Why Phantom Is Launching Perps + Why Bit Digital Ditched BTC for ETH - Ep. 866

Unchained

Laura Shin

News, Tech News, Business News

4.5 • 1.3K Ratings

🗓️ 11 July 2025

⏱️ 73 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

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 🎬 0:00 Intro ⚡ 1:36 Why Phantom is launching perps—and why now was the moment to do it 💥 6:08 How they landed on 40x leverage 💸 7:48 How Phantom plans to make money from its new trading product 🚫 8:50 Why U.S. users are left out (for now) 🔗 10:36 Why Hyperliquid won out over Solana-native DEXes ⚔️ 12:55 Whether wallets and dapps are headed for a showdown 🪪 17:22 Why Brandon believes wallets will be the new gateway to crypto 📱 18:45 How social features could redefine the wallet experience 🌅 22:45 What Brandon hopes Phantom becomes over the next five years Timestamps: Bit Digital 💥 26:35 Why Bit Digital ditched Bitcoin for Ethereum—and how Gary Gensler played a role 💰 28:31 How they walked away from a profitable BTC mining business 🪙 32:58 Why Sam says there’s no better home for stablecoins than Ethereum 🗣️ 34:09 What came out of Sam’s surprising conversation with Michael Saylor about crypto treasuries 🤔 37:10 Whether ETH’s value accrual model needs a fundamental rethink 📈 42:21 How Bit Digital plans to ramp up its ETH accumulation 🧠 44:40 What their new AI venture is really aiming to do Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Unchained wants to hear from you.
0:02.0	Help us continue being your no-hype resource for all things crypto by filling out our quick survey.
0:08.0	You could win a free one-year subscription to Bits & Bips Premium coming soon.
0:13.0	Visit UnchainedCripto.com slash survey.
0:16.0	That is, UnchainedCripto.com slash survey.
0:19.0	Or check at the show notes for this episode.
0:25.5	Hi, everyone. Welcome to Unchained, your no hype resource for all things crypto. I'm your host,
0:30.3	Laura Shin. Heads up, everyone. Today is another double-hitter interview. First, I chat with
0:35.6	Brandon Milman, a phantom wallet, about its perpetuals launch, and chat with Brandon Milman of Phantom Wallet about its
0:38.0	perpetuals launch, and then with Sam Tabar of Bit Digital, which sold 280 BTC as part of its
0:44.6	fundraising for its new Ethereum treasury strategy. Plus, we have a bonus interview on some research
0:50.2	we did here at Unchained that looks at the crypto treasury company trend and found that
0:54.3	four of these companies are probably primed for a price crash.
0:58.0	We feature quotes from listeners in every episode.
1:00.5	Today we have some in response to our recent show on Coinbase v. Robin Hood with Diok
1:05.1	Kisaraz and Ryan Yee.
1:06.8	On X, Elchin Melik 1144 said crypto is entering its consolidation era.
1:13.0	Robin Hood and Coinbase are just the beginning.
1:15.2	The next battle is Community versus Interface.
1:17.9	Let's see who builds conviction, not just products.
1:20.8	You have your comment featured, write a review of the podcast overall
1:23.6	or leave a comment on our video on YouTube, Procaster, or X.
	...

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