Trump's support for cryptocurrency triggers a chain reaction, with a large influx of radical crypto companies entering the stock market

According to The New York Times, as U.S. President Trump openly embraces cryptocurrency, his policies and personal statements are profoundly changing the structure of the U.S. capital markets. A large number of new public companies centered around crypto assets are rapidly emerging, while also amplifying market risks.

Trump claims to be the "first crypto president." After taking office, he terminated the previous strict regulations on the crypto industry, promoted pro-crypto legislation, and publicly endorsed crypto investments multiple times, even launching a meme coin named TRUMP himself. This series of actions has quickly brought the previously marginal crypto industry into the mainstream financial system.

Against this backdrop, more than 250 public companies have already begun to incorporate cryptocurrencies into their balance sheets this year, amassing large amounts of Bitcoin and other digital assets to attract investor attention. Some companies even lack mature core businesses, with their primary "business model" being to hold crypto assets and bet on their price increases.

Analysts point out that, unlike previous crypto bull markets that were mainly limited to exchanges and retail investors, under Trump's policy push, crypto risks are spreading to a broader range of investors through the stock market. The tightening of regulations, the strengthening of political endorsements, and the structural "cryptoization" of public companies are prompting investors to take on higher volatility and valuation risks.