According to remarks made at the Founders Summit, Fidelity’s chief executive Abigail Johnson offered a rare look at how the firm moved from curiosity to a full crypto business and why she keeps a personal stake in Bitcoin. The account ties early, small bets to later services now offered to advisors and clients.
Early Interest Turned Practical
Around 2013, a small group inside Fidelity began meeting to learn what Bitcoin might mean for the firm. They mapped out 52 possible uses. Most ideas did not survive testing. One early result — accepting Bitcoin donations for charity — gave the team credibility outside the company and opened doors for deeper work.
That early credibility made it easier for the firm to test bigger ideas without waiting for orders from the top.
A Bold Mining Bet Paid Off
Johnson pushed for a $200,000 purchase of Antminer hardware at a time many inside opposed the move. Reports say that mining effort became “probably the single highest IRR business” Fidelity has had.
The decision put staff into Bitcoin’s technical layers, giving them real experience with wallets, security, and the plumbing of the network long before many rivals caught up.
Company Moves Into Custody
Based on reports, demand from financial advisors drove Fidelity toward custody services. Advisors wanted secure ways to help clients hold and pass on Bitcoin, and Fidelity responded by building custody, custody-adjacent products, and support across asset management and research.
Johnson told the audience she owns Bitcoin personally and described it as a core digital asset that could play a role in people’s savings plans. She calls it crypto’s “gold standard.”
Exchange Supply Drops As Accumulation Continues
Market data referenced in the session showed Bitcoin trading above $89,000 while balances on centralized exchanges fell to roughly 1.8 million BTC — a level not seen since 2017, according to aggregated CryptoQuant and Glassnode figures cited by BRN Research.
Realized-cap growth stayed positive on a monthly basis, which analysts interpret as fresh capital entering the market even when price moves stay contained.
Shark Wallets And Network Growth For Ethereum
Reports also pointed to Ethereum strength. ETH climbed past $3,200 as so-called shark wallets holding between 1,000 and 10,000 ETH resumed accumulation.
Daily new addresses briefly neared 190,000 following the Fusaka upgrade, a spike that analysts say often lines up with stronger demand for ETH.
Market Signals And What’s Missing
Analysts quoted in the briefing noted that supply leaving exchanges and steady accumulation point to longer-term holders taking control. What the market lacks, they said, is a decisive push into the roughly $96K to $106K band that would signal a broader breakout. For now, accumulation continues while prices trade in a tighter range.
Based on reports from the conference, Fidelity’s crypto path reads like a slow build: small internal experiments grew into real operations, and a handful of early bets — including a $200,000 mining play — gave the firm practical know-how.
Combined with current on-chain signs of accumulation, the picture suggests established players and patient holders are shaping market supply even as price momentum waits for a clearer trigger.
Featured image from Pexels, chart from TradingView
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