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Summer Sale €2 per Month for 1 Year View Membership Options FIDELITY MADE AN EARLIER MOVE INTO BITCOIN WHEN IT LAUNCHED A TRADING BUSINESS DEVOTED TO THE CRYPTOCURRENCY. Photo: Nina Westervelt for The Wall Street Journal By Justin Baer Sept. 12, 2022 2:51 pm ET Print Text Your browser does not support the audio tag. Listen to article Length (3 minutes) AD Loading advertisement... 00:00 / 02:49 1x This article is in your queue. Open Queue Fidelity Investments is weighing a plan to allow individual investors to trade bitcoin on its brokerage platform, people familiar with the matter said, marking the financial giant’s latest foray into cryptocurrencies. Fidelity launched a bitcoin-trading business for hedge funds and other institutional investors in 2018, and earlier this year allowed corporate clients to add the digital asset to the 401(k) retirement plans it manages for them. Now, the Boston firm is working toward bringing crypto to its more than 34.4 million brokerage accounts, the people said. -------------------------------------------------------------------------------- NEWSLETTER SIGN-UP WSJ CRYPTO Smart and accessible crypto market analysis for investors. PREVIEW SUBSCRIBE -------------------------------------------------------------------------------- Led by its chief executive, Abigail Johnson, Fidelity was among the first mainstream financial firms to champion digital assets and the technology that underpins them. Ms. Johnson began holding weekly crypto discussions with her lieutenants nearly a decade ago, and in 2015 Fidelity started mining bitcoin. Later, it added a link on retail customers’ accounts to Coinbase, the crypto exchange, to track their holdings. In 2020, it opened its own crypto fund for wealthy customers. When Fidelity opened its 401(k) accounts to bitcoin, industry executives came to believe it was only a matter of time before the firm moved to allow brokerage customers to hold crypto in their accounts. Some of its competitors, including Robinhood Markets Inc., have used access to digital assets as a key selling point for a new generation of investors who had started trading everything from stocks and options to bitcoin in 2020. On Monday, Mike Novogratz, Galaxy Holdings Ltd.’s CEO and one of Fidelity’s first crypto clients, signaled Fidelity would soon join them. “A bird told me that Fidelity, a little bird in my ear, is going to shift their retail customers into crypto soon enough,” Mr. Novogratz said during a speech at the SALT Conference. “I hope that bird is right. And so we are seeing this institutional march.” Fidelity hasn’t shared its plans with its clients yet. Anything Fidelity does to expand crypto’s reach to individual investors is likely to draw scrutiny from Washington. The U.S. Department of Labor has said it was concerned about companies’ decisions to allow its employees to invest in cryptocurrencies through their Fidelity retirement plans. Several U.S. senators have also raised questions about the plan, citing the risks inherent investing savings in such risky assets. Crypto Crashed, Coinbase’s Stock Followed: What Went Wrong Skip Ad in 15 You may also like CloseCreated with sketchtool. Up Next CloseCreated with sketchtool. Your browser does not support HTML5 video. 0:00 PlayCreated with sketchtool. Paused Sound OnCreated with sketchtool. 0:00 / 7:26 ShareCreated with sketchtool.Closed Captions InactiveCreated with sketchtool. Crypto Crashed, Coinbase’s Stock Followed: What Went WrongPlay video: Crypto Crashed, Coinbase’s Stock Followed: What Went Wrong Keep hovering to play Coinbase went public with a highly anticipated listing in 2021, but as the crypto market crashed, the company’s share price dropped by more than 80%. Now it’s working to diversify its revenue. WSJ’s Paul Vigna explains what went wrong. Illustration: Jacob Reynolds —Vicky Ge Huang contributed to this article. Write to Justin Baer at justin.baer@wsj.com Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8 CRYPTOCURRENCY MARKETS Related coverage, selected by the editors Sign up for the WSJ Crypto newsletter Treasury to Warn of Crypto Risks Tether Says Audit Is Still Months Away It Has Been a Bad Year for Crypto Miners The 30-Year-Old Spending $1 Billion to Save Crypto What Ethereum’s Big Merge Means Crypto Is Taking a Few Small Banks for a Wild Ride Celsius CEO Was Known for Big Ideas and Battles How Cryptocurrency Market Caps Get Distorted Sponsored Offers * GoPro: September Sales Event - $305 off all GoPro cameras * Samsung: 30% off smartphones + free shipping - Samsung promo code * Dell: Score 10% off select Alienware PCs & peripherals - Dell coupon code * HP: HP student discount - up to 40% Off * Wayfair: Up to 15% off + free shipping at Wayfair * Target: Up to 60% off - Target Promo Code MOST POPULAR NEWS * HOW MUCH CAN YOU SPEND IN RETIREMENT? 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