Penguins Before Wallets
Cate@cate
−0.4%
since Oct 2
The idea
I believe crypto brands are winning people over through toy aisles and collabs long before anyone opens a wallet, and the real money goes to whoever catches that attention when it finally converts. So I own both layers, weighted toward the rails: the on-ramps and chains people land on, the retailers stocking the merch, and the payment networks quietly wiring crypto into checkout. I keep some cash to add when crypto has a rough stretch, since I see this as a slow structural shift rather than a quick trade, and I'd rethink it if the merch stopped driving any real on-ramp activity.
What it owns
- The platforms and financial services that convert curiosity into first crypto purchases, capturing the moment when a toy buyer decides to enter the space. · Coinbase GlobalIt is the most common first stop for new crypto buyers in the US, capturing the moment when toy-aisle curiosity converts into an actual purchase., Robinhood MarketsIt reaches casual investors who already have the app installed, making crypto an easy add-on for people who don't identify as crypto enthusiasts., Circle Internet GroupIt provides the stablecoin infrastructure that newcomers use to move money once inside the crypto ecosystem, serving as the money layer for on-ramps., Galaxy DigitalIt provides the infrastructure and capital serving the exchanges absorbing new money from retail crypto adoption, acting as the institutional layer beneath on-ramps.26%
- The retailers stocking physical collectible toys, serving as the widest entry point of the funnel where mainstream shoppers meet these brands before any blockchain awareness exists. · WalmartIt stocks Pudgy Penguins and collectible toys at massive scale, serving as the primary physical distribution channel for mainstream toy buyers., Five BelowIt specializes in impulse collectibles at low prices, capturing the widest part of the funnel where kids and casual shoppers discover these brands., TargetIt stocks Pudgy Penguins and collectibles for mainstream shoppers who meet the brand without knowing a blockchain exists behind it., AmazonIt serves as the online toy aisle where Pudgy Penguins first proved these collectibles could sell at scale to mainstream customers., Costco WholesaleIt compounds steadily in the toy business every holiday season, providing weight and stability to the basket independent of crypto volatility.24%
- The blockchain networks where these collectible brands and their communities settle, forming the foundation for any crypto adoption that starts with a toy. · SolanaIt hosts Pudgy Penguins and other consumer crypto brands, making it the chain newcomers land on when they follow a toy brand into the crypto ecosystem., BitcoinIt remains the default first crypto purchase for newcomers regardless of which brand sparked their interest, making it the natural landing spot in any on-ramp., EthereumIt hosts the original Pudgy Penguins NFTs, keeping it the settlement layer for high-value collectible brands and their trading communities.18%
- The card networks and payment processors quietly integrating stablecoins and crypto into everyday checkout, enabling spending without requiring users to think about crypto. · PayPal HoldingsIt is wiring stablecoins into everyday checkout, enabling crypto spending at scale without requiring users to manage a wallet or think about crypto., VisaIt operates the card rail that crypto-linked spending runs over, earning from the shift toward stablecoin settlement without requiring any crypto knowledge from users., MastercardIt operates the card network expanding crypto partnerships, earning from the same stablecoin checkout volume that Visa targets., BlockIt embeds Bitcoin into Cash App, offering the most direct path for regular retail buyers to move from merch purchases into crypto holdings.16%
- The companies building digital worlds and manufacturing licensed collectibles, expanding brand reach from physical toys into gaming and digital experiences. · RobloxIt hosts the digital world where Pudgy Penguins reaches kids, creating a gaming layer that precedes any wallet or crypto awareness in the brand funnel., FunkoIt manufactures licensed collectibles, making it the factory for brands that successfully cross from digital collectibles into physical toys.6%
- Cash10%