Fat Penguin's coin issuance drives the recovery of NFT. How do PENGU, Abstract, and OpenSea kill three birds with one stone?
Original title: "Pengu is about to issue a coin. Can PENGU, Abstract, and OpenSea kill three birds with one stone?"
Original author: Wenser, Odaily Planet Daily
Editor's note: On December 16, Binance HODLer airdrop launched the 5th project Pudgy Penguins (PENGU). From 08:00 on December 9, 2024 to 07:59 on December 13 (Eastern Time), users who use BNB to subscribe to the regular and/or current products of the earning platform will receive airdrop allocations. HODLer airdrop information is expected to be launched soon, and tokens will be distributed to users' spot wallets 1 hour before trading begins. Both Binance and OKX will launch PENGU spot trading.
On December 17, Pudgy Penguins CEO Luca Netz announced that PENGU tokens will be available for redemption at 8:00 a.m. EST on December 17 (9:00 p.m. BJT on December 17). All Pudgy Penguins, Lil Pudgys, Rogs and SBTs holders can participate, and the redemption period is 88 days. This article was first published on December 16th, and the original text is as follows:
At around 8 am this morning, according to the information disclosed by researcher Waleswoosh, the Pudgy Penguins project token PENGU may be launched within 48 hours; at the same time, as the coin issuance approaches, the floor price of Pudgy Penguins NFT has also been rising. As of the time of writing, it is temporarily reported at 33.7 ETH, worth nearly 140,000 US dollars, which is only 10,000 US dollars away from the CryptoPunks floor price. At the same time, Abstract Chain, the L2 network under Pudgy Penguins' parent company Igloo, also officially announced that it will launch its mainnet in January next year, and there is also market expectation of issuing its own token; OpenSea was also recently reported to have registered the OpenSea Foundation in the Cayman Islands.
Thus, through the issue of Fat Penguin's token issuance, whether the three projects of PENGU, Abstract, and OpenSea can achieve "one fish, three meals" has become the focus of market attention. Odaily Planet Daily will summarize the latest developments of related projects in this article for readers' reference.
Penguin coin issuance: may become the engine of NFT market recovery
As the "last dance of blue-chip NFT coin issuance" this year, Pudgy Penguin, as usual, has played a combination of punches. We have systematically sorted out the business landscape of Pudgy Penguin in the previous article "Acquiring Frame, building abstract chains, and subverting Base, can Pudgy Penguin take up the banner of consumer economy?", and when it comes to token issuance, Pudgy Penguin's thinking also implies deep meaning:
PENGU: The first stop of Pudgy Penguin coin issuance
Rewinding the time to December 6, Pudgy Penguins officially announced that PENGU tokens will be launched in 2024, with a total supply of 88, 888, 888, 888, and will be launched on Solana. According to the official release pictures, the Pudgy community will own 25.9% of the tokens, and other communities will receive 24.12% of the tokens.
We also made a preemptive prediction of the market's expected PENGU token market value and other information in the article "Fat Penguin Issues Tokens, Community Predicts Airdrop Income to Exceed $30,000". At that time, affected by the expectations of the coin issuance, the floor price of Pudgy Penguins NFT rose as high as 16% during the day, but the floor price was only 17.75 ETH, which is about 50% of the current price.

PENGU Token Economics Related Information
Subsequently, Pudgy Penguins' parent company Igloo issued a statement saying that PENGU plans to use multi-chain release and will also be enabled on Ethereum and Abstract Chain. Luca Netz, CEO of Fat Penguin, later wrote that in order to let the Pudgy Penguins community have a clearer understanding of the PENGU token situation, remind that there is no snapshot of the PENGU token. Once the token is launched, it will be allocated to the relevant NFT, and there will be 88 days to apply for the token. Influenced by this news, Pudgy Penguins NFT has the motivation to continue to rise.
On December 8, the floor price of Pudgy Penguins officially surpassed the former "NFT synonym" BAYC Bored Ape.
On the other hand, another piece of the puzzle of Fat Penguin's "business empire" also came to the center of the stage.
Abstract: L2 chain with separate token issuance
On December 15, according to official news, Abstract Chain, an L2 network under Igloo, the parent company of Pudgy Penguins, announced that it will launch the mainnet in January next year. The project was formerly known as the on-chain creator economic platform Frame. It had previously planned to develop infrastructure related to the creation of NFT markets without permission. At that time, it also had the expectation of airdropping the launch of FRAME tokens. After the acquisition by Fat Penguin's parent company, Abstract is not only an L2 network designed for on-chain culture and community, but also a project with airdrop expectations for PENGU and network native tokens.
