[minimax]

Yes, exactly. Fidelity is a private company just like Reddit and Discord are. There are still shares in the private company held by various owners, but the shares aren't traded publicly, which is what it means to be a public company.

[ethbr0]

To unify the point that GP was making, it's dangerous to let publicly transparent funds take slices of a private company, as their valuation announcements give them control.

In reality, at this scale, I'm not sure if there's an alternative though. Syndicated investment is required to amass the capital levels needed.