Phantom Technologies, Inc.
Venture-backed San Francisco company behind the Phantom self-custody crypto wallet, valued at $3 billion after its January 2025 Series C.
Company Type
private
Founded
2021
Headquarters
San Francisco, California, USA
Revenue
Approximately $320 million (FY2025)
Employees
Approximately 405
Primary Market
Global
About Phantom Technologies, Inc.
What kind of company is Phantom Technologies?
It is a venture-backed consumer crypto software company that develops the Phantom self-custody wallet and its integrated trading, fiat, and prediction products.
Is Phantom Technologies publicly traded?
No. It is private, last valued at $3 billion in its January 2025 Series C led by Sequoia Capital and Paradigm.
Who owns Phantom Technologies?
Founders Brandon Millman, Francesco Agosti, and Chris Kalani alongside venture investors Sequoia, Paradigm, a16z crypto, Variant, and others who contributed its $268 million in funding.
How much revenue does Phantom Technologies make?
Approximately $320 million in FY2025, up from $200 million in 2024, generated mainly from in-app swap and perpetual futures fees.
Where is Phantom Technologies headquartered?
The company is incorporated in Delaware and headquartered in San Francisco, California, with a remote workforce across 23 countries.
How many users does Phantom have?
22 million active users as of early 2026, up from 10 million monthly actives in 2024 and a peak near 17 million during the 2025 cycle.
History of Phantom Technologies, Inc.
The company was incorporated in Delaware in May 2021 by Millman, Agosti, and Kalani, three builders from 0x Labs who saw that Solana's growth lacked a polished consumer wallet comparable to MetaMask's role on Ethereum. Phantom launched as a Solana browser extension wallet that year.
Funding came fast: a $9 million Series A in July 2021 led by a16z crypto with AllianceDAO, Jump Capital, and others, then a $109 million Series B in January 2022 led by Paradigm that valued the company at $1.2 billion. The timing proved fortunate: the 2022 bear market and FTX collapse hit months later, and Phantom's raised capital carried it through while on-chain activity cratered.
Recovery came through multichain expansion and acquisitions. Phantom added Ethereum, Polygon, Bitcoin, Base, Sui (January 2025), and Monad (November 2025), growing to eight chains. It acquired embedded-wallet startup Bitski in May 2024, security firm Blowfish in November 2024, and SimpleHash in 2025.
The January 2025 Series C, $150 million co-led by Sequoia Capital and Paradigm, set the $3 billion valuation and marked the pivot toward consumer finance: Phantom Cash fiat accounts, debit cards, perpetuals via Hyperliquid (July 2025, which alone generated $42.8 billion in cumulative perp volume by mid-2026), and Kalshi prediction markets.
Users grew from 10 million monthly actives in 2024 to 15 million in early 2025 and 22 million by early 2026. FY2025 revenue reached approximately $320 million, up 60 percent, though monthly protocol revenue cooled to $5 to 7 million by late 2026 as on-chain trading volumes normalized.
Controversy, Regulation & Public Scrutiny
The company has not suffered a platform-level breach, but its users are persistent phishing targets, a category-wide problem it addressed by acquiring Blowfish for transaction simulation and scam detection. Expanding into leveraged perpetuals and prediction markets brings it into contested regulatory territory in the US, where such products sit at the boundary of permitted retail offerings.
Brands Owned by Phantom Technologies, Inc.
Phantom Technologies, Inc. owns 1 brand in our database. Explore the ownership tree below — click categories to expand and see individual brands.
Phantom Technologies, Inc.
private · Founded 2021 · San Francisco, California, USA
1
brands
Phantom Technologies, Inc. Ownership: Pros & Cons
Advantages
- +Deep venture backing provides multi-year runway independent of cycles
- +Largest consumer on-chain user base, with 22 million actives
- +Proven revenue model generating $320 million in 2025
- +Founder-led team with strong product execution record
Considerations
- -Cyclical revenue fell to roughly $6 million monthly run-rate by late 2026
- -Regulatory exposure grows with each move into leveraged and fiat products
- -Valuation assumes consumer finance ambitions that remain unproven
- -Dependence on the health of the Solana and broader crypto ecosystem
Frequently Asked Questions About Phantom Technologies, Inc.
What kind of company is Phantom Technologies?
It is a venture-backed consumer crypto software company that develops the Phantom self-custody wallet and its integrated trading, fiat, and prediction products.
Is Phantom Technologies publicly traded?
No. It is private, last valued at $3 billion in its January 2025 Series C led by Sequoia Capital and Paradigm.
Who owns Phantom Technologies?
Founders Brandon Millman, Francesco Agosti, and Chris Kalani alongside venture investors Sequoia, Paradigm, a16z crypto, Variant, and others who contributed its $268 million in funding.
How much revenue does Phantom Technologies make?
Approximately $320 million in FY2025, up from $200 million in 2024, generated mainly from in-app swap and perpetual futures fees.
Where is Phantom Technologies headquartered?
The company is incorporated in Delaware and headquartered in San Francisco, California, with a remote workforce across 23 countries.
How many users does Phantom have?
22 million active users as of early 2026, up from 10 million monthly actives in 2024 and a peak near 17 million during the 2025 cycle.
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