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GM to all of you nutcases. It’s Crypto Nutshell #710 ridin’ the waves… 🌊🥜
We're the crypto newsletter that's more adventurous than a family of superheroes trying to save the world in secret... 🦸♀️🦸♂️

What we’ve cooked up for you today…
🏦 Ethereum vs Bitcoin treasuries
🦹♂️ We’re in a supercycle
📈 We’re so back
💰 And more…


Prices as at 3:35am ET

ETHEREUM VS BITCOIN 🏦
BREAKING: Ethereum Treasuries Have 'Highest Probability of Being Sustainable'

The rise of digital asset treasuries (DATs) has been the story of 2025.
These publicly traded firms already hold a staggering share of supply:
4% of all Bitcoin
3.1% of Ethereum
And 0.8% of Solana
But according to Standard Chartered’s Geoff Kendrick, the next phase won’t be led by Bitcoin. It’ll be Ethereum.
Why?
Because ETH treasuries can earn yield.
By staking their holdings, they’re able to generate cash flow - boosting mNAVs (market-to-net asset value ratios), the metric that keeps treasuries funded and buying.
“I think the ETH DATs have the highest probability of being sustainable, and therefore ETH buying by DATs can continue at pace… BitMine, Sharplink and The Ether Machine are all important. BitMine’s Tom Lee estimates that staking yield should add 0.6 to ETH DAT mNAVs alone.”
And the numbers are proving him right.
BitMine Immersion just revealed its treasury has surged to 2.15M ETH worth $9.7B — more than double rival SharpLink Gaming’s 837,000 ETH.

BitMine says it’s still only a third of the way to its target, aiming for 5% of all Ethereum in circulation.
SharpLink, for its part, is calling its treasury build-out a “white swan event” for institutional ETH adoption.
Meanwhile, Standard Chartered sees the broader landscape shifting.
Bitcoin treasuries look vulnerable to consolidation, with saturation weighing down valuations.
Solana treasuries show promise, but Nasdaq’s move to require shareholder approval for crypto buys adds new hurdles.
Ethereum, by contrast, looks both resilient and established.
Or as Kendrick summed it up:
“In a relative sense, we see DATs as being a more positive driver for ETH than for BTC or SOL going forward.”
The takeaway?
Corporate treasuries aren’t just a Bitcoin story anymore. The next wave of institutional adoption may be built on Ethereum. 🚀

Crypto Nutshell Pro Is Closed ⛔

WE’RE IN A SUPERCYCLE 🦹♂️
Wall street Tom Lee just dropped one of his boldest crypto calls yet.
In his latest interview, he made it crystal clear:
“Ethereum is one of the most important supercycle stories for the next 10 to 15 years… It’s never been down. 100% uptime since creation.”
Missed Bitcoin at $1,000 in 2017?
Well, if Tom Lee’s right, Ethereum is the next 100x opportunity.

Here’s why.
Tom Lee is the chairman of Bitmine - already the largest Ethereum treasury in the world.
They’ve quietly built up over 2 million ETH on the balance sheet and are openly targeting 5% of the entire Ethereum supply.
That’s not just bullish talk. It’s a playbook we’ve seen before.
When MicroStrategy started hoarding Bitcoin, it didn’t just make the company rich - it created a reflexive loop: buying drove the price up, which let them raise more capital, which let them buy more.
Now Lee is running the exact same strategy for Ethereum.
Every Ethereum Bitmine buys gets staked, which:
Shrinks the liquid supply
Secures the network
Burns more ETH through higher activity
And here’s the kicker: once a company controls that much Ethereum, they aren’t just investors anymore.
They become kingmakers - able to back the DeFi protocols that will dominate the next decade.
Tom Lee isn’t alone in this either. There’s many Ethereum treasury companies pouring billions of dollars into Ethereum, trying to be the MicroStrategy of Ethereum.

Tom Lee’s bet is simple: Ethereum treasuries will choke supply, supercharge demand, and kick off the same runaway loop that made Bitcoin a trillion-dollar asset.
The difference? Ethereum still has its 100x ahead.
“You only need one or two bets to make 100x… that’s what crypto really is. That same kind of upside exists with Ethereum today.”
Lee’s message: The supercycle has begun. 🦹♂️

WE’RE SO BACK 📈
And just like that… we’re back.
Digital asset funds saw inflows totalling $3.3 billion last week.
Let’s break it down.

Bitcoin led the charge with $2.4 billion - its biggest weekly inflow since July - as sentiment swung sharply back to the upside.
Ethereum finally broke its losing streak after eight straight days of outflows, raking in $645.9 million.
Even Solana joined the party, logging its largest inflow day ever on Friday with $145 million, and a weekly haul of nearly $200 million.

The U.S. dominated regionally with $3.2 billion in inflows, while Germany chipped in $160 million and Canada $14 million.
Switzerland and Sweden, meanwhile, went the other way, experiencing outflows of $91 million and $5.6 million.

Layer on late-week price strength, and total assets under management surged to $239 billion - the highest since the August peak at $244B.
We’re so back. 🚀

CRACKING CRYPTO 🥜
Coinbase publishes guide to crypto asset listing process to bolster transparency. Coinbase has a standard, rigorous review process, including legal, compliance, and technical security, for each token listed on the exchange.
Strategy’s Bitcoin stash hits $73B with 638,985 BTC in treasury. Michael Saylor’s Strategy reported holding 638,985 BTC as of Sept. 14 following the purchase of 525 Bitcoin.
KindlyMD (NAKA) Stock Adds to Losses as Miners Continue Rally. AI-related bitcoin mining stocks extended gains as Tesla jumps on Elon Musk’s share purchase.
SEC, Winklevoss-led Gemini reach 'resolution in principle' over years long lawsuit involving Gemini Earn. The SEC and Gemini have reached a resolution after the agency accused the exchange of not following its rules when it launched Gemini Earn.
WHAT WE’RE READING 📚
Want to get even smarter? Check these out.
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Raremints (link) - Daily crypto news
Bitcoin Breakdown (link) - Daily Bitcoin news
Techpresso (link) - Daily tech news and insights
The Hustle (link) - Get Smarter on Business and Tech
Your Next Breakthrough (link) - Personal growth with Mark Manson
The Neuron (link) - AI trends and tools to keep you ahead
CAN YOU CRACK THIS NUT? ✍️
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MEME CORNER 😂
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Trivia Answer: USDC 🥳
USDC, created by Circle, is one of the most regulated fiat-backed stablecoins in crypto. 🏦
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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.