Phantom Wallet’s latest funding milestone has solidified its position as a leading player in the crypto wallet arena. The startup has announced it raised $150 million in a Series C round, catapulting its valuation to $3 billion—more than double its previous figure.
Major Backers Fuel Rapid Growth
Venture capital giants Sequoia Capital and Paradigm led this significant round, joined by a16z and Variant. The deal marks one of the largest crypto-related investments of 2025, surpassing even Sygnum Bank’s recent $58 million raise. Andrew Reed, a partner at Sequoia, believes seasoned founders benefit from tackling tough market conditions.
“When really talented founders spend years chipping away at a thorny problem,” he said, “it can create really unique product experiences.”
Phantom, founded in 2021 by CEO and co-founder Brandon Millman alongside Chris Kalani and Francesco Agosti, has now raised over $250 million in venture capital to date. Its previous valuation was $1.2 billion in a 2022 round led by Paradigm.
Phantom’s Rise in Popularity
Phantom’s digital wallet app has seen a surge in downloads, recently climbing the iPhone App Store rankings. The company credits this growth partly to political shifts, noting President Donald Trump’s more crypto-friendly outlook as a potential driver. Its co-founder and CEO, Brandon Millman, suggests the wallet’s popularity indicates “a broader trend” where crypto buyers increasingly favor non-custodial wallets over centralized exchanges like Coinbase Global Inc.
Millman said the new capital will be used to expand its market share and develop what he calls “crypto’s version of a consumer finance app.” According to him, the company is “in the perfect spot to use crypto to act as a weapon to supplant incumbents like PayPal, Cash App, Revolut, Venmo.”
Non-Custodial Advantage
Phantom’s wallet is part of a new wave of non-custodial solutions, which let you stay in complete control of your cryptocurrency rather than leaving it with a centralized service. It originally focused on the Solana blockchain, but now it also supports Ethereum and Bitcoin. Almost 15 million people use Phantom each month, managing around $25 billion in assets on their terms.
The company sees itself as a pioneer in mainstream adoption. “With these new resources, we plan on making bigger bets to accelerate crypto adoption and become the world’s biggest and most trusted consumer finance platform,” the company said in a statement.
Investors Eye Long-Term Potential
The larger crypto funding landscape is showing signs of renewed activity for the first time since 2021, according to data from PitchBook, though big late-stage deals remain scarce. Paradigm co-founder Matt Huang acknowledges that the environment is more cautious.
“We went through a period of relative winter where there was less fundraising activity in general,” he said. “The bar is much higher today to make a growth-stage crypto investment than it may have been three years ago.”
Nevertheless, Huang points out that entrepreneurs emerging from recent challenging market conditions are better equipped to handle volatility. Phantom’s leadership believes the success of its non-custodial wallet app validates its approach, even as the sector continues to evolve.
Conclusion:
As crypto adoption expands globally, Phantom aims to position itself as a user-friendly finance platform, leveraging the added capital to refine its product and potentially expand to new markets. The $150 million raise—and the towering $3 billion valuation—signals strong confidence from top-tier investors in the company’s trajectory. Whether it can maintain its momentum and outpace competitors remains to be seen, but the firm’s ambition to redefine digital finance is clear.
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FAQs
- What funding milestone did Phantom achieve?
It raised $150M in Series C, boosting its valuation to $3B. - Who led Phantom’s latest round?
Sequoia Capital and Paradigm, joined by a16z and Variant. - When was Phantom founded, and by whom?
It started in 2021 under Brandon Millman, Chris Kalani, and Francesco Agosti. - How many monthly users does Phantom serve?
Around 15 million people use Phantom each month. - Why is Phantom considered a non-custodial wallet?
It gives users full control of their crypto instead of relying on centralized services. - Which blockchains does Phantom currently support?
It initially focused on Solana but now also supports Ethereum and Bitcoin. - How does Phantom plan to use the new capital?
To expand its market share and build a “crypto version of a consumer finance app.” - Why is the crypto funding environment cautious now?
Post-2021 market conditions raised the bar for growth-stage crypto investments.
