Phantom's Path Forward: Why the Leading Solana Wallet Sees IPO as a Tool, Not a Destination

In a revealing conversation on the Lightspeed podcast, Phantom CEO Brandon Millman and President Sam Rosenblum offered rare insight into how one of crypto's most successful wallet companies thinks about going public. Their perspective challenges the common narrative that IPOs represent the ultimate validation for crypto companies, instead positioning public market access as merely one strategic option among many for building what they describe as a "generational company" in the cryptocurrency space.

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The discussion comes at a pivotal moment for crypto markets and the broader conversation around digital asset company valuations. With Circle's recent successful public market debut and Coinbase continuing to serve as the benchmark for publicly traded crypto companies, questions about which companies will follow suit have intensified across the industry. Phantom, as the dominant wallet provider on Solana and increasingly a multichain player, finds itself squarely in that conversation.

The IPO Question Facing Crypto's Leading Wallet

Phantom has emerged as one of the most successful products in the entire cryptocurrency ecosystem, serving millions of users and becoming synonymous with the Solana experience for many retail and institutional participants alike. The wallet's clean interface, robust security features, and seamless integration with Solana's fast, low-cost blockchain have positioned it as a critical piece of infrastructure in the broader crypto economy.

When asked directly whether Phantom's leadership has been considering the IPO market, Millman acknowledged that avoiding the topic entirely would be impossible given recent market developments. "It's hard not to think about it with everything that's going on," he admitted, referencing the changing landscape for crypto companies seeking public market access.

The conversation illuminated a sophisticated approach to corporate strategy that prioritizes long-term value creation over short-term milestones or external validation. Rather than viewing an IPO as an achievement to unlock or a box to check, Phantom's leadership frames public market access within a broader toolkit of strategic options available to high-growth companies.

Coinbase and Circle: Setting the Public Market Benchmark

For years, Coinbase stood virtually alone as the only major cryptocurrency company trading on public markets, creating what Millman described as a "very strong benchmark" for other crypto businesses to measure themselves against. The exchange went public through a direct listing in April 2021, giving investors their first real opportunity to own equity in a pure-play cryptocurrency company through traditional brokerage accounts.

Coinbase's journey as a public company has been instructive for the entire industry, demonstrating both the opportunities and challenges that come with public market scrutiny. The company has faced significant volatility in its stock price, regulatory challenges, and the constant pressure of quarterly earnings expectations. Yet it has also proven that a crypto-native company can meet the operational standards required of public companies while continuing to innovate and grow.

Circle's more recent success in accessing public markets has provided additional evidence of investor appetite for crypto exposure through equity ownership. The stablecoin issuer's public market performance has been closely watched across the industry, particularly given USDC's critical role in cryptocurrency trading and decentralized finance.

"Circle's recent success in the public markets has been a very clear signal that there is a huge investor appetite for crypto companies more broadly," Millman observed, highlighting how the landscape has evolved.

The success of these companies has opened doors for others in the ecosystem, proving to traditional investors that crypto businesses can generate sustainable revenue, maintain operational discipline, and meet the disclosure requirements expected of public companies.

Reframing IPO as a Strategic Tool

Perhaps the most significant insight from the conversation was Phantom's explicit rejection of the IPO-as-destination mentality that often pervades startup culture. Millman was unequivocal in characterizing public market access as "more of a tool in the toolbox versus an end state."

This framing represents a mature approach to corporate development that prioritizes mission over milestones. For Phantom, that mission is clear: bringing cryptocurrency to mainstream adoption. Everything else, including fundraising rounds, public offerings, or strategic acquisitions, exists in service of that larger goal.

"When we're building the company, really thinking about building Phantom into this generational company with generational impact and really play a huge role in bringing crypto mainstream," Millman explained. "Going IPO or going public or accessing public markets is sort of a tool in the toolbox to do that."

This perspective stands in contrast to the way IPOs are often discussed in both traditional tech and crypto circles, where going public is frequently treated as validation of a company's success or legitimacy. Phantom's leadership explicitly pushes back against this framing, suggesting a more instrumentalist view of corporate finance decisions.

