and PENGU.
Amidst the overall downturn in the NFT market and project uncertainties, high-net-worth collectors are entering through large on-chain purchases, driving short-term floor price increases, directing funds towards blue-chip NFTs, benefiting existing holders, and putting pressure on sellers.
OpenSea data shows changes in his holdings; previously, he also held a large amount of Yuga Labs-related assets through OTC, including over 5,000 Otherdeeds, Mega Kodas, and more.
Source: Public Information
ABAB AI Insight
Adam Weitsman, who comes from the U.S. scrap metal recycling industry, has an estimated net worth between $1.2 billion and $1.5 billion. He entered the NFT space on a large scale after purchasing a Dookey Dash gold key for about $1.6 million in 2023 and has publicly stated that he has never sold any NFTs. He directly acquired over 5,000 Otherside-related assets from Yuga Labs through OTC and purchased the HV-MTL project, taking over the Pudgy series assets previously held by Three Arrows Capital in 2025.
He allocates his private wealth directly into blue-chip NFTs and related IPs, locking in long-term holdings through on-chain purchases and OTC transactions rather than short-term trading. His motivation is to strengthen community narratives and collectible value, injecting confidence when projects face financial pressures, while also expanding control over leading series.
This behavior is similar to that of some high-net-worth collectors who built large positions in BAYC and CryptoPunks during their lows in 2021-2022, and resembles the redistribution that occurred after 3AC's holdings were taken over. Currently, Pudgy Penguins is in a defensive accumulation phase as the parent company shrinks non-core businesses and refocuses on NFTs and branding.
Essentially, this represents capital concentration: high-net-worth individuals are concentrating their holdings in top NFTs during market downturns and project adjustments, reducing circulating supply and strengthening pricing power and community narratives, driven by liquidity exhaustion and trust gaps rather than a general rebound in demand.
ABAB News · Cognitive Laws
- Buying in tough times equals pricing power
- Collectibles = Time × Belief × Capital
- Blue chips rely on whales, bubbles rely on retail investors