Why Solana Wallet Phantom Isn’t Joining Rivals With a Stock Market Debut

Phantom crypto wallet CEO Brandon Millman has officially confirmed that the company will not go public, launch a token, or launch its own blockchain anytime soon. Speaking on the “Empire podcast” on November 12, Brandon Millman expressed Phantom’s ardent commitment to the Solana ecosystem and his hesitation to chase public market hype by going public and launching a token and blockchain. According to the latest information, Phantom is heavily invested in Solana and doubling down on it, aiming to improve its wallet infrastructure and expand its unique features like Phantom Cash and Phantom Terminal. 

Brandon Millman stated on the podcast that they viewed Phantom as one of the very few true on-chain consumer companies that could go public, but it was not necessary, especially nowadays, when in private markets they had access to funding. Phantom Wallet’s competitors, like Circle, Gemini, and Kraken, have all gone public recently, and Ledger and Tether are planning to go public, putting pressure on Phantom Wallet. Milman strongly opposed the idea, even though he believes that Phantom has the potential to go public. He made a bold statement on the podcast that many companies made the decision to stay private and were quite profitable with their own organic growth, and that they could fund their business needs without accessing the public markets. He also claimed that the path leading to a public listing is not the way they want to take right now.

“Launching your own chain is kind of antithetical to the open permissionless nature of crypto, I feel. And so I think we’re always going to try to just reinvest into Solana,”    

Phantom’s decision not to go public, introduce a token, and build a blockchain is leading to unwavering trust in the Solana ecosystem. According to Milman, crypto should be open and composable; going public will make them soiled, and that is why Phantom continues to believe in Solana and is pouring investment in it.  

Phantom doubles down on Solana with Phantom Cash and Phantom Terminal – Says Phantom CEO

Phantom CEO confirmed renewed focus on Solana-native tools, including Phantom Cash and Phantom Terminal, in the latest podcast. According to him, Phantom is doubling down on the Solana ecosystem by becoming a comprehensive consumer finance platform, introducing tools like Phantom Cash, a stablecoin, and Phantom Terminal, a trading interface. 

Phantom’s management team believes that Solana is a scalable and efficient blockchain, and they think that Solana will be ideal for Phantom’s expansion plans. According to Brandon Millman, Phantom will focus on deepening its investment in the Solana ecosystem to support its growth and to improve user experience, rather than building an independent blockchain. This move from Phantom and its decision to stay private sets them apart from other crypto firms like Coinbase, Robinhood, and Circle, which all went public to expand visibility and raise capital. The decision from Millman makes Phantom a product-first, ecosystem-loyal firm rather than a market-driven one.

• Phantom Cash: It is a new stablecoin-powered financial platform integrated within Phantom Wallet.
• Phantom Terminal: a web-based professional trading platform designed for high-speed execution of trades.   

According to the latest updates, the launch of Phantom Cash and the upcoming Phantom Terminal can be expected in November 2025. Brandon Millman mentioned that they were going to be releasing a Phantom Terminal trading experience next week. The experts believe that if Phantom Cash and Phantom Terminal become a massive success, it will demonstrate the success of Phantom’s Solana-focused approach.   

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