Why Companies Actually Go Public

Rosenblum provided a clear-eyed analysis of the two primary reasons private companies typically pursue public offerings. First is access to capital markets, which allows companies to raise significant funds for growth, acquisitions, or other strategic initiatives. Second is the operational maturity that comes with meeting public company requirements and being held accountable by public market investors.

For Phantom, the first reason doesn't currently apply. The company finds itself in what Rosenblum described as "a really fortunate position where we don't really need the former." When Phantom needs capital, it can raise from its existing investor base or attract new private investors eager to participate in one of crypto's most successful companies.

Rosenblum pointed to Stripe as an instructive example of a highly valuable private company that has chosen to remain private despite clearly having the scale and financial performance to support a public offering. "There's probably a great example company would be something like Stripe where it's like when they need access to capital, they go and do a fundraising and they raise it and they've got a lot of phenomenal investors out there that are really happy to be a part of that."

The second reason, operational maturity, is something Phantom takes seriously even while remaining private. The company deliberately measures itself against public company standards, using the expectations of public market investors as a benchmark for its own internal performance and governance.

Learning from Coinbase's Public Market Journey

Throughout the discussion, Coinbase emerged as a key reference point for how Phantom thinks about its own development. Rosenblum expressed admiration for what Coinbase has built over "a decade and a quarter or so," acknowledging the exchange's role in blazing the trail for crypto companies considering public market access.

"I think Coinbase, you know, I'm biased, but I think they've built a tremendous business over, you know, a decade and a quarter or so," Rosenblum said. "And they, as a public company, have really put a big emphasis on revenue predictability, diversifying revenue streams."

These qualities, revenue predictability and diversification, represent exactly the kind of metrics that Phantom uses to evaluate its own performance. By studying what public investors respond to in Coinbase's quarterly reports and investor communications, Phantom can prepare itself for eventual public market access without prematurely taking on the burdens that come with being a public company.

The emphasis on revenue quality and diversification reflects broader maturation in how crypto companies think about building sustainable businesses. Early cryptocurrency companies often relied heavily on speculative trading volume or token appreciation for their financial success. Today's leading companies, including Phantom, focus on building durable revenue streams that can withstand market cycles.

The Operational Burden of Being Public

Despite measuring themselves against public company standards, Phantom's leadership was candid about the downsides of actually being a public company. Millman described "huge operational complexity that gets added into a company once you take that step," including expanded reporting requirements, compliance obligations, and the personnel needed to manage these additional functions.

"From a reporting and compliance perspective and from a functional manpower perspective and all of that," Millman explained. "For as long as we can not necessarily take on those extra burdens and focus all of our attention and resources into building the best business possible, I think that's what we're going to do."

This calculus represents a trade-off that every high-growth private company must eventually consider. Public companies face quarterly earnings pressure, detailed disclosure requirements, and the constant scrutiny of analysts and investors. While these pressures can enforce discipline and accountability, they also consume significant management attention and company resources.

For a company like Phantom, which continues to ship new features rapidly and expand into new blockchain ecosystems, the freedom to operate without public market constraints allows for more agile decision-making. The company can pursue strategic initiatives without worrying about how they'll affect quarterly numbers or be perceived by public market investors.

Recent Public Offerings Don't Change Phantom's Timeline

When asked whether recent successful public offerings by companies like Circle or Fig Mind have increased Phantom's urgency to pursue its own IPO, Rosenblum was definitive: "No, I don't think that really impacts our timing too much."

This response underscores Phantom's commitment to making decisions based on its own strategic needs rather than following industry trends or responding to competitive pressure. While other crypto companies may view the current market environment as an IPO window to exploit, Phantom remains focused on its core mission of building the best possible product and business.

The response also suggests confidence in Phantom's competitive position. A company that felt pressure from competitors going public might be more inclined to rush its own offering. Phantom's willingness to let others move first suggests security in its market position and business fundamentals.

