[ethbr0]

Being tradable on public markets means being listed on an exchange as a public security.

https://www.investopedia.com/terms/l/listedsecurity.asp

Fidelity is not listed.

This isn't an edge case: they're privately owned and not publicly traded.

[John23832]

That is the point I was making. You replied to the poster who said "Fidelity is not a public company." with a link to an excerpt about their share representation, which as nothing to do with the point.