The ETH Treasury Race Has Officially Begun | Sam Tabar, CEO of Bit Digital (2nd Largest)
The race for ETH supremacy among public companies is heating up—and BitDigital is charging hard. CEO Sam Tabar joins us to share why they’re going all-in on Ether, how they're copying Michael Saylor’s playbook (but for ETH), and what sets BitDigital apart from the rest of the pack
We talk staking strategies, ETH yields, competitive dynamics, and the explosive rise of ETH treasury companies. This is the next phase of institutional Ethereum adoption—don’t miss it.
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TIMESTAMPS
0:00 Intro
0:57 Why ETH?
10:49 Ethereum TAM
12:11 Bit Digital
14:18 ETH Treasury Competition
19:07 Is This a Bubble?
21:30 Risks Involved
24:15 Financial Engineering
28:31 ETH Staking Yields
32:15 Ditching Bitcoin Mining
38:02 How Big is This?
40:09 Why Bit Digital?
41:37 Closing & Disclaimers
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RESOURCES
Sam Tabar
https://x.com/samirtabar
Bit Digital
https://bit-digital.com/
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Not financial or tax advice. See our investment disclosures here:
https://www.bankless.com/disclosures.
Why Phantom Is Launching Perps + Why Bit Digital Ditched BTC for ETH - Ep. 866
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
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