Trump's embrace of crypto is reshaping the US stock market, but the risk of high volatility is spreading to traditional stock markets.

Odaily Planet Daily reports that with US President Trump's public embrace of cryptocurrencies, his policies and personal statements are profoundly changing the structure of the US capital market. A large number of new listed companies with crypto assets at their core are rapidly emerging, while simultaneously amplifying market risks. Unlike previous crypto bull markets, which were mainly confined to exchanges and retail investors, under Trump's policies, crypto risks are spreading to a wider range of investors through the stock market. Tighter regulations, strengthened political endorsements, and the structural "cryptoification" of listed companies are prompting investors to bear higher volatility and valuation risks. This year, more than 250 listed companies have begun to include cryptocurrencies on their balance sheets, attracting investor attention by accumulating large amounts of digital assets such as Bitcoin. Some companies even lack a mature core business; their core "business model" is holding crypto assets and betting on their price increases. (The New York Times)