The brief

Analyst view

• 15M monthly active users and about $25B of crypto held in Phantom wallets, as reported in Jan 2025.
• Raised $150M at a $3B valuation in Jan 2025, co-led by Sequoia Capital and Paradigm.
• The CASH dollar token (Sep 2025) and a US Visa debit card (Mar 2026) turn the wallet into a spending account.

Technical approach

As reported

Keys

Keys stay with the user

Phantom never holds customer funds: the key that signs transactions lives on the user's phone or browser, so only the user can move money.

Chains

One app, many blockchains

Started on Solana, then added Ethereum, Bitcoin, Base, Polygon, Sui, Monad and HyperEVM, with swaps between chains inside the app.

Safety

Scam checks before signing

Blowfish, a scam-detection firm Phantom bought in Nov 2024, screens transactions so users are warned before approving a risky one.

Money

Trading and spending built in

Perpetual futures via Hyperliquid, the CASH dollar token issued with Stripe's Bridge, and a Visa card all run inside the same wallet.

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