From 2,600% Gain to 86% Wipeout, Crypto’s Hottest Trade Crumpled

What began the year as one of the best trades in the stock market has, in a matter of months, turned into one of the worst.

An array of public companies thought they had found a sort of perpetual motion machine: Use your corporate cash to buy up Bitcoin or other digital tokens and presto, your share price shot up even more than the value of the tokens you bought.