This is a segment from the Forward Guidance newsletter. To read full editions, subscribe . When examining crypto stocks, chatting with a co-portfolio manager of the long-running blockchain-focused Amplify Transformational Data Sharing ETF (BLOK) makes for a good convo. Dan Weiskopf told me he’s more optimistic about 2025 now than he was about this year at the end of 2023. A main reason? The “crazy opportunity” for BLOK investors that’s set to come as more pure-play crypto companies go public. Some expect stablecoin issuer Circle could be among the next to do so. Weiskopf also has his eye on Figure Technologies . While a few more bitcoin miners could also go public, that’s a crowded field, Weiskopf noted. But BLOK would consider holding cloud-computing firm CoreWeave — one of mining giant Core Scientific’s largest clients . Speaking of Core Scientific, that stock — up ~320% year to date — is BLOK’s No. 1 holding (4.67%). Another interesting miner to Weiskopf is Hut 8 — the ETF’s sixth-largest holding, at 4.16%. “I think we did a really good job repositioning and recalibrating amongst the miners in capturing the diversification into the AI side of things,” the PM said. Hut 8 is weighted slightly above MicroStrategy — a stock set to enter the Nasdaq 100 index next week (I’ll write more about that on Monday). BLOK started buying MSTR in August 2020 (when it was $14), Weiskopf and co-PM Mike Venuto noted . MSTR shares were trading around $350 this afternoon (up more than 400% YTD). Benchmark analysts on Monday upped their price target for the stock to $650 after MicroStrategy increased its bitcoin holdings to 439,000 BTC. That said, Weiskopf and Venuto recently reduced BLOK’s exposure to MSTR and CORZ as the stocks “rallied past our weighting limits,” they added. In other words, they’re trimming the winners in hopes of moving into other successes. On that diversification point: As the BLOK money managers await more IPOs in 2025, they started buying Japan-based Metaplanet last month. While more companies are adding BTC to their treasuries (~60 by Weiskopf’s count), many are small. So-called “zombie companies” aren’t likely to bounce back just because they’ve bought the crypto asset, he said. “They make a headline, but do they have a real strategy?” Weiskopf added about evaluating these BTC purchasers. He argued that Metaplanet, which in April unveiled its intent to emulate MicroStrategy’s efforts, is one committed to these BTC buys. The company said this week it would issue 5 billion yen in ordinary bonds to accelerate bitcoin purchases. So, for those monitoring crypto stocks, BLOK holdings appear worth peeking at. And then there’re the yet-to-arise opportunities during what could be a transformative year for the segment. Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter . Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the Forward Guidance newsletter . Get alpha directly in your inbox with the 0xResearch newsletter — market highlights, charts, degen trade ideas, governance updates, and more. The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.
