Michael Saylor’s Model Shows Cracks as Crypto-Stock Losses Mount

It wasn’t hard to see it coming. The stocks had soared too fast, the promises had gotten too big, and the math had gotten too weird. These new companies — public firms built to buy crypto and often doing little else — were supposed to offer investors a lucrative way into the digital-asset boom. Instead, as their stock prices fall and market confidence slips, the question isn’t whether the model is under pressure. Increasingly, it’s how, and how quietly, it could fall apart.

Even as risky assets from stocks to corporate bonds push higher ahead of an expected Federal Reserve ...