As Luca Netz said in his reply to the community: "All Elite roles on the Abstract Discord will receive PENGU tokens." For the current interactive operation of Abstract's airdrop, please refer to the article "Fat Penguin's coin issuance brings fire to Abstract, and teaches you how to ambush the "Penguin Chain" step by step", which includes tasks such as testnet, early bird badges, and Discord community roles.
OpenSea: The platform power that helps Fat Penguin
On December 13, OpenSea, as the "big brother of the NFT market", also added fuel to the fire for Fat Penguin's coin issuance, and changed the avatar of the official account of the X platform to Pudgy Penguins NFT-related pictures. Under the dissemination effect with a strong Meme attribute, the expectations of crypto players, including many NFT users, for the wealth-making effect of PENGU tokens have reached a new level. (Note from Odaily Planet Daily: Currently, OpenSea has officially changed its profile picture back to its original state)

OpenSea Official Changes Profile Picture
Combined with the previous revelation by Mike Dudas, founder of 6th Man Ventures and former founder of The Block, that "OpenSea is suspected to have registered the OpenSea Foundation in the Cayman Islands on August 20 this year" and the news that the latest version of OpenSea may be launched this month, OpenSea's token airdrop may also be on the way.
In addition, according to the Dune data panel issued by Sealaunch, a well-known on-chain data monitoring organization, if OpenSea promotes token launch, it may be related to factors such as the number of user transaction operations. The OpenSea user rankings in the Dune data panel may be used as a reference for airdrop expectations.

OpenSea user ranking query interface, for reference only
Summary: Fat Penguin's coin issuance has driven the NFT market to recover, and the wealth-creating effect remains to be verified
With the launch of PENGU approaching, the NFT market has also ushered in a long-awaited recovery: according to data earlier today, the total market value of the top NFT series on the entire network has risen above US$10 billion, currently reaching US$10,450,232,468, a 24-hour increase of 10.2%; in the past 24 hours, the total NFT series transaction volume on the entire network reached US$71,146,166, an increase of 87.5%.
In addition, due to the unclear snapshot time and airdrop conditions, in recent days, in addition to the rising floor price of Pudgy Penguins, its historical high transaction price has also ushered in a wave of whales: Pudgy Penguin #8441, ranked 14th in rarity, was traded at a price of 100.5025 ETH; Pudgy Penguin #2447 was traded at a price of 150 WETH.
As for whether many NFT users and Pudgy Penguins holders can realize the dream of "one fish, three meals", at present, they still hope for the online performance of Pudgy Penguins project token PENGU. It is no exaggeration to say that at the moment of this cycle, Fat Penguin has become the "hope of the whole village" leading the NFT track to a new path-PENGU rises, NFT prospers; PENGU falls, and the winter of NFT will continue.
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Sun Valley Releases 2025 Financial Report: Bitcoin Mining Revenue Reaches $670 Million, Accelerating Transformation to AI Infrastructure Platform
On March 16, 2026, in Dallas, Texas, USA, CanGu Company (New York Stock Exchange code: CANG, hereinafter referred to as "CanGu" or the "Company") today announced its unaudited financial performance for the fourth quarter and full year ended December 31, 2025. As a btc-42">bitcoin mining enterprise relying on a globally operated layout and dedicated to building an integrated energy and AI computing power platform, CanGu is actively advancing its business transformation and infrastructure development.
• Financial Performance:
Total revenue for the full year 2025 was $688.1 million, with $179.5 million in the fourth quarter.
Bitcoin mining business revenue for the full year was $675.5 million, with $172.4 million in the fourth quarter.
Full-year adjusted EBITDA was $24.5 million, while the fourth quarter was -$156.3 million.
• Mining Operations and Costs:
A total of 6,594.6 bitcoins were mined throughout the year, averaging 18.07 bitcoins per day; of which 1,718.3 bitcoins were mined in the fourth quarter, averaging 18.68 bitcoins per day.
The average mining cost for the full year (excluding miner depreciation) was $79,707 per bitcoin, and for the fourth quarter, it was $84,552;
The all-in sustaining costs were $97,272 and $106,251 per bitcoin, respectively.
As of the end of December 2025, the company has cumulatively produced 7,528.4 bitcoins since entering the bitcoin mining business.
