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The Thesis
Johnson made Fidelity one of the first major financial institutions to embrace cryptocurrency, launching Fidelity Digital Assets in 2018 — years before competitors — positioning the firm for the digital asset revolution.
The Story
Abigail Johnson took over as CEO of Fidelity Investments in 2014, inheriting a $2 trillion asset management empire. While other major financial institutions dismissed cryptocurrency as a fad or a scam, Johnson recognized its potential early. She began Bitcoin mining experiments at Fidelity in 2014, launched Fidelity Digital Assets in 2018 to provide institutional cryptocurrency custody and trading, and consistently advocated for the technology.
When Bitcoin ETFs were finally approved in 2024, Fidelity was perfectly positioned. The Fidelity Wise Origin Bitcoin Fund became one of the largest Bitcoin ETFs, attracting billions in assets. Fidelity's early entry into digital assets — while competitors were still debating whether crypto was legitimate — gave it a multi-year head start in a rapidly growing market. Johnson's willingness to make contrarian bets within a conservative institutional framework demonstrated that even the largest, most established firms can innovate if leadership has the vision and courage.
Key Insight
Being early to a controversial asset class at an institutional level creates an enormous first-mover advantage — credibility takes years to build, and those years compound.
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See how Glen Bradford applies these principles to his own investing. Long Fannie Mae & Freddie Mac junior preferred — conviction meets patience.