Challenging the Feather-in-the-Cap Mentality

The Lightspeed podcast host Jack drew attention to how going public is often perceived in crypto circles as "a feather in the cap and a thing that you should do in crypto to kind of prove your legitimacy." This observation resonates with broader patterns in the industry, where IPOs, major exchange listings, and other milestones are often celebrated as ends in themselves rather than steps toward larger goals.

Rosenblum's response connected this pattern to his own experience in the broader tech industry during the 2010s, when fundraising announcements often received outsized attention and celebration. "There was this moment in time where it almost felt like fundraising was, that was the feather in your cup that was the gold star, which is actually like a really, that's not a good thing."

This reflection points to a maturation in how successful founders and operators think about corporate development. Fundraising, like going public, is a means to an end rather than an achievement in itself. For founders focused on building lasting companies, these milestones represent resource acquisition rather than validation.

"If you're a founder, if you're an early startup team, you have like a mission and a vision that you're going up against and trying to accomplish and deliver to your users," Rosenblum explained. "And then there's like, how do you keep gas in the tank? And that's what the fundraising is. Like it really is just, it's a resource that you need in order to build the thing and deliver the thing you want to do."

The Value of Staying Private Longer

Jack's observation that "there's a lot of private companies that could and maybe even should, depending on how you ask, have gone public a long time ago and just don't want to for various reasons" points to a broader trend in tech beyond cryptocurrency.

Companies like Stripe, SpaceX, and Databricks have all chosen to remain private despite achieving valuations and revenue levels that would easily support public offerings. These companies have access to ample private capital and prefer the operational flexibility that comes with remaining outside public markets.

For Phantom, this precedent provides validation for its own approach. The company can point to highly successful, generational tech companies that have thrived while remaining private as evidence that public market access isn't required for success.

The trend also reflects changes in private capital markets that have made it easier for large private companies to access funding. Growth equity investors, late-stage venture capital, and secondary markets for private company shares have all evolved to serve companies that might have historically needed to go public to access capital.

Phantom's Impressive Cap Table

Rosenblum referenced Phantom's "tremendous cap table, like one of the more impressive cap tables I've ever seen" as evidence that the company doesn't lack for investor interest or capital access. While he didn't detail specific investors, Phantom has raised significant funding from top-tier venture capital firms focused on cryptocurrency and consumer technology.

The quality of a company's investor base matters beyond just the capital those investors provide. Strategic investors can offer expertise, connections, and credibility that help companies navigate challenges and pursue opportunities. For Phantom, having well-known investors provides some of the legitimacy benefits that might otherwise require going public.

"It's great that we get to partner with those people and get to work with them on building what we're building, but the point is what we're building," Rosenblum emphasized, keeping the focus on Phantom's mission rather than its financial backing.

This perspective reflects a founder mentality that prioritizes product and user experience over financial engineering or market positioning. While having great investors is helpful, it's not the point. Building a great product that brings cryptocurrency to mainstream adoption is the point.

The Solana Ecosystem Context

Phantom's success is inextricably linked to the broader Solana ecosystem, where the wallet has become the default choice for users interacting with the blockchain. Solana's high-performance characteristics, including fast transaction finality and low fees, have enabled user experiences that weren't previously possible in cryptocurrency, and Phantom has been the primary interface through which most users access these capabilities.

The wallet's growth trajectory mirrors Solana's own rise as a leading blockchain platform. As Solana has attracted more developers, more applications, and more users, Phantom has been the beneficiary, gaining users who need a reliable, secure way to interact with the ecosystem.

This symbiotic relationship has implications for how Phantom thinks about its future, including potential public market access. The company's fortunes are tied to Solana's continued success, though Phantom has also expanded to support other blockchains, reducing its dependence on any single ecosystem.

Building for Mainstream Adoption

Throughout the conversation, Phantom's leadership returned repeatedly to the theme of mainstream cryptocurrency adoption as their ultimate goal. This framing positions the company not just as a wallet provider but as a critical piece of infrastructure for bringing the next billion users into cryptocurrency.

