Unchained
Unchained
Laura Shin
Why Phantom Is Launching Perps + Why Bit Digital Ditched BTC for ETH - Ep. 866
1 hour 13 minutes Posted Jul 11, 2025 at 1:00 pm.
Intro
Why Phantom is launching perps—and why now was the moment to do it
How they landed on 40x leverage
How Phantom plans to make money from its new trading product
Why U.S. users are left out (for now)
Why Hyperliquid won out over Solana-native DEXes
Whether wallets and dapps are headed for a showdown
Why Brandon believes wallets will be the new gateway to crypto
How social features could redefine the wallet experience
What Brandon hopes Phantom becomes over the next five years
Why Bit Digital ditched Bitcoin for Ethereum—and how Gary Gensler played a role
How they walked away from a profitable BTC mining business
Why Sam says there’s no better home for stablecoins than Ethereum
What came out of Sam’s surprising conversation with Michael Saylor about crypto treasuries
Whether ETH’s value accrual model needs a fundamental rethink
How Bit Digital plans to ramp up its ETH accumulation
What their new AI venture is really aiming to do
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Show notes
In the first half of this dual episode, Phantom co-founder Brandon Millman joins Unchained to break down why his Solana-first wallet is launching perpetual swaps, and why it chose to integrate with Hyperliquid over any Solana-native option.
Then, Bit Digital’s Sam Tabar explains why the public company ditched its profitable Bitcoin mining business, went all-in on ETH, and what happened when he told Michael Saylor.
FalconX
Sam Tabar, Chief Executive Officer of Bit Digital, Inc
Brandon Millman, CEO and co-founder of Phantom
Phantom
Unchained: Phantom Wallet Launches Direct Perpetual Trading With Hyperliquid
Phantom blog post: Introducing Phantom Perps
Dragonfly’s Austin Marrazza tweet
Bit Digital
The Block: Bit Digital swaps entire treasury into Ethereum, says it's now a top public ETH holder after a $173 million splurge
Treasury companies
Unchained: 
These 4 Crypto Treasury Companies Are Primed for a Price Crash
BitMine Crashes 39% After It Files to Raise $2 Billion for More ETH
Timestamps: Phantom
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Timestamps: Bit Digital
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