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Wall Street Quietly Shelves Its Bitcoin Dreams

Goldman Sachs, Morgan Stanley and many more built it. But they didn’t come.

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Photographer: Samuel Zeller. Photo Illustration: Tom Hall/Bloomberg

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Limbo—that’s where to find Wall Street when it comes to cryptocurrencies.

Squeamish from the start about pursuing profits in one of the darker corners of finance, established firms this year slowed their already halting efforts to make a business out of Bitcoin mania. While none has thrown in the towel, and some continue to develop a trading infrastructure, most flinched as the value of virtual coins collapsed.