Pudgy Penguins chief executive Luca Netz said he wants the crypto-native entertainment brand to go public within the next two years, adding that he would be "disappointed" if an initial public offering is not completed by 2027. The Miami-based company, which began as an Ethereum NFT collection and has since expanded into toys, games and a Solana-based memecoin called PENGU, is on course to generate a record $50 million in revenue this year. Netz said taking Pudgy Penguins public would promote accountability and give the firm greater access to capital as more digital-asset businesses seek listings. He also disclosed talks with asset managers about creating an exchange-traded fund tied to PENGU and Pudgy NFTs, and said investors have expressed more than $1 billion in demand for a PENGU treasury strategy. The IPO remarks sparked a burst of trading in PENGU, which briefly became one of the most-viewed tokens on CoinGecko on 22 Aug. Market momentum has since cooled: CoinGecko data show the floor price of Pudgy Penguins NFTs fell 13.4 % in the week to 26 Aug, triggering forced liquidations on the Blur lending platform. If the listing proceeds, Pudgy Penguins would join a growing cohort of digital-asset companies tapping U.S. public markets after regulators eased scrutiny under President Donald Trump. StockAnalysis counts more than 220 companies that have debuted on U.S. exchanges so far this year, almost double the total in the same period of 2024.