Cryptocurrency wave surges Wall Street: 250 publicly listed companies aggressively "cryptify," amplifying stock market risks

With the shift in U.S. policy environment, the capital markets are undergoing an unprecedented transformation. Reports indicate that over 250 publicly listed companies this year have incorporated cryptocurrencies into their financial statements, boosting stock prices and attracting capital inflows through large-scale accumulation of digital assets like Bitcoin. Behind this phenomenon lies the accelerated infiltration of aggressive business strategies into the mainstream financial system.

Aggressive Business Models Officially Enter the Stock Market

It is noteworthy that many of these listed companies lack genuine business fundamentals, treating crypto asset holdings as their core “profit logic,” fully betting on the upward movement of digital asset prices. This aggressive strategy was previously confined to professional exchanges and retail speculators during past crypto cycles, but now it has directly entered the public market financing system.

Policy-driven changes have provided the soil for this development. Since the new policy environment adjustment, crypto industry regulation has loosened, pro-crypto legislation has advanced, and market participants have even seen high-level officials personally introduce crypto-related assets. These strong signals have directly enhanced the legitimacy of the entire industry within traditional finance.

Risks Spreading from Margins to Mainstream

Unlike in the past, current crypto risks are no longer limited to high-risk investors but are transmitted to ordinary investors through the most widespread retail channel—the stock market. The cryptoization of listed companies’ structures has led retail investors without direct crypto investment experience to passively bear the volatility of these assets.

The essence of this risk diffusion is that aggressive asset allocation decisions are packaged within the shells of traditional listed companies, making it easy for investors to underestimate potential valuation and liquidity risks. When market sentiment reverses, stocks of these companies heavily concentrated in crypto assets will face more intense adjustment pressures.

Regulatory, Endorsement, and Valuation Risks Overlap

The market is currently facing three layers of risk: potential regulatory policy shifts, changes in political endorsement strength, and valuation bubbles in these aggressive listed companies themselves. Any change in these factors could trigger a chain reaction, impacting the entire capital market structure.

Aggressive crypto asset allocations have already infiltrated mainstream financial ecosystems from the fringe markets, and investors need to remain vigilant about this structural change.