Phantom — Startup Profile

The leading multichain crypto wallet — a self-custody consumer finance app with 15M+ monthly active users across Solana, Ethereum, and Bitcoin

HQ: San Francisco, California, United States | Founded: 2021 | Employees: 100+ | Stage: Series C | Website: https://phantom.com

About

Phantom is a self-custody cryptocurrency wallet that launched in 2021 as the friendliest wallet on Solana and has since expanded into a multichain consumer finance app covering Solana, Ethereum and EVM chains like Base and Polygon, and Bitcoin. Unlike a centralized exchange, users hold their own keys; Phantom's job is to make that experience feel as simple as any consumer fintech app.

The product centers on three jobs: holding assets safely, trading them (a built-in swapper that passed $1B in volume within months of its 2021 launch and now exceeds $20B annually), and increasingly paying and socializing — usernames, profiles, and peer-to-peer payments are meant to make transfers feel like sending money to a friend rather than copying a 44-character address.

The business is unusually real for a crypto startup. In-app trading generates swap-fee revenue that Forbes reported grew about 60% in 2025 to roughly $320M, and Phantom says its active traders and trading revenue ran at multiples of MetaMask and Coinbase Wallet combined during late-2024 peaks. The company acquired security startup Blowfish and wallet-infrastructure company Bitski in 2024 to deepen protection and infrastructure.

In 2025 Phantom raised a $150M Series C co-led by Sequoia Capital and Paradigm at a $3B valuation and began pushing into prediction markets with Kalshi, later moving that backend to World Prediction Markets for on-chain settlement. CEO Brandon Millman has said the company plans no IPO and no own-chain launch in the near term, positioning Phantom instead as the consumer layer on existing blockchains.

The Take

Phantom turned the crypto wallet — historically the most confusing piece of crypto infrastructure — into a consumer app with 15M+ monthly active users and roughly $320M in 2025 revenue, and is now betting it can become the entry point for consumer finance before Coinbase, MetaMask, or a centralized exchange closes the gap.

Key Metrics

Post-Money Valuation: $3B
Total Funding Raised: $268M+
Monthly Active Users: 15M+ (18M per Forbes, 2026)
Annual Swap Volume: $20B+
2025 Revenue (reported): ~$320M
Employees: 100+

Funding Rounds

Round: $150M (2025-01-16) — Sequoia Capital, Paradigm (co-led)
Round: $109M (2022-01) — Paradigm, Solana Ventures, a16z
Round: $9M (2021-07-14) — Andreessen Horowitz (a16z crypto)

Key People

Brandon Millman
Francesco Agosti
Chris Kalani
Donnie Dinch
Sam Rosenblum

Key Competitors

MetaMask (Consensys) —
Coinbase Wallet —
Trust Wallet (Binance) —
Rainbow —

Timeline Highlights

2026-06-30: Prediction-market backend moves to World
2026-02-23: Forbes superapp profile
2025-12-12: Prediction markets launch with Kalshi
2025-01-16: Series C: $150M at $3B valuation
2024: Acquired Bitski and Blowfish
2022-01: Series B: $109M at $1.2B valuation
2021-10: $1B in swap volume
2021-07-14: Series A: $9M led by a16z
2021-01: Founding

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