-41%

est. 2Y upside i

FinTechSeries C

Phantom is a digital wallet reimagined for DeFi and NFTs. Phantom makes it safe & easy for you to store, send, receive, stake, and swap tokens on the Solana blockchain.

Rank

#3641

Sector

Fintech, Blockchain Technology, Cryptocurrencies

Est. Liquidity

~3Y

Data Quality

Data: High

Phantom presents a moderate upside equity opportunity, balanced by significant risks.

Last updated: March 10, 2026

Bull (20%)+150%

Phantom successfully executes its 'superapp' strategy, with new products like perpetual futures, Phantom Cash, and prediction markets gaining significant traction and driving substantial revenue diversification. Amidst a strong crypto bull market, revenue grows to $800M, justifying a $7.5B valuation.

Base (35%)+20%

Phantom maintains its strong user base and core wallet functionality, with new products offsetting some, but not all, of the competitive pressure in swaps. Revenue grows modestly to $400M, leading to a $3.6B valuation, representing a slight appreciation.

Bear (45%)-60%

Intensified competition from exchange wallets, continued impact from the security flaw lawsuit, and slower-than-expected adoption of new products lead to revenue contraction to $200M. A down round or acquisition at $1.2B significantly erodes common stock value.

Est. time to liquidity~2.5 years

Preference Stack Risk

moderate

Funding Intensity

9%

Investors hold $277M in liquidation preferences. In an exit at or below $3.0B, common stock holders would be behind this amount.

Dilution Risk

moderate

As a Series C company, further funding rounds are likely before an exit, leading to additional dilution for existing equity holders.

Secondary Liquidity

none

There is no readily available information indicating an active secondary market or tender offers for Phantom's equity.

Product & Design — 4 roles

Marketing — 2 roles

Brand Creative — 1 role

Customer Happiness — 1 role

Growth — 1 role

Operations & Strategy — 1 role

View all 18 open roles at Phantom →

Last updated: March 8, 2026

Questions to Ask at the Interview

Strategic questions based on Phantom's data — designed to show you've done your homework.

  • 1

    “Phantom's 2025 revenue grew 60% to $320M, yet it faces significant market share erosion in embedded swaps due to exchange-affiliated wallets. How does the company plan to balance aggressive growth in new areas like perpetuals and prediction markets with defending its core swap revenue against these dominant incumbents?”

  • 2

    “Phantom has expanded its multi-chain support and launched new products like Phantom Cash and Terminal. What are the key metrics the team is tracking to measure the success of these diversification efforts, and how will they contribute to reducing the historical dependence on the Solana ecosystem?”

  • 3

    “Given the Series C round in early 2025 at a $3B valuation, and the company's ambition to become a 'superapp' competing with Coinbase and Robinhood, what is the anticipated timeline and strategy for a liquidity event, and what are the critical milestones for employees to realize value from their equity?”

Community

Valuation Sentiment

Our model estimates -41% upside. What do you think?

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Disclaimer: This analysis is AI-generated and does not constitute financial or career advice. Always conduct your own due diligence.