Investment of $150M in Phantom during Series C, with Sequoia Capital and Paradigm taking the lead
Phantom, a popular self-custody cryptocurrency wallet provider, has secured $150 million in a Series C funding round led by Sequoia Capital and Paradigm. The investment values the company at $3 billion, marking a significant leap from its previous valuation.
With this fresh capital, Phantom plans to evolve beyond its original role as a wallet provider and build a comprehensive consumer finance product. The company aims to become an all-in-one platform for crypto trading, data, and finance, with a strategic focus on acquisitions, technological upgrades, and expanding presence in the fast-growing Solana memecoin sector.
Expanding into a Full-Stack Ecosystem
Phantom is set to integrate trading, analytics, and data services alongside its core wallet, aiming to better support active traders and decentralized applications, particularly on the Solana blockchain. This move will transform Phantom into a comprehensive consumer finance product, catering to a wider range of users.
Strategic Acquisitions
In 2024, Phantom made two strategic acquisitions: Bitski, a company that enhances wallet infrastructure, and Blowfish, a provider of security features. These acquisitions have strengthened Phantom's capabilities, laying the groundwork for its transformation.
In addition, Phantom has acquired Solsniper, a leading Solana-based, AI-powered memecoin trading platform, and SimpleHash, a cross-chain NFT and token metadata provider. These acquisitions have enhanced Phantom’s capabilities in NFT support, token metadata, and fast, AI-assisted trading tools within Solana’s rapidly growing memecoin market.
Improving and Maintaining Acquired Products
While Solsniper will continue to operate as a separate product, Phantom plans to introduce new features and integrations in the coming months to improve trading speed, accuracy, and usability for memecoin traders on Solana.
Leading the Way in Solana Meme Token Trading
Phantom aims to lead the infrastructure development for Solana meme token trading, leveraging Solsniper’s technology to address demand from traders for fast, reliable, and AI-supported tools. Given the explosive growth of memecoin trading volumes in 2025, this move could position Phantom as a key player in the Solana ecosystem.
Accelerating Development and Product Offerings
Phantom intends to broaden its product suite and speed up its development process to capture more market share and enhance user experience in crypto trading and finance. The company's mission is to make crypto more accessible, intuitive, and safe for everyone.
Growing User Base and Future Plans
Phantom currently boasts 15 million monthly active users and plans to develop social discovery features in 2025. Simplifying peer-to-peer transactions is another key focus for Phantom in the coming year.
The latest funding round will be used to invest in innovation and modernize consumer finance, according to Phantom's CEO, Brandon Millman. The fundraising also attracted participation from A16z Crypto and Variant.
Following Trump's election, Phantom Wallet recently rose to the top of the App Store charts, becoming the face of crypto for a whole new generation of users, unencumbered by the limits of centralized exchanges. Phantom plans to use the fresh capital to build the biggest consumer finance platform.
Phantom has overseen $25 billion in self-custody assets and $20 billion in annual swap volume, demonstrating its significant impact in the crypto space since its launch in 2021. The company credits its rapid growth to Solana's fast, low-cost transactions and smooth user experience.
Phantom, with the new funding, aims to transform into an all-in-one platform for crypto trading, data, and finance, focusing on acquisitions, technological upgrades, and expanding in the Solana memecoin sector. In line with this, Phantom plans to lead the infrastructure development for Solana meme token trading, using AI-supported tools to cater to the growing demand from traders.
