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When Bitcoin slips 7% and your blockchain ETF jumps 32%, you’re not betting on Bitcoin. Amplify Transformational Data Sharing ETF (NYSEARCA:BLOK) launched in 2018 as one of the first blockchain-focused funds and has spent 2025 proving that picks-and-shovels exposure to crypto infrastructure beats direct Bitcoin ownership when the digital currency wobbles.
The fund’s 32% year-to-date gain through late December crushed the S&P 500’s 17% return and left Bitcoin’s 7% decline in the dust. Only about 5% of the portfolio sits in spot Bitcoin ETFs like Fidelity Wise Origin Bitcoin Fund (NASDAQ:FBTC) and iShares Bitcoin Trust ETF (NASDAQ:IBIT). The rest is Bitcoin miners, crypto exchanges, fintech platforms, and chip makers that profit regardless of whether Bitcoin trades at $88,000 or $105,000.
The Institutional Adoption Tailwind That Matters Most
The biggest macro factor driving BLOK forward isn’t Bitcoin’s price. It’s accelerating institutional adoption of blockchain infrastructure, which creates durable revenue streams for the companies BLOK holds. Grayscale’s 2026 outlook projects that bipartisan crypto legislation will become U.S. law next year, deepening integration between public blockchains and traditional finance. That regulatory clarity matters more for companies building crypto rails than for Bitcoin itself.
Watch for updates from the SEC and Treasury Department on stablecoin frameworks and digital asset custody rules. These typically arrive quarterly and signal whether institutional capital can flow more freely into blockchain services. When banks and asset managers get clearer rules, companies like Coinbase (NASDAQ:COIN) see trading volume surge and custody businesses expand, regardless of Bitcoin’s spot price.
The difference shows up in BLOK’s top holdings. Robinhood has soared 213% year-to-date as retail and institutional crypto trading activity picked up. Even as Bitcoin declined, volatility drove revenue for platforms that facilitate trades.
Why Bitcoin Miners Are Outperforming Bitcoin
BLOK’s largest holding, HUT 8 Corp (NASDAQ:HUT), represents 5.3% of the portfolio and has delivered a 140% gain in 2025. The Bitcoin miner has doubled while Bitcoin fell. The explanation lies in operational leverage. Miners benefit from hash rate efficiency improvements, energy cost optimization, and diversification into AI data center hosting. When Bitcoin’s price stabilizes or declines modestly, well-run miners with low production costs can expand margins.
Combined, Bitcoin mining stocks like HUT 8, CleanSpark (NASDAQ:CLSK), and Cipher Mining (NASDAQ:CIFR) represent roughly 15% of BLOK’s portfolio. Check Amplify’s monthly BLOK-Chain commentary for mining economics and hash rate trends. The fund publishes holdings snapshots twice yearly on the Amplify ETFs website.
Consider IBLC for Lower Fees
If BLOK’s 0.73% expense ratio feels steep, iShares Blockchain and Tech ETF (NYSEARCA:IBLC) charges 0.47% and offers similar blockchain exposure. IBLC holds many of the same miners and exchanges but with a passive indexing approach rather than BLOK’s active management. The trade-off: IBLC has just $90 million in assets compared to BLOK’s $1.2 billion, which can mean wider bid-ask spreads and less liquidity during volatile periods.
The Bottom Line
Watch institutional adoption signals from regulators for the macro tailwind, and track Bitcoin mining profitability metrics in BLOK’s monthly updates for the micro factor that could drive the next 12 months of performance.