This mission-driven orientation helps explain why Phantom views IPOs instrumentally rather than as goals in themselves. If the objective is mainstream adoption, then every corporate decision, including whether to go public, must be evaluated against that standard.

The mainstream adoption thesis also has implications for how Phantom designs its products and prioritizes features. A company focused on serving crypto-native power users might make different choices than one focused on making cryptocurrency accessible to everyday consumers.

Revenue Quality and Business Fundamentals

Both Millman and Rosenblum emphasized "revenue quality" and "business quality" as key metrics they track, even while remaining private. This focus on fundamentals stands in contrast to earlier eras of cryptocurrency company building, where growth metrics and token appreciation often took precedence over sustainable business models.

The emphasis on revenue predictability specifically points to maturation in how crypto businesses are built and valued. Trading-dependent revenue, which spikes during bull markets and collapses during bear markets, is inherently unpredictable. Companies that can build recurring, diversified revenue streams are better positioned for long-term success and public market acceptance.

For Phantom, this might mean developing revenue streams beyond transaction fees, potentially including subscription services, enterprise offerings, or other business models that provide more predictable income. While the company's specific revenue model wasn't detailed in the conversation, the emphasis on quality and predictability suggests strategic thinking along these lines.

The Timing Question

Despite their hesitation to commit to any timeline, Phantom's leadership acknowledged that going public remains a possibility. The question isn't whether Phantom could go public, but when and under what circumstances it would make strategic sense to do so.

Several factors could influence this timing. Continued growth in revenue and users would strengthen Phantom's position as a public market candidate. Changes in the regulatory environment for crypto companies could make public offerings more or less attractive. And the overall state of public markets, including investor appetite for tech and crypto companies specifically, would affect the timing calculus.

For now, Phantom appears content to continue building while remaining private. The company has the capital it needs, the investor support it wants, and the operational flexibility to move quickly. Until one of these conditions changes, there's little pressure to pursue a public offering.

SPACs and Alternative Paths to Public Markets

The conversation briefly touched on SPACs (Special Purpose Acquisition Companies) as an alternative path to public markets that has seen renewed interest in crypto circles. SPACs allow private companies to go public through a merger with an already-public shell company, potentially offering a faster and less scrutinized path to public markets than a traditional IPO.

While Phantom didn't indicate any interest in pursuing a SPAC transaction, the mention acknowledges that multiple paths to public markets exist. Companies considering public market access must evaluate not just whether to go public but how, with each approach offering different trade-offs in terms of timing, valuation, regulatory scrutiny, and market perception.

Lessons for Other Crypto Companies

Phantom's approach offers lessons for other cryptocurrency companies considering their own futures. The emphasis on mission over milestones, the instrumental view of fundraising and public offerings, and the focus on operational maturity regardless of public/private status all represent best practices that other companies can adopt.

The company's willingness to delay gratification and remain private while building toward larger goals demonstrates patience that can be rare in the fast-moving cryptocurrency industry. Many crypto companies have rushed to market, either through token launches or public offerings, before their businesses were ready, often with disappointing results.

By taking a longer view and measuring themselves against public company standards without actually being public, Phantom has created a hybrid approach that captures some benefits of both worlds.

The Bigger Picture for Crypto Market Structure

Phantom's potential as a public company represents broader questions about the future structure of cryptocurrency markets. As more crypto-native companies consider public offerings, the line between traditional finance and cryptocurrency continues to blur.

Public crypto companies create new connection points between traditional investors and the cryptocurrency ecosystem. Retail investors who might not be comfortable holding cryptocurrency directly can gain exposure through equity ownership in crypto companies. Institutional investors with mandates that prohibit direct crypto holdings can similarly participate.

This bridging function could accelerate mainstream adoption, which aligns directly with Phantom's stated mission. A public Phantom would give traditional investors a way to bet on cryptocurrency adoption without needing to custody tokens themselves.

