We compute the mod 2 cohomology of Waldhausen's algebraic K-theory spectrum A(*) of the category of finite pointed spaces, as a module over the Steenrod algebra. This also computes the mod 2 cohomology of the smooth Whitehead spectrum of a point, denoted Wh Diff (*). Using an Adams spectral sequence we compute the 2-primary homotopy groups of these spectra in dimensions * ≤ 18, and up to extensions in dimensions 19 ≤ * ≤ 21. As applications we show that the linearization map L : A(*) → K(Z) induces the zero homomorphism in mod 2 spectrum cohomology in positive dimensions, the space level Hatcher-Waldhausen map hw : G/O → ΩWh Diff (*) does not admit a four-fold delooping, and there is a 2-complete spectrum map M : Wh Diff (*) → Σg/o ⊕ which is precisely 9-connected. Here g/o ⊕ is a spectrum whose underlying space has the 2-complete homotopy type of G/O.