Phantom Wallet CEO Shuns IPO Hype, Commits to Solana Ecosystem

Solana's favorite wallet just doubled down—hard. Phantom CEO Brandon Millman just crushed IPO rumors and blockchain launch speculation with a single statement: 'We're all-in on Solana.'

Why this matters: While other crypto projects chase vanity metrics (looking at you, vaporware metaverse tokens), Phantom's betting big on SOL's scalability. No corporate fluff—just a wallet that works.

The cynical take: Another day, another crypto CEO avoiding SEC scrutiny by staying private. At least this one's building real utility instead of printing memecoins.

Phantom Wallet is staying grounded for now. 

Despite its rapid growth and investor buzz, the company isn’t planning an IPO or launching its own blockchain anytime soon. CEO Brandon Millman confirmed this on the Empire Podcast, saying Phantom’s focus will stay on solana and building products that make crypto easier for everyday users.

Here are more insights from the episode!

No IPO, No Blockchain

Millman said clearly that while Phantom has the potential to go public, it’s not the path the company wants to take right now. 

“Launching your own chain is kind of antithetical to the open permissionless nature of crypto, I feel. And so I think we’re always going to try to just reinvest into Solana,” he explained. 

Instead, Phantom plans to grow through private funding from leading backers like a16z, Paradigm, and Sequoia. He also added that Phantom isn’t targeting institutional users at the moment, but rather wants to keep improving its user-facing products and make crypto simpler for the mainstream.

Sticking With Solana and Open Ecosystems

Phantom’s refusal to build its own blockchain is interesting. Millman believes crypto should remain open and composable, not siloed. That’s why Phantom continues to invest heavily in the Solana ecosystem, while also supporting other chains like Base, Polygon, and Sui where it makes sense.

From Wallet to Full-Fledged Finance App

Phantom started as a Solana wallet, but the company’s ambitions go far beyond that. It’s now building what looks like a next-generation crypto finance platform – something that combines trading, payments, and daily money management in one app.

Among the new products in the pipeline:

• Phantom Cash, a USD-based account that lets users handle payroll deposits, transfers, and debit card spending.
• CASH Stablecoin, developed with Stripe and Bridge, backed 1:1 by USD and usable instantly at Stripe-supported merchants.

These products push Phantom toward a model similar to fintech apps like Cash App or Robinhood, but built entirely on crypto infrastructure.

The Road Ahead: Building the Future of Crypto Finance

Phantom now has around 160 employees and continues to expand through smart acquisitions, including Bitski, Sniper, and Blowfish. The team is also preparing to launch Phantom Terminal in November 2025, a pro trading platform aimed at advanced users, while developing Phantom Connect, a feature that lets people sign into apps using their Phantom wallet.

Millman summed up Phantom’s long-term vision as using crypto to build “the next-generation consumer finance platform.”

 By skipping the IPO HYPE and sticking to product-driven growth, Phantom seems focused on building something lasting for the next wave of crypto adopters.