This Phantom company profile covers the company's valuation, revenue, funding rounds, investors and history. Phantom works in crypto, with a focus on consumer wallets. It was founded in 2021 and is headquartered in San Francisco, California, United States. Its latest valuation on record is US$3 billion (January 2025). Every figure links to a public source, and anything the company hasn't disclosed is marked as such.
Revenue
| Metric | Value | As of | Source |
|---|---|---|---|
| Monthly active users | About 15 million (company-reported) | January 2025 | Cointelegraph |
Funding history
| Date | Round | Amount | Valuation | Investors | Source |
|---|---|---|---|---|---|
| Jan 2025 | Series C | US$150M | US$3B | Sequoia Capital and Paradigm (co-leads) | Cointelegraph |
Phantom timeline
Key dates from the sources on this page, oldest first. Metric snapshots are listed after the funding events.
- 2021 — Phantom is founded in San Francisco by Brandon Millman (CEO), Chris Kalani and Francesco Agosti.
- Jan 2025 — Series C: US$150M, valuing the company at US$3B. Investors: Sequoia Capital and Paradigm (co-leads).
- January 2025 — Monthly active users: About 15 million (company-reported).
Investors
Overview
Phantom is a self-custody crypto wallet that grew rapidly by focusing on design and ease of use. It launched in 2021 as a wallet for the Solana blockchain, where it quickly became the default choice for many users, and later added support for Ethereum, Bitcoin, Base and other networks. Users download the app or browser extension to hold tokens and NFTs, swap assets, stake, and connect to decentralised applications. Phantom's pitch is that crypto should feel as simple as a modern consumer app, without users giving up control of their assets.
Phantom was founded by Brandon Millman, Chris Kalani and Francesco Agosti, who previously worked together at 0x, a decentralised exchange infrastructure company. In January 2025 it raised a US$150 million Series C co-led by Sequoia Capital and Paradigm at a US$3 billion valuation, according to Cointelegraph, which also reported that the wallet had about 15 million monthly active users.
Products
- Phantom wallet: mobile apps and browser extensions for holding, sending and receiving crypto across several blockchains.
- In-app swaps: token trading within the wallet, routed through decentralised exchanges, with a fee charged on swaps.
- Staking: tools to stake Solana and other assets to earn network rewards.
- NFT and token management: galleries, spam filtering and portfolio views.
- Security features: transaction previews and warnings about malicious sites and suspicious approvals.
- Payments and onboarding: integrations with on-ramp providers to buy crypto with cards and bank transfers.
Funding
Phantom raised a Series A led by Andreessen Horowitz in 2021 and a US$109 million Series B led by Paradigm in early 2022 that reportedly valued it at US$1.2 billion. Its January 2025 Series C of US$150 million, co-led by Sequoia Capital and Paradigm, lifted its valuation to US$3 billion. The company said the money would help it build its product further, including payments and broader multichain support.
Business model
Phantom is free to download. Its main source of revenue is a fee on token swaps executed inside the wallet. During periods of heavy trading, particularly memecoin trading on Solana, swap volumes and therefore Phantom's revenue can rise sharply. It also earns from partnerships, such as on-ramp providers and staking. This model is closely tied to trading activity, so revenue can be volatile.
Competition
Phantom competes with MetaMask from Consensys, Coinbase Wallet, Trust Wallet, Backpack, Rabby and Solflare, as well as with exchange apps that offer in-app wallets. Hardware wallets from Ledger serve security-focused users and often connect to software wallets such as Phantom. On-ramp companies such as MoonPay are partners rather than competitors. Phantom's strengths are its design, its strong position on Solana and its fast pace of shipping features.
Phantom at a glance
Phantom is a San Francisco crypto wallet company founded in 2021 by Brandon Millman, Chris Kalani and Francesco Agosti. It began as a Solana wallet and now supports multiple blockchains. It raised a US$150 million Series C co-led by Sequoia Capital and Paradigm at a US$3 billion valuation in January 2025, when it reported about 15 million monthly active users.
Timeline
- 2021: founded; launches a Solana wallet browser extension and raises a Series A.
- Early 2022: raises a Series B led by Paradigm at a reported US$1.2 billion valuation.
- 2022–2023: launches mobile apps and adds Ethereum and Polygon support.
- 2024: grows rapidly with Solana trading activity and adds Bitcoin and Base support.
- January 2025: raises US$150 million at US$3 billion.
