Phantom CEO Doubles Down on Solana: ’No IPO, No Distractions—Just Blockchain Dominance’
Solana's ecosystem just got a vote of confidence—and a middle finger to Wall Street.
Phantom's CEO slammed the brakes on IPO rumors today, making it clear the wallet giant is all-in on Solana's scalability. 'We're builders, not bankers,' he said—a not-so-subtle dig at the VC crowd eyeing exits.
The move comes as Solana flips Ethereum in weekly active addresses (again), proving Layer 1 wars aren't over. Meanwhile, TradFi dinosaurs keep trying to 'blockchain-wash' their legacy systems—good luck with those 10 TPS bottlenecks.
One thing's certain: Phantom's betting the farm on SOL while IPO-hungry rivals play patty-cake with regulators. Smart money? Follow the devs, not the suits.
Staying committed to Solana and open crypto principles
Brandon Millman said Phantom’s growth was driven by an early and deliberate choice to build on Solana, a blockchain known for its speed, scalability, and low transaction fees. He said it wasn’t just a technical MOVE but a belief in creating open, simple, and user-focused crypto tools that reflect the broader vision of decentralization. Looking back, he called it a “really good bet on Solana,” adding that it “worked out really, really well.”
He also pushed back against the idea of creating a proprietary blockchain, saying it would be “antithetical to the open permissionless nature of crypto.” Instead, Millman said Phantom’s focus is on improving user experience within existing blockchain networks rather than competing with them. “We’re always going to try to just reinvest into solana and the other ecosystems that are already built,” he said.
He also pointed out that mobile development is now the company’s top priority, noting that “mobile is pretty much the entire focus of the company currently.” With Solana’s fast and affordable transactions, he said, the industry has finally reached a point where crypto on mobile can thrive — something that wasn’t practical on ethereum due to its network costs and speed limitations.
Why Phantom isn’t going public yet
While acknowledging Phantom’s strong potential for an eventual IPO, Millman stated that the company isn’t pursuing one right now. “I view Phantom as probably one of the very few true on-chain consumer companies that can go IPO that has the right potential profile,” he said, while clarifying that they are not focused on that at the moment.
He explained that the team holds itself “to the IPO bar in terms of operational maturity, revenue quality, and diversity,” but sees no urgency to go public given its strong access to private capital. “In private markets, you do have access to funding,” Millman said. “I mean, we have access to a16z, Paradigm, and Sequoia — between them we have access to as much private funding that we want.”
Millman also cautioned against launching a token or going public prematurely, noting that “once you have this token, you have this responsibility to the stakeholders and holders of the token that you can’t break.” However, he didn’t entirely rule out the possibility of pursuing such a move in the future. “If we did feel like a move like that was going to help accelerate the adoption of crypto, help solve the usability problem, I wouldn’t see why we wouldn’t consider it.”
Phantom’s next phase: Consumer finance and stablecoins
Phantom’s roadmap now centers on mainstream usability and bringing crypto-native innovations to everyday consumers. “We’re trying to take what’s on the bleeding edge of crypto and package it up for a broader mainstream audience to use in a SAFE and easy-to-use way,” Millman said.
A key component of this plan is Phantom Cash, a new in-app feature that Millman described as a “cash account slash neo-banking-like experience.” It’s powered by Cash, a stablecoin designed in collaboration with Stripe and Bridge, aimed at being practical for everyday transactions. “We wanted to create a stablecoin that was actually used by people in daily habitual use cases like grabbing a coffee or taking a lift,” he said.
The Cash stablecoin will be accepted at all Stripe-powered merchants, providing immediate real-world utility. Millman explained that developers can also participate by becoming originators of Cash, earning yield rewards for distributing it through their apps. “The yield rewards go to the originator. So any developer can sign up to be an originator of Cash. They can bake it into their product and they collect all those rewards.”
He further described stablecoins as the foundation of the next wave of crypto finance: “The big unlock is stablecoins — the atomic unit of building a consumer finance platform on crypto.”
Building out the Phantom ecosystem
Phantom is expanding its suite of tools beyond the wallet itself. The company will soon launch Phantom Terminal, a professional-grade trading interface designed for advanced users, and Phantom Connect, a universal sign-in system that allows users to log into crypto apps using their Phantom wallet.
Donnie, another Phantom team member speaking on the podcast, said: “Moving forward, this will be the default wallet type when people sign up for Phantom.” He added that products using the “Sign in with Phantom” feature will have streamlined access to user wallet information, creating a seamless connection between apps and users.
Through these innovations, Phantom is positioning itself not just as a wallet provider but as a complete user gateway to the on-chain economy, a platform that makes trading, payments, and connectivity simple and secure.
A long-term bet on an open ecosystem
Millman said Phantom is focused on giving users and developers power through open and connected systems rather than closed platforms. He added that the company’s main goal is to provide trust, usability, and steady growth while staying true to the basic principles of crypto.
“It really does come down to the user experience first and what we’re trying to enable there,” he said, summarizing the company’s long-term vision.
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