"Johnson is a steady hand who has kept the firm free of drama, which is why it's surprising to realize she has also been one of crypto's biggest champions for a decade. This occurred to me while reading a WSJ profile of the self-described "Fidelity mafia"-a group of crypto executives who got their start at the asset manager."
"I recall my surprise upon speaking to a Fidelity executive in 2016 and learning the firm was not just exploring crypto, but had been actively mining Bitcoin and Ethereum. Both then and now, Fidelity does not like to talk up its crypto initiatives-a sensible policy given the bad press and regulatory hostility crypto has long attracted."
"This included the CEO overruling pushback from Fidelity's finance and security teams over the purchase of Bitcoin mining rigs in 2014. More recently, Johnson has green-lit measures such as allowing Fidelity customers to add Bitcoin to their retirement portfolio despite criticism from the Labor Department."
Fidelity Investments, a $4 trillion asset manager led by CEO Abby Johnson, has quietly become a major force in cryptocurrency despite the industry's reputation for being boring and safe. Johnson championed Bitcoin adoption in 2014, overruling internal resistance from finance and security teams to purchase mining rigs. The company has developed a network of crypto executives, dubbed the "Fidelity mafia," who have moved into senior positions at major crypto firms like Galaxy Digital and Foundry. Fidelity continues expanding its crypto offerings, including allowing customers to add Bitcoin to retirement portfolios despite regulatory criticism. Johnson's sustained commitment to digital assets has remained unwavering even through recent industry scandals.
Read at Fortune
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