Phantom Valuation, Funding & Investors
Phantom is valued at $3B as of January 2025.
Last Phantom valuation
$3B
Series C · Jan 2025
Last Phantom funding round
$150M
Series C · Jan 2025
Cumulative funding Phantom raised
$268M
across 3 funding rounds
Key investors in Phantom
Andreessen Horowitz
Paradigm
Variant
Sequoia Capital
a16z crypto
Solana Ventures
About Phantom
San Francisco-headquartered Phantom operates a multichain digital wallet supporting DeFi applications and NFTs primarily on Solana. Users access assets via browser extensions and mobile apps across Ethereum, Polygon, and Bitcoin networks.
Founded
2021
HQ
San Francisco, CAWebsite
Status
Privately held
Customer focus
B2C
Revenue model
Usage-based
Valuation
$3B (Jan 2025)
Phantom Valuation
Phantom is currently valued at $3B, based on its Series C in January 2025.
The $150M round was led by Paradigm and Sequoia Capital, with participation from a16z crypto and Variant.
Phantom's valuation has grown 2.5x from $1.2B at its Series B in January 2022 to $3B in January 2025, across 2 priced rounds.
Phantom valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Jan 2025 | Series C | $3B |
| Jan 2022 | Series B | $1.2B |
Phantom Funding History
Phantom has raised a total of $268M across 3 funding rounds.
Phantom's first fundraising round was a $9M Series A in July 2021. The most recent completed round was a $150M Series C in January 2025.
Phantom funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jan 2025 | Series C | Paradigm (lead); Sequoia Capital (lead); a16z crypto; Variant | $150M | $3B | Phantom is a San Francisco-based digital asset wallet founded in 2021 by Brandon Millman, Chris Kalani, and Francesco Agost, offering self-custodial access to cryptocurrencies, NFTs, and assets across blockchains including Solana, Ethereum, Bitcoin, and Sui. The company raised $150 million in a Series C funding round on January 16, 2025, co-led by Paradigm and Sequoia Capital, with participation from a16z crypto and Variant, at a $3 billion post-money valuation—a 150% increase from its $1.2 billion Series B valuation in January 2022. Proceeds will fund product expansion, including social discovery features around 3.8 million usernames, simplified peer-to-peer payments, infrastructure growth, and strategic acquisitions to accelerate crypto adoption and build a leading consumer finance platform. Phantom reports strong traction with 15 million monthly active users, 12 average daily app opens, 850 million onchain transactions, $20-25 billion in self-custody assets, and $20 billion in annual swap volume. In November and December 2024, its active traders, trading revenue, and trading volume exceeded those of MetaMask and Coinbase Wallet combined, boosted by market enthusiasm following the U.S. election and Solana's popularity. The wallet briefly ranked second in Apple's App Store utilities section amid a $4 trillion crypto market cap push. Prior funding includes a $109 million Series B in January 2022 and $9 million Series A in July 2021, bringing total capital raised to $277 million. Recent moves include acquiring Bitski for embedded wallet tech and Blowfish for security, plus refuting token launch rumors ahead of early 2025 social features. Phantom positions itself as the dominant non-custodial wallet for a new generation, emphasizing fast, low-cost transactions and multi-chain support to challenge centralized exchanges. |
