Phantom Wallet CEO Brandon Millman has confirmed that the leading Solana-based wallet provider has no plans to launch its own blockchain or go public via an IPO. Speaking on the Empire podcast, Millman explained that the company intends to double down on Solana and other ecosystems already built on it, rather than creating a separate network.
“Launching your own chain is kind of antithetical to the open, permissionless nature of crypto,” Millman said. “We’re always going to reinvest into Solana and other ecosystems that are already thriving.”
While he acknowledged that Phantom has the potential to go public given its massive user base and valuation, the CEO emphasized that the firm prefers to remain private, backed by top-tier venture capital firms like a16z, Paradigm, and Sequoia.
Focusing on Product Development Over Public Markets
Millman explained that avoiding the public markets allows Phantom to maintain long-term focus and flexibility, prioritizing innovation and product quality over short-term shareholder pressure.
By staying private, the wallet provider can continue experimenting with new Web3 features while strengthening user trust a critical factor in the fast-evolving decentralized finance (DeFi) landscape.
Phantom’s Product Roadmap: From Stablecoin to Trading Tools
Phantom’s leadership team also discussed upcoming product developments. Strategy VP Donnie Dinch said the company’s goal is to build the next generation of consumer finance platforms, using crypto as the foundation for intuitive financial services.
Recent product highlights include:
- Phantom Cash, a USD-pegged stablecoin designed for seamless in-app transactions.
- Integration with Hyperliquid, enabling perpetual futures trading directly through the wallet.
- Phantom Connect, improving secure wallet linking for apps and dApps.
- Phantom Terminal, a new pro-grade trading interface launching this week for institutional and high-volume users.
These initiatives underscore Phantom’s commitment to improving the user experience, rather than diverting resources into launching a proprietary blockchain.
Adoption and Growth
Since its debut, Phantom Wallet has become one of the most popular Web3 wallets in the crypto ecosystem. The company now boasts over 15 million monthly active users and achieved a $3 billion valuation in prior funding rounds.
Its focus on usability, security, and cross-chain accessibility has made it a go-to platform for both casual and institutional users navigating Solana and other supported networks.
Phantom Doubles Down on the Open Crypto Ethos
By rejecting both an IPO and a private blockchain strategy, Phantom is reinforcing its open-source, permissionless philosophy a stance that aligns closely with Solana’s community-driven vision.
For now, the wallet provider’s strategy is clear: build better tools, not more chains. As Millman put it, “We’re not trying to own crypto. We’re trying to make it easier for everyone to use.”
