Cryptocurrency Assets "Invade" the US Stock Market: Over 250 Listed Companies Engage in Speculative Frenzy and Hidden Risks

As U.S. leaders openly endorse cryptocurrencies, the rules of the game on Wall Street are quietly being rewritten. According to foreign media reports, the U.S. capital markets are experiencing an unprecedented wave of “crypto-ization”—a large number of traditional publicly listed companies are beginning to incorporate digital assets into their core investment portfolios, and market risk appetite is rising to dangerous levels.

Trump Effect: From Policy Retreat to Market Frenzy

Trump publicly declared himself as the “first crypto president,” which is more than just a political statement. Since taking office, he quickly ended the previous administration’s strict regulations on the crypto industry, promoted pro-crypto legislation, and publicly endorsed digital asset investments multiple times. He even personally participated in issuing a meme coin called TRUMP, a symbolic move indicating that cryptocurrencies have officially moved from the market periphery into the mainstream financial ecosystem.

The shift in policy signals has triggered a chain reaction. Cryptocurrencies, once considered “non-mainstream” by institutional investors, are now becoming investment targets that listed companies are racing to pursue.

The “Gambling” of 250 Companies: Price Betting Becomes Core Business

Data shows that over 250 listed companies have incorporated cryptocurrencies into their balance sheets this year, including firms that heavily accumulate Bitcoin and other digital assets as their main investment logic. More notably, some companies’ traditional core businesses have become virtually irrelevant; their primary revenue sources are no longer production, services, or technology, but simply holding crypto assets and betting on their price increases.

The fundamental operation of these companies is: raise funds to purchase digital assets—wait for prices to soar—return profits to investors. This “business model” based on price expectations essentially shifts systemic risk from exchanges and retail investors to institutional investors and ordinary shareholders.

Risk Spread: From Exchanges to Stock Markets

In the past, the crypto bull market was mainly concentrated among professional exchanges and highly engaged retail investors. But what makes this cycle unique is that the strengthened political backing and policy environment are causing crypto asset risks to spread through the stock market to millions of ordinary investors.

A rarely discussed phenomenon is that trading enthusiasm for high-risk speculative tokens like meme coins is also spreading at the corporate level. Once considered “playful” meme coin investments, some listed companies are now including them in their asset allocations, further amplifying the market’s speculation and instability.

Hidden Crisis: Valuation Bubbles and Volatility Risks

When cryptocurrency investments become the “main business” of listed companies, the market is bearing a potential structural risk. These companies, centered on holding digital assets and lacking traditional profit sources, have valuations entirely dependent on cyclical fluctuations in the crypto market. If policy directions change or market sentiment reverses, their stock prices could plummet dramatically.

Furthermore, the sustainability of policy backing itself is uncertain. Historical experience shows that changes in the crypto market policy environment often come suddenly. When a large number of ordinary investors indirectly hold high-risk assets through listed companies, a potential systemic risk is quietly taking root.

The mainstreaming of cryptocurrencies is an inevitable trend, but this process is unfolding at a faster pace and with a broader participant base than expected. In this grand event, not only are investors’ gains being amplified, but the chain of risk transmission is also extending infinitely.