Speaking at Founders Summit, Fidelity CEO Abigail Johnson offered a rare perspective on how the company transitioned from a curiosity business to a full-fledged crypto business and why she continues to own a personal stake in Bitcoin. This account connects small initial bets to later services currently offered to advisors and clients.
Initial interest turns into reality
Around 2013, a small group within Fidelity began meeting to learn what Bitcoin meant to the company. They planned 52 possible uses. Most ideas didn’t stand the test. One of our early accomplishments was accepting Bitcoin donations for charity, which gave our team external credibility and opened the door to deeper work.
This early credibility made it easier for the company to test bigger ideas without waiting for orders from upper management.
A bold mining bet paid off.
Johnson pushed for the $200,000 purchase of Antminer hardware, even though many within the company opposed the move. The mining effort resulted in Fidelity’s “probably the single highest IRR business,” the report said.
This decision threw staff into the technical layer of Bitcoin, gaining real-world experience with wallets, security, and network plumbing long before many rivals caught on.
company is detained
According to the report, demand from financial advisors prompted Fidelity to introduce custodial services. Advisers wanted a secure way for their clients to hold and transfer Bitcoin, and Fidelity responded by building support across custody, custody-adjacent products, asset management and research.
Johnson told the audience that he personally owns Bitcoin and described it as a core digital asset that could play a role in people’s savings plans. She calls it the “gold standard” of cryptocurrencies.
As accumulation continues, the supply of foreign exchange decreases.
According to market data referenced in the session, Bitcoin traded above $89,000, while balances on centralized exchanges fell to around 1.8 million BTC, a level not seen since 2017, according to a CryptoQuant and Glassnode tally cited by BRN Research.
Realized cap growth remains positive on a monthly basis, which analysts interpret as new capital flowing into the market even as price volatility remains subdued.
Shark Wallet and Ethereum Network Growth
The report also points out the strength of Ethereum. ETH rose above $3,200 as so-called shark wallets holding 1,000 to 10,000 ETH resumed accumulation.
After the Fusaka upgrade, the number of daily new addresses briefly approached 190,000, but analysts say this spike often coincides with increased demand for ETH.
Market signals and what’s missing
Analysts cited at the conference said supply from exchanges and steady accumulation show that long-term holders are in control. What the market is missing, they said, is a decisive push into the range of about $96,000 to $106,000, which would signal a broader breakout. For now, the accumulation continues while prices are trading within a tighter range.
Fidelity’s cryptocurrency efforts appear to be a slow build, according to conference reports. A small in-house experiment grew into a real-world operation, and several early bets, including a $200,000 mining play, gave the company practical know-how.
Combined with current signs of on-chain accumulation, this situation suggests that established players and patient holders are shaping market supply, even as price momentum awaits more clear triggers.
Featured images from Pexels, charts from TradingView
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