Crypto’s Retail Traders Hit Hard as Strategy ETFs Plunge 80% (1)

Retail investors who piled into Michael Saylor’s grand Bitcoin experiment are paying a heavy price.

Strategy Inc. — the company once hailed for wrapping crypto exposure into a public stock — is scrambling to calm markets after its shares plunged more than 60% from recent highs, amid a sweeping digital-currency rout. On Monday, Strategy said it had created a $1.4 billion reserve to fund dividend and interest payments, hoping to calm fears that it may be forced to sell Bitcoin if prices fall further.

But for many investors, the damage is already done. The most popular exchange-traded funds ...