In remarks at the Founders Summit, Fidelity CEO Abigail Johnson gave a rare look into how the company transitioned from a curiosity to a full-fledged cryptocurrency business and why she has a personal stake in Bitcoin. This account links initial small bets to subsequent services currently available to advisors and clients.
Early interest turns into reality
Around 2013, a small group within Fidelity began meeting to figure out what Bitcoin would mean for the company. They identified 52 possible uses. Most ideas don’t survive testing. One of the early results, accepting Bitcoin donations for charity, gained the team’s trust outside the company and opened the door for deeper work.
This early credibility made it easier for the company to test bigger ideas without waiting for orders from above.
A bold mining bet paid off.
Johnson pushed through the $200,000 purchase of Antminer hardware when many inside opposed the move. The mining effort has become Fidelity’s “possibly the single highest IRR,” according to the report.
This decision brought employees into Bitcoin’s technical layer, giving them real-world experience with wallets, security, and network plumbing long before many of their competitors caught up.
Company detained
Demand from financial advisors led Fidelity to choose custodial services, according to the report. Advisors wanted a secure way to help clients hold and transfer Bitcoin, and Fidelity responded by building custody, custody-adjacent products, and support across wealth management and research.
Johnson told the audience that he personally owns Bitcoin and explained that Bitcoin is a key digital asset that can play an important role in people’s savings plans. She calls it the “gold standard” for cryptocurrencies.
Exchange supply decreases as accumulation continues
Market data referenced during the session showed Bitcoin trading above $89,000, while balances on central exchanges fell to around 1.8 million BTC. This is a level not seen since 2017, according to figures compiled by CryptoQuant and Glassnode cited by BRN Research.
Realized share growth has remained positive on a monthly basis, which analysts interpret as new capital entering the market even as price movements have been subdued.
Shark Wallet and Ethereum’s Network Growth
The report also pointed out Ethereum’s strengths. ETH surpassed $3,200 as so-called shark wallets holding between 1,000 and 10,000 ETH resumed accumulation.
Following the Fusaka upgrade, daily new addresses briefly peaked at close to 190,000, a surge that analysts say often coincides with increased demand for ETH.
Market signals and what you’re missing
Analysts cited in the briefing noted that as supply leaves exchanges, steady accumulation puts long-term holders in control. What the market lacks is a decisive push toward the roughly $96,000 to $106,000 band, which would signal a broader breakout, they said. For now, the accumulation continues while the price is trading in a tighter range.
According to conference reports, Fidelity’s path to crypto appears to be a slow build. Small-scale internal experiments evolved into real operations, and a handful of early bets, including a $200,000 mining play, provided the company with practical know-how.
Combined with current signs of on-chain accumulation, the picture suggests that existing players and patient holders are shaping market supply, even as price momentum awaits a clearer trigger.
Featured image from Pexels, chart from TradingView
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