TL;DR:
Bit Digital is all-in on Ethereum — not just holding the asset, but putting it to work via staking, supported by real businesses. Sam Tabar wants to transform the company into the MicroStrategy of ETH, but with more utility, more yield, and less maximalism. For him, Ethereum is the one that will truly rewrite the financial system.
🔹 ETH instead of BTC: A Strategic Shift
Sam recalls a tense meeting with Michael Saylor, who stated that Bitcoin mining is 'a terrible business' and recommended focusing on BTC as a treasury asset.
Sam agreed — but with Ethereum, not Bitcoin.
He believes that the utility of ETH with smart contracts and DeFi gives it a structural advantage in the long run.
Now classified as a commodity, Ethereum is coming out of the 'Gensler dark era', which gives companies confidence to invest heavily.
🔹 The Differentiator of Bit Digital
Bit Digital holds over 100,000 ETH, making it the second largest ETH treasury among publicly listed companies (behind Sharplink Gaming, with ~205,000 ETH).
Unlike companies that only use corporate 'shells', Bit Digital has real businesses, including Bitcoin mining and AI infrastructure with contractual revenues of over $100 million annually.
🔹 Strategy & Competition
Sam admits to shamelessly copying Michael Saylor's strategy, but applied to Ethereum.
Several competitors have entered the race, such as BTCS, Bitmine (Tom Lee), and Game, trying to accumulate large amounts of ETH.
The goal: to be the first company with $1 billion in ETH.
🔹 Utility of ETH, Yield, and Differentiation
Bit Digital is staking its ETHs and operating validators, something that ETH ETFs still cannot do, thus gaining an advantage in yield.
Aims to disclose its ETH balances and yield obtained monthly, challenging competitors to do the same.
Evaluates additional strategies in DeFi to increase returns with ETH, balancing risk and reward.
🔹 Risks & Long-Term Perspective
Sam sees risks in companies with a 'long tail' — only the top 3 will capture attention and survive.
Recognizes the risk of trading below book value (as happened with Ether Capital), but believes that the current combination of regulatory clarity, market attention, and ETH utility changes the game.
The bet: Ethereum is not competing with gold, but with the global financial system, a much larger market.
🔹 Vision for the Future
Sam believes that ETH treasuries can match or exceed those of Bitcoin, but expects a more decentralized distribution, not concentrated like MicroStrategy.
Bit Digital wants to be the leader — but within a competitive and healthy ecosystem.
Tabar emphasizes that the company has been investing in ETH since 2017, and this decision is the result of a long-term vision, not market opportunism.
