Phantom Wallet, one of the leading cryptocurrency wallets, does not plan to go public through an IPO or develop its own blockchain network in the near future. This was announced by the company’s CEO, Brandon Millman, during the Empire podcast, where he dispelled rumors about the potential scaling of the project through these tools.
This is reported by Business • Media
Reasons for Rejecting IPO and Network Launch
Since February 2025, the cryptocurrency community has been actively discussing the prospects for the further development of Phantom Wallet, particularly the possibility of an IPO or the creation of its own network after raising $150 million in investments and achieving a company valuation of $3 billion. However, the team does not plan to issue a token and sees no sense in launching a separate blockchain.
Millman explained that creating a new network only makes sense under specific conditions, such as for niche infrastructure solutions or stablecoins. He cited the Hyperliquid network as an example. At the same time, he is skeptical about attempts to compete with Solana in terms of transaction speed and cost.
“[…] But I am extremely skeptical when someone plans to compete with Solana in terms of speed and transaction costs. […] Launching a separate network somewhat contradicts the open and public nature of cryptocurrencies. We will always try to reinvest in Solana and other ecosystems that are already built on it,” Millman stated.
Private Funding and Future Strategies
The head of Phantom Wallet emphasized that the company is currently focused on attracting capital from leading private investors, including Andreessen Horowitz (a16z), Paradigm, and Sequoia Capital. According to him, there are currently plenty of funding opportunities even in the private market, and going public is not a necessity. However, if it becomes the optimal solution for achieving the company’s mission, they will consider it.
Millman also commented on the strategy of some crypto companies that combine IPOs with the launch of their own tokens. He described this approach as “uncharted territory,” which carries significant risks and increased responsibility. This is why Phantom Wallet does not consider such a scenario for itself.
During the podcast, participants also discussed other relevant issues regarding the company’s development, including strengthening Phantom Wallet’s position in the Solana ecosystem through the acquisition of Solsniper and the implementation of futures trading via integration with Hyperliquid.