GM to all of you nutcases. It’s Crypto Nutshell #961 bringin‘ the news… 🥜

We’re the crypto newsletter that’s more certain we’re gonna need a bigger boat than a small-town sheriff backing off the stern the second something huge surfaced beside him… 🦈🚤

What we’ve cooked up for you today…

What’s in the Crypto Nutshell Portfolio?

BREAKING: Strategy Buys $370M of Bitcoin in First Purchase Since June

The summer's biggest sellers just turned back into buyers.

Strategy bought Bitcoin again last week, its first purchase since June.

It picked up 4,603 coins for $369.7 million, lifting the stack to 845,050 Bitcoin worth around $66 billion.

And he wasn't buying alone…

Strive added 1,800 coins for about $143 million, enough to make it the fifth-biggest public Bitcoin treasury.

Tom Lee's Bitmine put $131 million into Ether, its largest such buy in months.

For most of the summer this same crowd ran the other way, Strategy trimming its stack to cover dividends while Trump Media shifted most of its coins off its own books.

Now they're all stepping back in within days of each other.

Strategy spent the summer as a seller.

It let go of roughly 6,948 Bitcoin between May and August at about $62,250 a coin.

The 4,603 it just bought back cost $80,318 each, around 29% more.

It sold near the lows and is buying back the bounce…

Saylor's answer to that is the cash pile itself.

He built close to $6.7 billion in dry powder over the summer, exactly so he could re-enter whenever he chose, at whatever price.

So the corporate bid that went missing in August is back, and it's back with Bitcoin near $79,000, well above the low-$60s where Strategy was still selling a few weeks back.

Buying back at $80,000 what you sold at $62,000 is a bet the floor has moved up for good. 🚀

AI is moving from experiment… to essential.

Every major industry is integrating it.
Every major company is investing in it.

By late 2025, AI was already an $800B market — growing at a pace that could push it well beyond $1 trillion in the years ahead.

Cloud infrastructure is scaling fast.
AI-enabled devices are multiplying.
Automation is becoming standard.

But here’s the real question…

When trillions flow into this transformation — which stocks stand to benefit most?

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Arthur Hayes has put a price target on the one mega-cap coin almost everyone's written off.

He's the co-founder and former CEO of BitMEX, now the CIO of the crypto fund Maelstrom, and writes some of the most-read macro essays in the business.

The coin he's most interested in right now is Ether.

Ether is the second-largest asset in crypto and also the most forgotten.

It still hasn't reclaimed its 2021 peak near $5,000, while most of the other top coins cleared their old highs long ago.

The pitch is infrastructure.

All the tokenization that TradFi keeps promising, stocks and bonds moved on-chain, has to run somewhere public.

Hayes' bet is that it runs on Ethereum: corporate chains like Robinhood's are built on Ethereum layer-2s and settle back to it, so even a sliver of the fees drips down to Ether.

Robinhood's chain just out-earned Ethereum in daily fees this week, and the NYSE's parent tapped tZERO to build a market for tokenized stocks.

Tom Lee's Bitmine, now holding close to 5% of all Ether, gives big funds the cover to pile into the same trade.

At $5,000, Ether would roughly double from today's $2,465 and finally clear its all-time high.

The tokenization everyone's chasing has to settle somewhere, and Hayes is betting on the rails underneath it. 🛤️

Back to the ETF flow data, our weekly read on institutional appetite.

Green means money flowing in, red means it’s heading out.

And it stayed green for a second week running.

Bitcoin ETFs pulled in $924 million last week across four green sessions and one red, about half the prior week’s $1.92 billion but still firmly positive.

IBIT did all the lifting, taking in around $938 million on its own, which means the rest of the complex bled slightly, with Grayscale’s GBTC down $78 million and ARK’s fund off $85 million.

Ethereum leaned in harder.

The ether funds drew $816 million across five green sessions, up from $693 million a fortnight ago, with BlackRock’s ETHA carrying $567 million of it.

That pulls ether almost level with bitcoin on the week, after trailing it by more than a billion dollars just two weeks back.

Combined, the two took in $1.74 billion, down from $2.61 billion but green on both sides for the second straight week.

The flows that flip-flopped all summer are now two weeks deep, and this time ether did most of the closing. 📊

Hyperliquid in Talks With Kraken Parent to Bring Crypto Perps to US Traders. A deal would route the decentralized exchange's perpetual futures through Payward's US-regulated Bitnomial, marking Hyperliquid's first US entry.

NYSE owner ICE taps tZERO for tokenized securities push, takes stake in firm. tZERO will provide transfer-agent and settlement infrastructure for ICE's planned NYSE-affiliated market for tokenized stocks, and ICE will invest in its latest round.

Ireland excludes crypto from new tax-advantaged investment accounts. The planned accounts will give tax breaks to stocks, bonds and ETFs while treating crypto and derivatives as higher-risk and leaving them out.

Solana fees hit record as validators double pace of inflation cuts. Validators voted to speed up cuts to SOL's new issuance, trimming future supply growth while lowering their own rewards for the same work.

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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: When one entity controls most of a network’s mining power 🥳

With a majority of the mining power, an attacker could reverse recent transactions and spend the same coins twice, though pulling it off on Bitcoin would cost a fortune.

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