Why Solana mattered
Solana is a high-throughput blockchain with low transaction fees, which makes it suitable for frequent trading, payments and consumer applications. When Phantom launched, the Solana ecosystem lacked a polished wallet, and Phantom filled that gap. As Solana activity grew, especially in decentralised finance, NFTs and memecoins, Phantom became the main entry point for many users. Its later expansion to other blockchains reduced its dependence on a single network and let users manage assets across chains from one app.
Design as competitive advantage
Early crypto wallets were often confusing, with complex settings, long addresses and technical error messages. Phantom invested heavily in product design, presenting balances clearly, hiding spam tokens, simulating transactions before users sign them and explaining what an approval will do. These features reduce mistakes and fraud, which are major barriers to mainstream adoption. Good design also helps word-of-mouth growth: users recommend tools that feel easy and safe.
Security in self-custody
Self-custody means users hold their own private keys. This protects them from exchange failures, but exposes them to phishing, malware and malicious smart contracts. Wallets now play a key role in protecting users, scanning transactions and warning about suspicious sites. Phantom and its competitors share threat intelligence and blocklists to stop known scams. Security is also a reputational risk: a major breach or widespread scam could damage trust in a wallet brand quickly.
Who funds Phantom
Phantom's investors include Sequoia Capital and Paradigm, which co-led its Series C, and Andreessen Horowitz, which led its Series A.
Who uses Phantom
Phantom's users range from crypto traders and NFT collectors to developers and people trying blockchain applications for the first time. Many decentralised applications on Solana support Phantom as a default connection option.
Valuation context
A US$3 billion valuation for a consumer wallet reflects investors' belief that wallets could become the main interface for digital assets and on-chain finance, much as mobile banking apps became central to traditional finance. Our guides to the largest private crypto companies and crypto infrastructure companies compare Phantom with peers.
Risks
- Trading-driven revenue: swap fees depend on market activity, which can fall sharply.
- Competition: wallets are easy to switch, and exchanges offer their own options.
- Security threats: scams and phishing target wallet users constantly.
- Regulation: rules on swaps, stablecoins and consumer protection could affect features.
Questions for users
- Which blockchains and assets do you need to manage?
- How are swap fees calculated compared with alternatives?
- How do you back up your recovery phrase safely?
- Do you want to pair the wallet with a hardware device for larger balances?
From trading tool to payments app
Many wallet companies hope to grow beyond trading into everyday financial activity. Stablecoins, digital tokens pegged to currencies such as the US dollar, make this possible: users can send dollars globally within seconds and at low cost. A wallet that makes stablecoin payments simple could compete with remittance apps and payment services. Phantom has pointed to payments and broader financial features as areas of investment. The challenge is that payment use requires reliability, compliance and customer support at a level that trading-focused tools have not always needed.
Another opportunity is in being the login and identity layer for on-chain applications. When users connect a wallet to an application, the wallet effectively acts as their account. If wallets become the standard way to sign into crypto-based services, the most popular wallets will have significant influence over which applications users discover.
What to watch
Watch monthly active users, expansion into payments and stablecoins, multichain adoption and any new funding.
Takeaways
Users get a polished multichain wallet. Founders can see how design and focus on one ecosystem can create a breakout product. Investors should weigh fast growth against revenue volatility tied to trading activity.
Sources
Every figure on this page comes from the public sources below. Where sources disagreed, we used the company's own announcement or a primary news report. Private-company data changes; check the date beside each figure.
Frequently asked questions
What does Phantom do?
Phantom is a crypto / consumer wallets company headquartered in San Francisco, California, United States. It was founded in 2021.
What is Phantom's valuation?
Phantom was valued at US$3 billion as of January 2025, according to Cointelegraph. Private company valuations are set at funding rounds or share sales and can change significantly between them.
How much revenue does Phantom make?
Phantom is a private company and has not publicly disclosed its revenue. Figures on third-party sites are usually modelled estimates rather than numbers reported by the company.
What was Phantom's latest funding round?
The most recent financing we have verified is a series c in Jan 2025: US$150M, at a valuation of US$3B. Source: Cointelegraph.
Who are Phantom's investors?
Investors named in public announcements include Sequoia Capital, Paradigm and Andreessen Horowitz.
Who founded Phantom?
Phantom was founded in 2021 by Brandon Millman (CEO), Chris Kalani and Francesco Agosti.
Is Phantom a public company?
No. Phantom is a private company (private, venture backed), so its shares are not traded on a stock exchange and it isn't required to publish its financial results.
Where is Phantom headquartered?
Phantom is headquartered in San Francisco, California, United States.