• Strategic Progress:
The company has completed the termination of the American Depositary Receipt (ADR) program and transitioned to a direct listing on the NYSE to enhance information transparency and align with its strategic direction, with a long-term goal of expanding its investor base.
CEO Paul Yu stated: "2025 marked the company's first full year as a bitcoin mining enterprise, characterized by rapid execution and structural reshaping. We completed a comprehensive adjustment of our asset system and established a globally distributed mining network. Additionally, the company introduced a new management team, further strengthening our capabilities and competitive advantage in the digital asset and energy infrastructure space. The completion of the NYSE direct listing and USD pricing also signifies our transformation into a global AI infrastructure company."
"As we enter 2026, the company will continue to optimize its balance sheet structure and enhance operational efficiency and cost resilience through adjustments to the miner portfolio. At the same time, we are advancing our strategic transformation into an AI infrastructure provider. Leveraging EcoHash, we will utilize our capabilities in scalable computing power and energy networks to provide cost-effective AI inference solutions. The relevant site transformations and product development are progressing simultaneously, and the company is well-positioned to sustain its execution in the new phase."
The company's Chief Financial Officer, Michael Zhang, stated: "By 2025, the company is expected to achieve significant revenue growth through its scaled mining operations. Despite recording a net loss of $452.8 million from ongoing operations, mainly due to one-time transformation costs and market-driven fair value adjustments, the company, from a financial perspective, will reduce its leverage, optimize its Bitcoin reserve strategy and liquidity management, introduce new capital to strengthen its financial position, and seize investment opportunities in high-potential areas such as AI infrastructure while navigating market volatility."
The total revenue for the fourth quarter was $1.795 billion. Of this, the Bitcoin mining business contributed $1.724 billion in revenue, generating 1,718.3 Bitcoins during the quarter. Revenue from the international automobile trading business was $4.8 million.
The total operating costs and expenses for the fourth quarter amounted to $4.56 billion, primarily attributed to expenses related to the Bitcoin mining business, as well as impairment of mining machines and fair value losses on Bitcoin collateral receivables.
This includes:
· Cost of Revenue (excluding depreciation): $1.553 billion
· Cost of Revenue (depreciation): $38.1 million
· Operating Expenses: $9.9 million (including related-party expenses of $1.1 million)
· Mining Machine Impairment Loss: $81.4 million
· Fair Value Loss on Bitcoin Collateral Receivables: $171.4 million
The operating loss for the fourth quarter was $276.6 million, a significant increase from a loss of $0.7 million in the same period of 2024, primarily due to the downward trend in Bitcoin prices.
The net loss from ongoing operations was $285 million, compared to a net profit of $2.4 million in the same period last year.
The adjusted EBITDA was -$156.3 million, compared to $2.4 million in the same period last year.
The total revenue for the full year was $6.881 billion. Of this, the revenue from the Bitcoin mining business was $6.755 billion, with a total output of 6,594.6 Bitcoins for the year. Revenue from the international automobile trading business was $9.8 million.
The total annual operating costs and expenses amount to $1.1 billion.
Specifically, they include:
· Revenue Cost (excluding depreciation): $543.3 million
· Revenue Cost (depreciation): $116.6 million
· Operating Expenses: $28.9 million (including related-party expenses of $1.1 million)
· Miner Impairment Loss: $338.3 million
· Bitcoin Collateral Receivable Fair Value Change Loss: $96.5 million
The full-year operating loss is $437.1 million. The continuing operations net loss is $452.8 million, while in 2024, there was a net profit of $4.8 million.
The 2025 non-GAAP adjusted net profit is $24.5 million (compared to $5.7 million in 2024). This measure does not include share-based compensation expenses; refer to "Use of Non-GAAP Financial Measures" for details.
As of December 31, 2025, the company's key assets and liabilities are as follows:
· Cash and Cash Equivalents: $41.2 million
· Bitcoin Collateral Receivable (Non-current, related party): $663.0 million
· Miner Net Value: $248.7 million
· Long-Term Debt (related party): $557.6 million
In February 2026, the company sold 4,451 bitcoins and repaid a portion of related-party long-term debt to reduce financial leverage and optimize the asset-liability structure.
As per the stock repurchase plan disclosed on March 13, 2025, as of December 31, 2025, the company had repurchased a total of 890,155 shares of Class A common stock for approximately $1.2 million.