| Jan 2022 | Series B | Paradigm (lead); Solana Ventures; Andreessen Horowitz | $109M | $1.2B | Phantom is a San Francisco-based cryptocurrency wallet provider focused on the Solana ecosystem, offering a noncustodial wallet for managing SOL tokens, NFTs, staking, and DeFi interactions via browser extension and mobile apps. In January 2022, Phantom raised $109 million in a Series B funding round led by Paradigm, with participation from Andreessen Horowitz (a16z), Solana Ventures, Variant, Jump Capital, and others, at a post-money valuation of $1.2 billion. This followed a $9 million Series A six months earlier from a16z, during which active users grew from 40,000 to 2.1 million, with weekly onboarding of about 100,000 users. The funding supported expansion to multi-chain compatibility, particularly Ethereum-compatible blockchains to compete with MetaMask, alongside launches of iOS and upcoming Android apps to onboard mainstream users to Web3. Wallet activity included staking over 112 million SOL and facilitating over $1.37 billion in token swaps and $55.2 million in NFT, DeFi, and app transactions, though these represent transaction volumes, not company revenue. With around 20 employees at the time, Phantom planned to scale its team and accelerate product development for decentralized app adoption. This round positioned Phantom as a unicorn amid Solana's rapid growth, leveraging its user-friendly design for mass Web3 adoption. Later developments included a 2025 Series C raising $150 million at $3 billion valuation co-led by Paradigm and Sequoia Capital, with a16z and Variant, claiming 15 million monthly active users, $20 billion annual swap volume, and $25 billion in self-custody assets by then. |
| Jul 2021 | Series A | Andreessen Horowitz (lead); Ruud Visser; Kyros Ventures; Alliance DAO; Solana Foundation; Garry Tan; Alex Adelman; Variant; Robert Leshner | $9M | - | Phantom is a multi-chain crypto wallet and browser extension designed for managing digital assets and accessing decentralized applications. In July 2021, the company raised $9 million in a Series A funding round led by Andreessen Horowitz, with participation from Variant Fund, Jump Capital, DeFi Alliance, Solana Foundation, Garry Tan, and angel investors from several crypto projects. At the time of the round, Phantom had approximately 40,000 users following its beta launch in April 2021 and had received $500,000 in grants from Serum and Solana to support hiring and product development. The founding team—CEO Brandon Millman, CPO Chris Kalani, and CTO Francesco Agosti—came from crypto infrastructure startup 0x. Initially focused on the Solana blockchain where it had become a go-to wallet, Phantom planned to expand support to Ethereum and other blockchains as part of its strategy to serve a multichain world. The company also aimed to integrate more sophisticated DeFi mechanisms directly into the wallet, including staking and token swapping features. |
Who has invested in Phantom?
13 investors have backed Phantom across its funding rounds, including Andreessen Horowitz, Paradigm, Variant, Sequoia Capital, a16z crypto and Solana Ventures.
Lead investors include Paradigm, Sequoia Capital and Andreessen Horowitz.
Phantom Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| San Francisco, CA | 2 | Lead | Jul 2021 | |
| New York City, NY | 2 | Participant | Jul 2021 | |
| San Francisco, CA | 2 | Lead | Jan 2022 | |
| San Francisco, CA | 1 | Participant | Jan 2025 | |
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} Ruud Visser |  Amsterdam | 1 | Participant | Jul 2021 |
 Ho Chi Minh City | 1 | Participant | Jul 2021 | |
| Chicago, IL | 1 | Participant | Jul 2021 | |
 Zug | 1 | Participant | Jul 2021 | |
| New York City, NY | 1 | Participant | Jan 2022 | |
| San Francisco, CA | 1 | Participant | Jul 2021 | |
| Alex Adelman | United States | 1 | Participant | Jul 2021 |
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Start Free TrialAcquisitions by Phantom
Phantom has acquired 4 companies to date.
Last acquisition by Phantom was on August 4th 2025. Phantom acquired Sol Sniper for undisclosed valuation.
