Amplify's BLOK ETF Flocks to 'High-Quality' Names Amid Downturn
by Ben Strack, Blockworks
Excerpts taken from article:
Michael Venuto, portfolio manager of Amplify Investments’ Transformational Data Sharing ETF (BLOK), has positioned the fund defensively as crypto markets have soured.
The portfolio manager of one of the largest blockchain ETF in the US is reducing the portfolio’s exposure to names trading with the price of bitcoin amid the current market conditions.
Crypto companies are facing liquidity issues, and some are freezing or putting restrictions on withdrawals. Certain bitcoin miners are selling Bitcoin they intended to hold to shore up their balance sheets.
Michael Venuto, portfolio manager of Amplify Investments’ Transformational Data Sharing ETF (BLOK), has positioned the fund defensively as crypto markets have soured.
“We’re always looking to participate in the beta of the blockchain industry, but we’re also willing to hide out in high-quality names that are tangentially participating or doing it on the edges,” Venuto said.
Twitter
LinkedIn
YouTube