It’s still early in the year, but a noticeable split is already forming within the technology sector. While the Magnificent Seven and legacy tech leaders have logged respectable gains, they’re being decisively outpaced by companies tied to the blockchain and digital asset ecosystem.
As of Tuesday, January 27, the Amplify Blockchain Technology ETF (BLOK) has jumped 11.78% year-to-date, according to Ycharts. By comparison, the State Street Technology Select Sector SPDR ETF (XLK) — long considered the go-to proxy for U.S. tech exposure — is up just 2.83% over the same period.
That gap underscores where investors are currently finding momentum: not in mega-cap software, but in blockchain infrastructure.
Why BLOK Is Outperforming
BLOK’s strong start may largely be attributed to its active approach and its exposure to more dynamic segments of the digital asset market.
While XLK remains heavily concentrated in mega-cap technology names such as Apple and Microsoft, BLOK is benefiting from several distinct performance drivers including:
Crypto Market Revival
Bitcoin and Ethereum have shown renewed strength early in 2026. Companies that support the broader crypto ecosystem — including exchanges, miners, and infrastructure providers — often amplify these moves, behaving like leveraged plays on underlying digital assets.
Broader Blockchain Exposure
BLOK’s underlying index is not limited to crypto-native firms. It also includes companies applying blockchain technology to enterprise use cases such as supply chain management, identity verification, and transaction security — areas seeing growing institutional adoption.
Less Concentration, More Upside Participation
Unlike XLK, where performance can hinge on a handful of megacap stocks, BLOK distributes exposure across a wider group of smaller, faster-growing companies. This structure allows individual winners to meaningfully contribute to performance while avoiding excessive single-name concentration risk.
Top Holdings Fueling BLOK’s Rally
As of late January 2026, the following holdings have been among the largest contributors to BLOK’s 11.78% year-to-date gain:
- Galaxy Digital (GLXY) — 5.00% weigh. Galaxy provides investment banking, asset management, and merchant banking services focused on digital assets, benefiting from renewed institutional activity across the crypto ecosystem.
- Hut 8 Corp. (HUT) — 4.08% weight. A major North American digital infrastructure provider, Hut 8 has expanded beyond bitcoin mining into high-performance computing and AI-focused data center hosting.
- CleanSpark (CLSK) — 3.77% weight. A leading bitcoin miner known for its emphasis on sustainable energy and continued improvements in hash-rate efficiency.
- Robinhood Markets (HOOD) — 3.74% weight. A key on-ramp for retail crypto investors, Robinhood has benefited from a sharp rebound in digital asset trading volumes.
- Cipher Mining (CIFR) — 3.73% weight. An industrial-scale bitcoin miner focused on low-cost power solutions and operational efficiency.
Key Themes to Watch
Mining stocks stand out as a major performance driver, with three of the top five holdings tied directly to bitcoin production. These names tend to be high-beta expressions of crypto price moves, helping explain BLOK’s ability to generate double-digit gains while broader tech ETFs lag.
At the same time, companies like Hut 8 and Galaxy Digital are no longer pure-play crypto stories. Their growing roles in AI infrastructure and data center services add a second growth narrative that resonates with investors.
Finally, BLOK’s active management has proven to be an advantage. The fund has been able to lean into outperforming infrastructure plays while keeping individual positions capped around 5%, avoiding the top-heavy exposure that characterizes many traditional tech ETFs.
For now, the message from the market is clear: In early 2026, blockchain-linked stocks are setting the pace for the technology sector.
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VettaFi LLC (“VettaFi”) is the index provider for BLOK, for which it receives an index licensing fee. However, BLOK is not issued, sponsored, endorsed, or sold by VettaFi, and VettaFi has no obligation or liability in connection with the issuance, administration, marketing, or trading of BLOK.
