Fidelity Investments, a financial titan managing over $4 trillion, has long been associated with stability and prudence. Yet, under CEO Abby Johnson’s watch, it has also quietly emerged as a frontrunner in the cryptocurrency race.
What’s fascinating is that some of the big names in the crypto industry today, from Galaxy Digital to mining powerhouse Foundry, and even Castle Island Ventures, trace their roots back to Fidelity.
This “Fidelity mafia,” as they’re called, is reaping the benefits of Johnson’s early adoption of Bitcoin in 2014, when the traditional finance industry was largely crypto-averse.
Back in 2016, it came to light that Fidelity was mining Bitcoin and Ethereum under its own roof.
Even though the company has always maintained a low profile about its crypto activities to avoid negative press and regulatory scrutiny, Johnson’s influence in driving these initiatives is now undeniable.
In fact, she even overrode objections from within her own finance and security teams to buy Bitcoin mining rigs in 2014.
Fast forward to today, Fidelity customers can add Bitcoin to their retirement portfolios, and the company manages billions in customer crypto assets. With its crypto unit growing from a few dozen in 2018 to over 600 today, Fidelity is well-positioned to capitalize on the next crypto upswing.
Johnson’s foresight into crypto’s potential and her bold strategy to embrace it have set Fidelity on a profitable path, far ahead of conventional financial peers.