Phantom’s Solana Strategy: Why Staying Private Could Reshape Crypto Wallet Economics

In a surprising move that defies the prevailing industry trend of public offerings and token launches, Phantom Wallet has announced its commitment to remaining a privately-held company. CEO Brandon Millman's recent declaration on the Empire podcast reveals a strategic pivot that could significantly impact the Solana ecosystem and the broader cryptocurrency wallet market. While competitors like Kraken, Circle, and Gemini have pursued various forms of public market exposure through IPOs, token generation events, or proprietary blockchain development, Phantom is betting heavily on the advantages of private capital and operational flexibility. This decision comes at a crucial juncture in the crypto industry's maturation, where the tension between regulatory scrutiny and innovation continues to shape corporate strategies. Millman's acknowledgment that Phantom represents "one of the very few true on-chain consumer companies that could go IPO" underscores the company's strong market position and the deliberate nature of this strategic choice. The move signals a potential shift in how successful crypto-native companies approach growth financing and could set a precedent for other prominent projects within the Solana ecosystem. As the industry watches this development unfold, the implications for user experience, product development pace, and competitive dynamics in the wallet space warrant close attention from investors and users alike.

Phantom Wallet Defies Industry Trend, Opts to Remain Private

Phantom CEO Brandon Millman has declared the Solana-based crypto wallet will not pursue an IPO, token launch, or proprietary blockchain—a stark contrast to rivals like Kraken, Circle, and Gemini. The decision reflects a strategic bet on private capital over public market scrutiny.

"We view Phantom as one of the very few true on-chain consumer companies that could go IPO," Millman told the Empire podcast. The firm will instead focus on enhancing user experience and deepening its solana integration, leveraging private funding accessibility that reduces the need for public listings.

The MOVE comes amid a wave of crypto firms rushing to U.S. stock markets. Circle’s NYSE debut, Kraken’s $20 billion pre-IPO valuation, and Gemini’s public listing highlight the prevailing trend. Phantom’s resistance to this momentum underscores shifting dynamics for Web3 startups navigating uncharted dual-IPO/token models.

Crypto Industry Unites in Appeal to Trump Over Tornado Cash Developer Case

More than 65 U.S. cryptocurrency organizations have called on former President Donald TRUMP to intervene in the prosecution of Tornado Cash developer Roman Storm. The collective argues the case threatens software development and America's position in digital finance.

A joint letter dated November 20, signed by industry associations, DeFi builders, investors, and research groups, demands regulatory clarity from federal agencies. It condemns what signatories characterize as 'regulation by prosecution,' marking one of the sector's largest coordinated policy efforts since Trump's return to office.

The administration receives measured praise for recent actions including nullifying the IRS broker rule, passing the GENIUS Act, and lifting restrictions on digital assets in retirement plans. Developers maintain that open-source code cannot constitute criminal activity as they press the Justice Department to drop charges against Storm.

Coinbase Expands Solana Ecosystem with Vector.fun Acquisition

Coinbase is deepening its integration with the Solana blockchain through the acquisition of Vector.fun, an on-chain trading platform. The deal, announced via Twitter, underscores Coinbase's strategy of absorbing successful apps to bolster its ecosystem. Vector's technology will be integrated into Coinbase's consumer trading products, broadening access to Solana's vibrant on-chain markets.

The move follows a trend of strategic acquisitions by Coinbase, though Vector.fun's trading volumes have waned since their peak in early 2025. Despite this, the platform remains on track to generate $1.93 million in annualized fees. Solana's total trading volume, exceeding $1 trillion, presents a lucrative opportunity for Coinbase to position itself as a hub for Solana-based asset trading.

Notably, the Tensor Foundation and its NFT marketplace will remain independent. Coinbase's focus is squarely on leveraging Vector's Solana-native team and trading technology to enhance its offerings. This acquisition signals Coinbase's commitment to Solana, one of crypto's most active ecosystems.

Institutional Demand for Solana ETFs Surges Amid Retail Hesitation

Institutional investors are doubling down on Solana as retail traders retreat. Exchange-traded funds tied to SOL have attracted $500 million in inflows over the past month, with demand accelerating after four new ETF offerings launched this week. The products now command $117 million in weekly inflows—a 100% increase from last week’s figures.

Retail participation tells a contrasting story. Open interest for Solana derivatives has plunged 30% this month to 7.25 billion, reflecting waning speculative appetite. The divergence suggests institutions are positioning for long-term growth while short-term traders capitulate amid market uncertainty.

Smart money appears to be accumulating SOL NEAR a critical technical level. The asset hovers at the apex of a descending triangle pattern, with $120 serving as a proven support zone since early 2024. Momentum indicators suggest institutional buyers may anticipate a breakout.

Bitwise's Solana ETF Hits $500M AUM in Record Time

Bitwise's Solana Staking ETF (BSOL) has surged past $500 million in assets under management just 18 days after launch. The fund, which stakes SOL via Helius Labs for a 6.47% annualized yield, now stands as the largest Solana ETP in the U.S. market.

"We're truly in awe of the speed and scale of BSOL's growth," said Bitwise CEO Hunter Horsley. The rapid accumulation highlights growing institutional confidence in Solana's ecosystem as a foundational LAYER for crypto's future.

The ETF continues to attract strong inflows during its fee-free promotional period, which lasts either three months or until reaching $1B AUM. Bitwise also gained approval for a multi-crypto ETF featuring 10 digital assets, signaling broader institutional adoption.