Happy Friday, In A Nutshell this week:

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🚀⏰ Today’s news should be a ~4.41-minute read (698 words).

🧠 Quote Of The Week

"The root problem with conventional currency is all the trust that's required to make it work."

— Satoshi Nakamoto

Bitcoiners have spent years dealing with banks closing their accounts over Bitcoin activity, and finally it looks like action is being taken to try and solve it.

A cross-party group of MPs is now investigating banking access, after launching an inquiry into why UK banks keep refusing accounts to licensed crypto firms and consumers.

Podcaster Peter McCormack says Wise closed his account and kept nearly £12,000, blaming Bitcoin even though the money had simply come from a Bitcoin company paying an invoice. Similarly, Isabella Santos reports that Wise outright banned and blacklisted her for good.

Ironically, Wise found out how it feels, as the OCC rejected its own US banking charter and shares fell more than 10%. The bank that keeps freezing Bitcoiners can't get banked itself.

Twenty One Capital's Jack Mallers has stepped down as CEO, with Elektron Energy's Raphael Zagury taking over as the firm's planned three-way merger with Strike collapses.

Mallers, who co-founded the Tether-backed treasury company, said he and the board no longer shared the same vision for building it. He explained his decision in a video posted on X, saying he resigned voluntarily, took no severance and forfeited his options.

Strike stays independent. XXI shares fell 18% on the news, and a possible two-way tie-up with Zagury's mining firm Elektron remains "preliminary."

Lightning Labs has released Wavelength, a toolkit that lets developers add self-custodial Bitcoin payments to any app with a handful of API calls.

Users hold their own keys on-device, while payments route over Lightning and an Ark-style settlement layer, with a unilateral on-chain exit always available. No node-running or channel management is required.

Wavelength becomes the third major Ark implementation to launch, positioning it as Lightning Labs’ answer to Lightning’s “last mile” usability problem.

Two UK Bitcoin treasury companies sold Bitcoin this week.

Satsuma shareholders voted to liquidate the company's entire Bitcoin position and delist from the London Stock Exchange, while The Smarter Web Company sold a slice of its stack to pay down debt.

Satsuma's holders passed the wind-down with over 90% support, ending a run that saw shares fall more than 99% from their 2025 peak after the company bought most of its coins above $113,000. Its remaining 668 BTC will now be sold, and the cash returned to shareholders.

Smarter Web's sale was quite different. It sold 177.89 BTC to clear an $11.7 million debt facility early rather than dilute shareholders with new shares. The company still holds 2,700 BTC.

Bitcoin is down roughly 50% from its all-time high, but Keyrock analyst Ben Harvey joins Jordan to lay out why the drawdown may already have bottomed.

They get into why volatility is steadily compressing, how the shift from traders to long-term holders reshaped this cycle, and why treasury companies and "digital credit" could unlock a whole financial system built on Bitcoin as a reserve asset.

The episode is available here: YouTube, Apple Podcasts, Spotify

1. UK Gang jailed over $5.4 million Bitcoin scam posing as police

2. Kazakhstan moves to build a national reserve funded by Bitcoin miners

3. Block launches Buzz, a Slack-style workspace built on Nostr that gives access to AI agents

4. BitMEX shuts down after an 11-year run

5. Elon Musk clashes with a reporter for The Economist over the state of the UK

6. Swiss Cantonal Bank BancaStato has begun offering regulated Bitcoin trading

7. Russia's State Duma passes a law recognising Bitcoin as property

This week’s crossword is now live - Play here