Galaxy Digital Head of Research Alex Thorn Joins ‘Fidelity Mafia’


Fidelity Investments, a company that has been in operation for nearly 80 years, might seem like an unlikely participant in the world of cryptocurrencies. Despite its traditional reputation in the financial services industry, Fidelity has been an early adopter of Bitcoin, pioneering the cryptocurrency universe.

The Early Influencers

Fidelity began mining Bitcoin back in 2014, setting the stage for many of its employees to join prominent cryptocurrency companies. These individuals, nicknamed the “Fidelity Mafia”, are now some of the biggest names in the industry. Alex Thorn, the head of research at Galaxy Digital, is just one example. He attributes Fidelity’s success to its bold and courageous approach to crypto. Juri Bulovic, head of mining at Foundry, and Matt Walsh, founding partner of Castle Island Ventures, are other prominent members of the Fidelity Mafia.

The Nexus of Fidelity’s Influence

Abby Johnson, CEO of Fidelity Investments, was a key proponent of crypto. She believed that Bitcoin should be made more accessible to individuals and institutions, a viewpoint that was not shared by other financial giants such as Jamie Dimon of JPMorgan. In fact, Dimon famously called Bitcoin “worse than tulip bulbs” and predicted that it “will eventually blow up”.

The “What If” Scenario

While Fidelity was an early entrant in the crypto space, it was unable to keep up with the competition. In 2014, it attempted to purchase $200,000 worth of Bitcoin mining equipment, but the proposal was shut down by Fidelity’s security and finance department. Additionally, its “conventional” image kept it from becoming a household name in the crypto trading arena, something that could have happened according to Juri Bulovic, a former Fidelity executive.

A Legacy of Early Adoption

Today, Fidelity continues to invest in the crypto space, including backing EDX Markets’ exchange in late June. While it hasn’t achieved the same level of success as some of its peers, Fidelity’s early embrace of the crypto realm has informed its lasting influence on the industry, proving the power of early adoption and the potential of those willing to defy tradition.

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