Phantom

Leading non-custodial crypto wallet on Solana, Ethereum, and Bitcoin with 10M+ monthly active users, supporting in-wallet swaps, NFT display, and dApp connectivity. $3B valuation. 10M+ MAU. $109M Series B led by Paradigm. Acquired Bitski for embedded wallet technology.

Phantom is the dominant consumer wallet on Solana—the chain where stablecoin volumes are surging—making it the primary UI layer for millions of stablecoin users.

phantom.app Consumer Wallets

United Statesprivate

At a glance

Total raised

$268M

last round series c

Headcount

51-200

approximate · public range

Headquarters

San Francisco

United States

Founded

2021

5 years active

Status

Private

Consumer Wallets

Latest valuation

$3B

Series C · 2025

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Funding history

Total raised

$268M

Rounds tracked

Latest stage

Series C

Latest valuation

$3B

Date	Stage	Amount	Valuation	Lead investors
Jan 17, 2025	Series C	$150M	$3B	Sequoia Capital, Paradigm
Jan 31, 2022	Series B	$109M	$1.2B	Paradigm
Jul 14, 2021	Series A	$9M	—	Andreessen Horowitz (a16z)

Founder backgrounds

Brandon Millman

CEO & Co-founder

Studied computer science at the University of Michigan before joining Uber as a software engineer, where he spent several years working on marketplace and growth products. He and Phantom's founding team—Francesco Agosti and Chris Kalani—first collaborated on an earlier crypto project before recognizing the need for a simpler, more intuitive self-custody wallet. That insight became Phantom in 2021, initially on Solana before expanding to Ethereum and Bitcoin. Millman is known for a product-obsessed mindset; he has publicly emphasized that Phantom's design-centric approach and frictionless user experience—not just multi-chain support—are what drive its 10M+ monthly active users.

Chris Kalani

CPO & Co-founder

CPO and Co-founder of Phantom alongside Brandon Millman. Prior to Phantom, was a Product Manager at Uber. Earned a B.S. in Product Design Engineering from Stanford University, where his work at the d.school and coursework in design thinking shaped the user-experience philosophy he brought to crypto. Phantom began as a Solana-native wallet in 2021 before expanding to Ethereum, Polygon, and Bitcoin, and has grown to over 10 million monthly active users — making it one of the most widely used non-custodial wallets in the ecosystem.

Francesco Agosti

CTO & Co-founder

Prior to co-founding Phantom, Agosti was a software engineer at Uber, where he worked on payments infrastructure alongside Phantom co-founders Brandon Millman and Tim Garcia. Before Uber, he was an engineer at Airbnb. That payments-focused engineering experience — building at scale for millions of users — directly informed Phantom's design as a self-custodial wallet that prioritizes smooth in-wallet swaps, multi-chain support, and a consumer-grade UX that rivals centralized apps.

AI bull / bear

Bull case

Phantom sits at the intersection of two accelerating trends: Solana's stablecoin dominance and the mainstreaming of self-custody. With 10M+ monthly active users, it has achieved escape velocity on the distribution curve that most consumer crypto products never reach. The wallet is the primary UI layer for Solana's surging stablecoin volumes, turning Phantom into a tollbooth on high-velocity payment flows. In-wallet swap fees alone compound as volumes rise, and the Bitski acquisition opens a parallel B2B revenue stream through embedded wallet infrastructure that enterprises and developers can white-label. Sequoia and Paradigm's $150M Series C at a $3B valuation signals conviction from two firms that rarely double down without line-of-sight to a decacorn outcome. Multi-chain support across Solana, Ethereum, and Bitcoin future-proofs the product regardless of which L1 wins. For the next hundred million stablecoin users, Phantom is increasingly the obvious front door.

Bear case

A $3B valuation on 10M MAU implies $300 per user for a product with no proven recurring revenue engine beyond swap spreads—a model that erodes as aggregators and DEXs compress margins. Non-custodial wallets have near-zero switching costs; MetaMask, Backpack, and Coinbase Wallet all compete on the same feature set, and Coinbase can subsidize wallet UX with exchange profits indefinitely. Solana concentration cuts both ways: if the chain suffers another prolonged outage or loses developer momentum to Ethereum L2s or Sui, Phantom's moat evaporates. The $268M raised across multiple rounds means meaningful dilution for employees and early investors, narrowing the exit corridor to an IPO or acquisition at a price few acquirers would stomach. Apple and Google's app-store policies remain a single policy change away from crippling dApp connectivity, and US regulators have yet to clarify whether non-custodial swap interfaces will be treated as money transmitters.

Generated by deepseek-v4-pro · May 2, 2026Refreshes quarterly · see disclosures

In the news

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Leadership

Brandon Millman

CEO & Co-founder

in 𝕏

Francesco Agosti

CTO & Co-founder

Chris Kalani

CPO & Co-founder

Products

Phantom Wallet
A non-custodial crypto wallet available as a browser extension and mobile app, designed for self-custody of digital assets across Solana, Ethereum, Polygon, and Bitcoin. Phantom gives users full control over their private keys and enables secure management of tokens, NFTs, and DeFi positions in a clean, intuitive interface that prioritizes onboarding ease and user experience.
Phantom Swap
A built-in cross-chain token swapping feature that lets users trade cryptocurrencies directly within the Phantom wallet without needing to visit a separate exchange. Phantom Swap aggregates liquidity from multiple decentralized exchanges to find the best rates, supporting swaps across Solana, Ethereum, and Polygon with minimal friction.
Phantom Staking
A liquid staking feature built into the wallet that lets users stake SOL tokens and receive pSOL in return, a liquid staking derivative that can be used across DeFi protocols while still earning staking rewards. This removes the trade-off between staking for yield and keeping assets liquid for other on-chain activities.
Phantom Predictions
A prediction markets feature integrated directly into Phantom's mobile app, allowing users to trade on outcomes of real-world events such as sports, elections, and financial markets. Designed to make speculative markets accessible to mainstream users within the familiar wallet interface, with cash funding via bank transfers.

Most recent patents

2 patents on file, but none with both an extractable figure and an abstract on Google Patents yet.

Open roles

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Phantom

At a glance

Subscribe to see the full profile

Funding history

Founder backgrounds

Brandon Millman

Chris Kalani

Francesco Agosti

AI bull / bear

In the news

Crypto wallets are being rebuilt for AI agents, Trust Wallet and Mesh executives say at Consensus Miami

CFTC looks to cement non-custodial software developer protections following Phantom no-action letter

MoonPay acquires Solana execution layer firm DFlow used by Coinbase, Phantom

Watch

Leadership

Products

Phantom Wallet

Phantom Swap

Phantom Staking

Phantom Predictions

Most recent patents

Open roles

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