Competition and Market Position

Phantom's confidence in remaining private while competitors and peers consider public offerings suggests security in its market position. The wallet market, particularly on Solana, has seen various competitors emerge, but Phantom has maintained dominant market share through consistent product quality and user experience improvements.

This competitive moat provides optionality. A company worried about being overtaken by competitors might feel pressure to raise public market capital for defensive or offensive purposes. Phantom's willingness to stay private suggests confidence that its market position doesn't require immediate capital deployment.

Looking Forward

While Phantom declined to commit to any specific timeline or even confirm that an IPO is definitely in the company's future, the conversation made clear that the company is thinking seriously about what public company standards look like and how to meet them.

The company's framework for evaluating these decisions, treating public market access as a tool rather than a goal, positions Phantom to make rational decisions about when and whether to pursue an offering rather than being swept up in market enthusiasm or competitive pressure.

For observers of the Solana ecosystem and cryptocurrency markets more broadly, Phantom represents one of the most successful and mature companies in the space. How the company navigates questions of public market access in coming years will likely influence how other crypto companies think about similar decisions.

The Generational Company Aspiration

The repeated use of "generational company" to describe Phantom's ambitions points to truly long-term thinking from the company's leadership. Generational companies, those that shape industries over decades and outlast their founders, require different strategies than companies optimizing for near-term exits.

This framing suggests that Phantom's leadership is building for a timeline measured in decades rather than years. Decisions about fundraising, public offerings, and corporate structure must all serve this longer vision rather than short-term optimization.

For the Solana ecosystem and cryptocurrency more broadly, having companies thinking in generational terms represents important maturation. Early cryptocurrency was characterized by quick flips and short-term thinking. Companies like Phantom that articulate and pursue genuinely long-term visions help establish cryptocurrency as a legitimate industry with staying power.

Conclusion

Phantom's approach to the IPO question reveals a company that has internalized lessons from both the crypto industry's own history and from successful technology companies more broadly. By treating public market access instrumentally rather than as an end goal, Phantom maintains strategic flexibility while building toward its mission of mainstream cryptocurrency adoption.

The conversation offers a window into how one of crypto's most successful companies thinks about corporate development, capital allocation, and long-term strategy. For other companies in the ecosystem, Phantom's framework provides a template for mature decision-making that prioritizes mission over milestones.

Whether Phantom ultimately goes public, and when, remains to be seen. But the company's thoughtful approach to the question suggests that whatever decision it makes will be driven by strategic considerations rather than external pressure or the pursuit of validation. In an industry that often prioritizes speed and spectacle, this patient, purposeful approach stands out.

Facts + Figures

• Phantom CEO Brandon Millman and President Sam Rosenblum discussed the company's approach to potential IPO during an appearance on the Lightspeed podcast

• Coinbase has served as the primary benchmark for publicly traded crypto companies for several years, demonstrating what public market success looks like in the cryptocurrency space

• Circle's recent successful public market debut has been interpreted as a "clear signal" of strong investor appetite for crypto companies beyond Coinbase

• Phantom characterizes going public as "a tool in the toolbox versus an end state" for building a generational company

• The company identified two primary reasons companies go public: access to capital markets and operational maturity

• Phantom stated they "don't really need" additional capital access, citing an "impressive cap table" and willing investors when fundraising is necessary

• Stripe was cited as an example of a highly successful company that has chosen to remain private despite having the scale to support a public offering

• Coinbase has emphasized revenue predictability and diversifying revenue streams as a public company, which Phantom uses as a benchmark for its own performance

• Phantom measures itself against public company standards for "operational maturity, profitability, revenue quality and business quality" despite remaining private

• The company acknowledged "huge operational complexity" that comes with being public, including reporting requirements, compliance obligations, and staffing needs

• Recent successful public offerings by companies like Circle and Fig Mind have not impacted Phantom's IPO timeline considerations

• Phantom's leadership referenced their experience in tech during the 2010s when fundraising announcements were often celebrated as achievements rather than tools

• The company's stated mission is "bringing crypto mainstream," with all strategic decisions evaluated against this goal

• SPACs were mentioned as returning to the crypto world as an alternative path to public markets

• Phantom has expanded beyond Solana to support multiple blockchain ecosystems, reducing dependence on any single platform

Questions Answered

Is Phantom planning to IPO?

