Pudgy Penguins Acquires $5.15M ‘Cowboy Ape’ CryptoPunk NFT

• Pudgy Penguins integrates high-value NFT into its treasury strategy.
• DeFi pioneer Robert Leshner joins as advisor following deal.

On July 24, 2024, Cointelegraph reported that the Web3 holding company Pudgy Penguins acquired CryptoPunk [object Object], known as the rare "Cowboy Ape," in a landmark $5.15 million equity trade. This transaction underscores Pudgy Penguins' ambitious strategy to integrate high-value digital assets into its treasury and branding operations.

According to the report, Robert Leshner, founder of Compound and Superstate, sold the coveted NFT. In return for the asset, Leshner received preferred stock convertible into Pudgy Penguins common shares and subsequently joined the company as a shareholder and advisor. Furthermore, Leshner plans to explore tokenizing Pudgy Penguins shares through his Superstate platform.

This acquisition marks Pudgy Penguins’ first direct investment in an NFT and aligns with the company’s recently unveiled strategy to generate annual returns of 3% to 5% through NFT yields. The move also signals Pudgy Penguins’ intent to use such digital assets as part of its treasury management.

In addition to the NFT acquisition, Pudgy Penguins strengthened its Ethereum holdings by purchasing $10 million in ETH. The report noted that as of July 24, the company’s crypto treasury holds approximately 12,913.49 ETH, valued at over $48 million. These initiatives are part of a broader $25 million program dedicated to crypto treasury management.

Meanwhile, according to CoinMarketCap on July 24, Ethereum (ETH) was trading at $3,732.71 at 18:09 UTC, down 3.8% over the previous 24 hours.