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:

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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