Phantom, a Solana wallet similar to Ethereum's MetaMask, raises a $109M Series B at a $1.2B valuation, debuts iOS app, and plans support for Ethereum this year
Quick Take — Phantom has raised $109 million in Series B funding and is now a unicorn. — The Solana wallet is looking …
Context & Ripple Effects
Phantom is the wallet layer of a Solana stack that has been assembling since Solana Labs raised $314M to build a faster, cheaper alternative to Ethereum — Neon Labs' $40M raise for an Ethereum-compatible environment on Solana completed the compatibility piece. The wallet's $109M Series B at $1.2B makes it the consumer-facing counterpart to that infrastructure bet.
The competitive frame is explicit: Phantom positions itself as the Solana answer to MetaMask, which ConsenSys reported at 30M+ monthly users just weeks after this round closed. The Ethereum support promise turns the rivalry from chain-vs-chain into wallet-vs-wallet on shared territory.
First-order effects
- Phantom becomes a unicorn and gains an iOS app, putting it directly on mobile against MetaMask's dominant install base while still Solana-only.
Second-order effects
- Promised Ethereum support forces ConsenSys to defend MetaMask on its home chain rather than rely on network lock-in; wallets begin competing on cross-chain reach instead of chain exclusivity.
Third-order effects
- The trajectory holds through the corpus: Phantom more than doubles its valuation to $3B by its Series C co-led by Sequoia and Paradigm and later becomes a distribution channel when Kalshi embeds event trading into the wallet — wallets consolidating as multi-chain super-apps rather than single-chain utilities.
The trend: Crypto wallets are evolving from single-chain utilities into cross-chain consumer platforms, with funding rounds tracking each expansion of scope.