The Ethereum Merge Ups the Stakes—and Reshapes Crypto’s Universe

Ethereum is about to get a makeover. The popular crypto network that runs Ether, the world’s second-most-valuable digital currency, could morph as early as Sept. 14 into a configuration that shakes up the entire crypto universe.

The long-anticipated software change, “the Merge” to crypto fans worldwide, will lower Ethereum’s energy use by 99%, silencing critics who dislike the blockchain for its electricity consumption—enough to power Finland for a year by one estimate.

But for investors, the advantage is that Ether post-Merge will resemble more of a traditional financial asset that pays interest, like a bond or a ...