Crypto’s Big Year Didn’t Work Out for All of Its Billionaires

The stars seemed aligned for a breakout in digital assets as the year began. President Donald Trump, buoyed by millions in campaign support from the crypto industry, was promising a friendlier regulatory regime. Top financial firms were finally embracing the sector.

For a moment, crypto delivered: Prices surged, digital-asset companies rushed to go public, and the industry celebrated presidential pardons and the dropping of legal cases against industry figures.

“All of the fears that have been holding this industry back for a decade have now gone away,” said Jeff Dorman, chief investment officer at crypto investor Arca. ...