On October 10, Blockworks reported that NFT crypto fund Spencer Ventures planned to acquire 144 "Pudgy Penguins" series NFTs from the art collection of the now-defunct crypto hedge fund Three Arrows Capital. The venture fund struck a “six-figure or so” deal a few weeks ago with Sotheby’s, the auction house responsible for selling Three Arrows Capital’s NFT portfolio. Spencer Ventures will receive 48 Pudgy Penguins NFTs, in addition to the airdrop of 48 Pudgy Rods and 48 Lil' Pudgys.

According to previous news from BlockBeats, Spencer Ventures announced in September last year that it had completed a US$4.5 million fund raising, with more than 30 investors from Chicago and the Midwest participating in the investment.