Solana’s Go-To Memecoin Wallet Phantom Hits $3B Valuation in New Deal

• Phantom wallet recorded over 120 million token swaps across over 788,000 tokens in 2024.
• Last year, the wallet recorded over $20 billion in swap volumes and 850 million transactions.
• Phantom intends to expand into the Sui and Mondo blockchains in 2025.

The Solana (SOL) network’s most popular wallet, Phantom, has raised $150 million and reached a multi-billion dollar valuation.

Phantom is preparing to double down on growth and expansion efforts as it bids to become “the world’s biggest consumer finance platform.”

Phantom Wallet

According to a Jan. 16, 2025 announcement from the leading Solana wallet, Phantom has raised $150 million in Series C funding, bringing the wallet’s valuation to a whopping $3 billion.

The raise saw participation from existing backers a16z crypto and Variant, who have backed the project since 2021. Sequoia Capital and Paradigm co-led the funding round.

“Now, it’s time to aim higher. It’s time to take on traditional finance and become the world’s biggest consumer finance platform.”

Ambitiously, Phantom declares that it’s time to allocate these resources to “bigger bets” and promote mainstream crypto adoption.

More specifically, the team notes that they intend to make further strategic investments into simplifying peer-to-peer payments and social discovery features for its 3.8 million usernames.

2024 Momentum

This latest investment builds on the successes of the previous year. The wallet made big strides in 2024 with its first business acquisitions.

In 2024, the wallet drew 15 million monthly active users, tallied over 850 million transactions, recorded $20 billion in annual swap volumes, and garnered $25 billion in assets held within its wallets.

Memecoin mania made Phantom a hotspot of activity, as it reports that over 788,000 tokens were swapped 120 million times.

In May, Phantom purchased Bitski to enhance its onboarding process and Blowfish in November to upgrade its security.

The wallet plans to continue with its multichain vision and is eyeing expansions to the Sui (SUI) and Monad networks.