GM to all of you nutcases. It’s Crypto Nutshell #780 wrappin’ the presents… 🎁🥜

We’re the crypto newsletter that’s more ruthless than a gang tearing through the streets with no rules and no mercy… 🧥⚔️ 

What we’ve cooked up for you today…

What’s in the Crypto Nutshell Portfolio?

BREAKING: Strategy is positioned for a 'prolonged crypto winter' after boosting cash reserve, TD Cowen says

One of the biggest fears hanging over crypto right now is Strategy blowing up…

Michael Saylor's company holds 671,268 BTC - worth over $59 billion. That's 3.2% of Bitcoin's total supply.

If Strategy's balance sheet breaks, the forced selling would crater the entire market.

But that fear just got significantly weaker.

Last week, Strategy raised $748 million by selling common stock and added it directly to cash reserves.

The company's USD Reserve now sits at $2.19 billion - enough to cover 32 months of preferred dividends and debt interest obligations.

TD Cowen called the move a decisive signal that Strategy is "positioned for a prolonged crypto winter."

Translation: Strategy won’t be forced to sell Bitcoin anytime soon, even if prices stay depressed.

The firm sold over 22 million shares in the past four weeks without disrupting market liquidity - while Bitcoin dropped 30% from its October highs.

This wasn't panic. It was deliberate balance sheet management.

Why this matters

The "Strategy collapse" narrative has been one of the most persistent sources of FUD in crypto.

Critics argued Saylor over-leveraged, that falling Bitcoin prices would force liquidations, that the preferred stock structure was unsustainable.

This cash raise directly addresses those concerns.

Strategy now has nearly three years of runway to service its obligations without touching Bitcoin - even if the company raises zero additional capital and Bitcoin drops further.

But other Bitcoin treasury companies haven't fared as well…

Metaplanet is down 75% over six months. MARA Holdings is down 38% in 2025.

Strategy's stock is down 43% year-to-date. But its balance sheet is stronger than it was three months ago.

And that removes one of the biggest tail risks facing the entire crypto market. 🚀

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This week, Wall Street veteran Tom Lee said something this week that most people intuitively know - but almost nobody actually lives by.

On his latest podcast appearance, Lee explained what he’s seen over 11+ years of managing money:

Not one.

Not from dooming.
Not from calling tops.
Not from sitting in cash waiting to be right.

He then went even further:

That’s the difference.

The people who get wealthy aren’t the ones who avoid drawdowns.
They’re the ones who survive them.

Which is why this quote keeps proving true, cycle after cycle:

Markets don’t reward comfort. They reward conviction. 💪

The streak is over…

Digital asset funds saw outflows for the first time in four weeks, totalling $952 million.

Let’s break it down.

Ethereum saw the largest outflows last week, with $555.1 million exiting.

Bitcoin followed with $460 million in outflows.

Whilst XRP and Solana continued to see inflows of $62.9m and $48.5m respectively.

From a regional perspective, the negative sentiment was focused on the US which saw outflows of $990 million.

Whilst Germany and Canada saw inflows of $46.2 million and $15.6 million respectively.

So why did negative sentiment suddenly return for ETF investors?

CoinShares believes it was a reaction to the US Clarity Act being delayed.

This delay has prolonged regulatory uncertainty for the overall asset class.

As a result, it’s highly unlikely that ETFs will exceed last years inflows, with YTD inflows standing at $46.7 billion compared to $48.7 billion in 2024.

BitMine bought the dip, now owns more than 4 million ETH. Thomas Lee's ETH treasury firm acquired nearly 99,000 tokens last week as crypto markets slid.

Bitcoin Poised to Rise to $1.4 Million by 2035, Analysts Say—Or Much Higher. A new price model suggests that Bitcoin could rise as high as $1.4 million per coin by 2035, as a base case. The bull case is even higher.

Peter Thiel-backed ETHZilla sells $74.5 million of ETH to pay debt as it shifts away from DAT strategy. Smaller ETH treasury firms face tighter constraints, with lower ether prices and debt obligations reducing room to keep accumulating.

Metaplanet clears issuance of dividend-paying shares for overseas institutions. Metaplanet’s new preferred share structure offers institutions structured exposure to a Bitcoin-heavy balance sheet without holding spot BTC.

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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: 5,000 BTC🥳

The Lightning Network currently holds around 5,000 BTC (roughly $470 million) in public channel capacity. While this seems small compared to Bitcoin's $1.8 trillion market cap, it processes millions of instant, low-fee transactions that would be impractical on the base layer.

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DISCLAIMER: The content of this newsletter is not financial advice. This newsletter is strictly educational and is not investment advice. Please be careful and do your own research.