Trump's "embrace of crypto" reshapes the US stock market structure, but the high volatility risk is spreading to traditional equities.

Odaily Planet Daily reports that as U.S. President Trump openly embraces cryptocurrencies, his policies and personal statements are profoundly changing the structure of the U.S. capital markets. A large number of new listed companies centered around crypto assets are rapidly emerging, while market risks are also being amplified. Unlike previous crypto bull markets that were mainly confined to exchanges and retail investors, under Trump’s policy push, crypto risks are spreading through the stock market to a broader range of investors. Tightening regulations, strengthened political endorsements, and the structural “cryptification” of listed companies are prompting investors to bear higher volatility and valuation risks. This year, over 250 listed companies have begun to include cryptocurrencies on their balance sheets, attracting investor attention through large holdings of Bitcoin and other digital assets. Some companies even lack mature core businesses, with their main “business model” being holding crypto assets and betting on their price increases. (The New York Times)