Crypto Firms Adopt Wall Street’s Financial Tactics in New Era

Crypto Inc. is borrowing straight from Wall Street’s playbook.

As the digital-asset industry booms, 160 public companies have drawn inspiration from industry vanguard Michael Saylor to amass some 300,000 Bitcoin. Increasingly though, they’re no longer content to simply sit on it. They’re lending their coins, locking them up for rewards, or selling options, all in a bid to milk income from idle holdings.

It’s a break from Bitcoin’s original creed. The crypto experiment was born as a rejection of Wall Street’s leverage and financial engineering. Where banks generated income through complexity, Bitcoin promised patience and riches over the long haul. ...