GM to all of you nutcases. It’s Crypto Nutshell #888 bobsleddin‘ in…🛷🥜

We're the crypto newsletter that's more alert than a coach spotting the trick play before the whistle leaves the ref's mouth… 🏈💡

What we’ve cooked up for you today…

What’s in the Crypto Nutshell Portfolio?

BREAKING: Elon Musk’s SpaceX holds $1.45 billion worth of bitcoin as firm looks to go public

SpaceX just filed it’s long awaited IPO docs…

It also reminded everyone that Elon Musk's rocket company is still sitting on a giant Bitcoin stack.

To be clear, the Bitcoin part isn't exactly a new development.

Musk said back in 2021 that SpaceX owned Bitcoin.

There were also reports in 2023 about SpaceX writing down and selling some of its holdings.

The new part is the number now showing up in an IPO filing.

SpaceX disclosed 18,712 BTC, bought at an average cost of $35,320 per coin. At recent prices, that's roughly $1.4B.

That means a future SpaceX shareholder wouldn't just be buying rockets, satellites, and Elon Musk's next giant public company.

They'd also be buying a company with serious Bitcoin exposure on the balance sheet.

Then Binance added the more crypto-native twist.

It launched a SpaceX-linked pre-IPO perpetual.

Meaning traders can speculate on SpaceX's expected public-market value before the stock actually trades.

Binance's Shunyet Jan framed it as "democratizing access" to market opportunities that are usually harder to reach.

This connects pretty neatly with the tokenised stock story we covered this week.

For those that don’t know, a tokenised stock is basically a crypto wrapper that tracks a real share, or gives economic exposure to one, on blockchain rails.

The promise is faster, broader, 24/7 access.

The hard question is what the token actually gives you:

Real ownership, economic exposure, or just a price bet?

SpaceX sits right in the middle of that question.

The exciting part is access. More people can trade around big financial events that used to belong mainly to institutions and insiders.

The risky part is also access. If the product doesn't represent ownership of the underlying shares, traders need to know exactly what game they're playing.

Crypto keeps moving closer to the stock market.

The next fight is over what counts as real ownership.

Global defense budgets are expanding, but the allocation has changed. A growing share of spending is going toward AI-enabled systems, satellite networks, and advanced aerospace, not the platforms that dominated the last generation of procurement. We identified five companies at the center of this reallocation in a single research brief. Inside, you'll find the investment case for each, the contracts driving revenue, and the risks worth understanding before you commit capital. If you want exposure to defense sector growth beyond the traditional mega-caps, this report is a practical starting point. Free, concise, and built for investors who want to move ahead of the crowd.

Read the report

CZ just put the entire AI x crypto thesis into 1 sentence.

CZ is the founder of Binance, the largest crypto exchange in the world. He's been one of the most influential voices in the industry for over a decade and has consistently been ahead of the curve on the biggest themes in crypto.

And in his latest interview, he made a prediction that should reframe how every investor thinks about the future of money.

Right now, AI agents aren't really transacting. They draft your emails. They write your code. They answer your questions. But they're not yet booking your flights, paying for your dinner, or running your business operations.

That's about to change.

When agents become truly autonomous, they need a payment layer that's instant, programmable, borderless, and 24/7.

Visa can't do that. PayPal can't do that. Banks definitely can't do that.

But Bitcoin can. Ethereum can. Stablecoins can. The entire crypto stack is built for it.

That means every AI agent transaction in the future, and there will be trillions of them, will flow through crypto rails by default. Not as an option. As the only viable option.

The market is still pricing crypto like it competes with traditional finance.

CZ is telling you it's actually the rails for the robots that are about to run everything. 🧠

Today we’ll be taking a look at the amount of Bitcoin available for sale on exchanges.

Here’s how to interpret this metric:

2.69 million BTC on exchanges. 13.43% of circulating supply.

A tiny uptick from two weeks ago - mirroring what we saw with ETH. After months of persistent withdrawals, exchange balances ticked slightly higher.

But the year-to-date numbers still tell the real story. Since January, 79,611 BTC have been withdrawn from exchanges - roughly $6.11 billion pulled off the open market in 2026.

One fortnight of marginal inflows doesn't dent that. The structural trend remains firmly intact - exchange balances are still near all-time lows and the broader direction hasn't changed.

Worth monitoring alongside the ETH data though. If both assets see exchange balances rising again next time, it shifts from a blip to a pattern.

For now, 13.43% of supply on exchanges. Still historically thin. Still a market where supply remains remarkably tight despite months of downside pressure. 💪

Bitcoin Firm Nakamoto Plots 1-for-40 Stock Split Following 99% Price Plunge. The Bitcoin treasury firm is trying to regain Nasdaq compliance after a brutal share-price collapse.

Tax evaders are trying ‘novel digital assets’ to dodge authorities: Chainalysis. Chainalysis says Italian authorities uncovered a case where Bitcoin Ordinals and BRC-20 tokens were allegedly used to hide about $1.1M in undeclared gains.

Foundation raises $6.4 million to expand from bitcoin hardware wallets into AI agent authorization. The raise turns Bitcoin self-custody hardware into a broader trust-layer story for identity, approvals, and AI agents.

Crypto Exchange Blockchain.com Files for IPO in the US. Blockchain.com joins the crypto public-listing queue, reinforcing the IPO theme without being strong enough to outrank SpaceX or BTC market pressure.

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Select your answer below and you’ll be redirected to the results page. (answer explanation can be found after “Meme Corner”)

Because what would the crypto world be without its share of memes?

Trivia Answer: A network built on top of a main blockchain to make transactions cheaper or faster 🥳

Layer 2 networks help blockchains scale by moving some activity away from the main chain while still using it for security or settlement. Ethereum examples include Arbitrum, Optimism, and Base.

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