Latest Acquisitions by Phantom
| Description | Sol Sniper is a Solana blockchain analytics platform offering real-time NFT data dashboards. Users track floor prices, volume, rarity scores, and holder distributions for collections on Magic Eden and Tensor marketplaces. The free tool supports watchlists, Twitter notifications, and portfolio valuation for traders on the Solana network. | SimpleHash is a San Francisco-based API provider for NFT data across Ethereum, Solana, and Polygon blockchains. Launched in 2022, it delivers metadata, sales history, floor prices, and media previews via REST endpoints and webhooks. Developers at OpenSea and Magic Eden use it for indexing millions of collections, with GraphQL support for real-time transaction queries. | Blowfish is a San Francisco-based fraud prevention platform using AI to detect and block threats in Web3 applications. Launched in 2023, it scans transactions on 30+ blockchains including Ethereum and Solana, preventing $100M+ in losses for clients like Phantom Wallet. Blowfish offers APIs for wallet integrations and real-time alerts on phishing and hacks. | Bitski is a San Francisco-headquartered platform simplifying NFT creation, sales, and purchases for developers and brands. It provides wallet infrastructure and APIs for seamless blockchain integration, used by celebrities and platforms like OpenSea. Launched in 2021, Bitski enables gasless minting and social logins, onboarding mainstream users to Ethereum and Polygon networks. |
| HQ Country | | |  | |
| HQ City | Los Angeles, CA | San Francisco, CA | - | San Francisco, CA |
| Deal Date | 4 Aug 2025 | 26 Feb 2025 | 27 Nov 2024 | 21 May 2024 |
| Valuation | undisclosed | undisclosed | undisclosed | undisclosed |
| EV/Revenue | ||||
| EV/EBITDA | ||||
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Phantom Competitors
Phantom competitors include listed companies like Sharplink and Bullish, and private ones like LayerZero Labs, World, Blockstream and Blockdaemon.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Vancouver | Private | - | - | $3B | - | |
| San Francisco, CA | Private | - | - | $3B | - | |
| Montreal | Private | - | - | $3.2B | - | |
| Los Angeles, CA | Private | $75M | - | $3.3B | 43.3x | |
| United States | Publicly listed | $28M | ($734M) | $1.8B | 39.9x | |
| United States | Publicly listed | $245B | ($727M) | $5.3B | 13.5x |
Phantom Public Comps
Phantom is still privately-owned, but its public comps include Hyperliquid Strategies, Sharplink, Galaxy Digital, Securitize, OSL Group, HashKey Holdings, BitGo Holdings, Bullish, Indokripto Koin Semesta and Rhino Bitcoin.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $9M | - | 308.0x | 162.2x | - | - | |||
| $28M | ($734M) | 61.9x | 39.9x | (2.4x) | 141.1x | |||
| $60B | ($177M) | 0.1x | 0.2x | (43.3x) | (182.6x) | |||
| $62M | ($34M) | 25.5x | 22.2x | (46.0x) | (37910.8x) | |||
| $62M | ($48M) | 16.6x | 11.3x | (21.7x) | (23.2x) | |||
| $92M | ($109M) | 6.4x | - | (5.4x) | - | |||
| $16B | ($9M) | 0.1x | 5.5x | (125.1x) | 125.4x | |||
| $245B | ($727M) | 0.0x | 13.5x | (6.3x) | 38.2x | |||
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Common questions about Phantom
| When was Phantom founded? | Phantom was founded in 2021. |
| Where is Phantom headquartered? | Phantom is headquartered in San Francisco, CA, United States. |
| Is Phantom publicly listed? | No, Phantom is a private, VC-backed company. |
| What is Phantom's valuation? | Phantom was last valued at $3B in its Series C in January 2025. |
| How much funding has Phantom raised? | Phantom has raised $268M across 3 funding rounds. |
| What was Phantom's last funding round? | Phantom's last funding round was a $150M Series C in January 2025, led by Paradigm and Sequoia Capital. |
| Who are Phantom's investors? | Phantom's investors include Andreessen Horowitz, Variant, Paradigm, a16z crypto, Ruud Visser, Kyros Ventures, Alliance DAO, Solana Foundation, Solana Ventures, Garry Tan and 3 others. |
| Which companies are comparable to Phantom? | Companies comparable to Phantom include LayerZero Labs, World, Blockstream, Blockdaemon, Sharplink and Bullish. |
| How many companies has Phantom acquired? | Phantom has acquired 4 companies, including Sol Sniper, SimpleHash, Blowfish and Bitski. |
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