🦷 Toothless Take

Happy Friday, In A Nutshell this week:

• 🦷 Toothless Take

• 🍔 Steak 'n Shake Goes Bitcoin

• ⚖️ A Week of Highs and Lows

• 🚀 Nakamoto Lives

• 🇬🇧 UK Bitcoiners HODL

• …and much more

If you enjoy the newsletter, pass it on to a friend, and you can earn free sats (see bottom of the email).

 🚀⏰ Today’s news should be a ~3.59-minute read (600 words).

🧠 Quote Of The Week

“Change almost never fails because it's too early. It almost always fails because it's too late.”

– Seth Godin

🦷 Toothless Take

The Financial Times released a video this week, “Michael Saylor's $40bn bitcoin bet”

FT’s Katie Martin compared Bitcoin’s scarcity to her teeth, saying, “My teeth are scarce, but they’re not worth billions.”

The teeth jab highlights a key misunderstanding of Bitcoin’s unique scarcity and lack of research into the topic.

🍔 Steak 'n Shake Goes Bitcoin

Starting May 16, Steak 'n Shake will accept Bitcoin payments at all 393 U.S. locations. This move marks one of the largest fast-food Bitcoin integrations to date.

The company has embraced the nickname “Steaktoshi” and is promoting the initiative with Bitcoin-themed branding. This rollout coincides with Bitcoin Pizza Day on May 22, commemorating the first real-world Bitcoin transaction.

⚖️ A Week of Highs and Lows

Coinbase made headlines this week with its inclusion in the S&P 500, marking a significant milestone for the Bitcoin and crypto industry. However, the celebration was short-lived as the company disclosed a cyberattack affecting a subset of its customers.

The breach, involving stolen names, addresses, and emails, is expected to cost Coinbase between $180 million and $400 million. Notably, login credentials and passwords were not compromised. The company refused to pay a $20 million ransom and is instead offering the same amount as a reward for information leading to the attackers.

Another reminder to self-custody your Bitcoin.

🚀 Nakamoto Lives

David Bailey’s Bitcoin-native holding company, Nakamoto, is merging with healthcare provider KindlyMD to establish a publicly traded Bitcoin treasury. The deal includes a $510 million private placement in public equity (PIPE) and $200 million in convertible notes, marking the largest capital raise for a public Bitcoin-related transaction.

Bailey aims to position Nakamoto as the first publicly traded conglomerate designed to accelerate Bitcoin adoption, stating: “We believe a future is coming where every balance sheet (public or private) holds Bitcoin.”

🇬🇧 UK Bitcoiners HODL

CoinCorner’s latest UK customer report paints a clear picture: Bitcoin isn’t just a trade, it’s a long-term play for most users.

Key stats:

• 🧾 51% have never sold their Bitcoin

• 💸 86% of all transactions were buys

• 👥 56% of users are aged 35–54

The data shows a steady, growing base of UK Bitcoiners buying regularly and holding strong.

🗞️ Who Controls The Bitcoin Narrative?

Fernando Nikolić, Blockstream's VP of Marketing and Communications, discusses why Bitcoin narratives keep missing the mark, whether the label “Bitcoiner” still holds meaning, and how he is tracking real-time sentiment across 100+ sources.

He shares insights into the evolution of Bitcoin’s message, the fragmentation of its audience, and why effective communication may matter more than ever as Bitcoin enters the mainstream.

The episode is a must-listen and available here: YouTube, Apple Podcast, Spotify

🔥 What else have you missed?

1. Abu Dhabi sovereign wealth fund expands Bitcoin exposure.

2. Conor McGregor calls for Irish Bitcoin Strategic Reserve.

3. Launch the World’s Most Advanced Bitcoin Mining Facility.

4. A groundbreaking new answer to one of humanity's big mysteries - and what it means about the nature (and future) of money.

5. Small businesses can be their own bank - Jack Dorsey

🍾 Friday Fun!

This week’s crossword is now live - Play here

🧞‍♂️ Your wish is our command