PANews reported on October 10 that Spencer Ventures, a crypto fund focused on NFTs, planned to acquire 144 Pudgy Penguin NFTs from the art collection of the now-defunct crypto hedge fund Three Arrows Capital, Blockworks reported. Spencer Ventures struck a “mid-six-figure” deal a few weeks ago with Sotheby’s, the art auction house responsible for selling Three Arrows Capital’s NFT portfolio.

Spencer Ventures will receive 48 Pudgy Penguin NFTs, which can be seen in the Sotheby’s wallet. One features an extremely rare ice cap, and the best offer for the collection on OpenSea is 6.6 WETH, or nearly $10,500. Also included with the purchase is 48 Pudgy Rods, a fishing rod collection that debuted as a free-to-claim NFT in August 2021, as well as an airdrop containing an additional 48 Lil'_ Pudgys.
Spencer's Gordon-Sand said the company was attracted to the deal in part because the collection may hold its value over time. The company does not plan to sell the NFTs anytime soon, and the assets are being transferred from Sotheby's. to Spencer Ventures is scheduled to take place sometime on Tuesday.