Phantom has not committed to any specific IPO timeline but acknowledges that public market access is something the company thinks about. CEO Brandon Millman stated that it's "hard not to think about" given recent successful public offerings by companies like Circle. However, the company views going public as "a tool in the toolbox versus an end state," suggesting they won't pursue an IPO simply for the milestone but only when it strategically makes sense for their mission of bringing cryptocurrency mainstream.

Why hasn't Phantom gone public yet?

Phantom remains private because they don't currently need the primary benefits that come with public market access. According to President Sam Rosenblum, the two main reasons companies go public are access to capital markets and operational maturity. Phantom is in "a really fortunate position" where they can raise capital from their existing investor base when needed, similar to how Stripe operates. Additionally, going public would add significant operational complexity in terms of reporting, compliance, and staffing requirements that would divert resources from product development.

How does Phantom measure itself against public company standards?

Despite being private, Phantom deliberately evaluates its performance using the same metrics public companies are judged by. This includes operational maturity, profitability, revenue quality, and business quality. The company studies how public crypto companies like Coinbase communicate with investors and what public market participants respond to, using these insights to guide their own internal standards. Sam Rosenblum noted they ask themselves "how would the public market react to this?" when making business decisions.

Did Circle's successful IPO change Phantom's plans?

No, Circle's successful public market debut has not impacted Phantom's timeline for considering an IPO. When asked directly whether recent successful public offerings by companies like Circle and Fig Mind have increased urgency, Sam Rosenblum was definitive: "No, I don't think that really impacts our timing too much." The company appears committed to making decisions based on their own strategic needs rather than following industry trends or competitive pressure.

What company does Phantom look up to as a model?

Phantom looks to both Coinbase and Stripe as models, but for different reasons. Coinbase serves as the benchmark for what public crypto companies look like, having "blazed the trail" by demonstrating revenue predictability and diversified revenue streams to public investors. Stripe, meanwhile, represents an example of a highly successful company that has chosen to remain private, raising capital from private investors when needed rather than going public. This dual reference point informs Phantom's approach of maintaining public company standards while preserving private company flexibility.

What does Phantom consider its ultimate goal?

Phantom's leadership describes their goal as building a "generational company with generational impact" that plays "a huge role in bringing crypto mainstream." CEO Brandon Millman was explicit that going public is not an end goal but rather one potential tool for achieving this broader mission. All corporate decisions, including fundraising and potential IPO timing, are evaluated against whether they help bring cryptocurrency to mainstream adoption.

Why is going public seen as a burden by Phantom?

Going public creates "huge operational complexity" according to Brandon Millman. This includes expanded reporting requirements, compliance obligations, and the personnel needed to manage these functions. The company prefers to "focus all of our attention and resources into building the best business possible" rather than taking on these extra burdens prematurely. For as long as Phantom can meet its capital and strategic needs while remaining private, they plan to continue doing so.

How does Phantom view fundraising and IPOs differently from some crypto companies?

Phantom's leadership pushes back against the "feather in the cap" mentality that often surrounds fundraising announcements and IPOs in crypto. Sam Rosenblum compared this to the 2010s tech scene where fundraising was celebrated as an achievement rather than a means to an end. He emphasized that "fundraising is just a resource you need in order to build the thing" and shouldn't be treated as the goal itself. This mature perspective prioritizes mission over milestones.

What advantages does Phantom have from its investor base?

Phantom describes having "one of the more impressive cap tables" in the industry, which provides access to capital without needing to go public. When the company needs funding, they can approach their existing investors or attract new private investors who are "really happy to be a part of" the company. This strong investor base also provides strategic value beyond just capital, though Sam Rosenblum emphasized that "the point is what we're building" rather than who is investing.